Research
Research Studies–Proposal Requests
Request for Proposal–Financial Shock of Widowhood
- Background
The death of a spouse may be the life event that has the greatest emotional impact on women.
The emotional impact can be even more disorienting and devastating when it comes suddenly and with no warning.
In addition, widowhood is not an issue just confined to the elderly. According to the U.S. Census Bureau, the
average age of widowhood is 55. For many women, they are also thrust into a new area previously handled by the
spouse–primary responsibility for handling financial issues. These responsibilities can include maintaining
an adequate cash flow, tax payments, proper insurance coverage, and estate planning among others.
Clearly, the event of widowhood affects many women in profound ways. But, although many women
inherit additional responsibilities for managing their finances, to what extent does widowhood impact their
relative financial health?
- Research Objective
The Society of Actuaries Pension Section Research Committee is interested in a research
study that explores the short–term financial shock to widows from the event of widowhood. The study would
be longitudinal in design covering the two years immediately prior to widowhood and the two years immediately
post widowhood. Furthermore, the study would be focused on widows near or after retirement (age 50 or older).
The primary objective would be to examine the financial history of widows over the course of this period and
assess how their overall financial condition has been affected.
The study would also focus on couples making near the national median income.
The actual format of the study has been deliberately left open and will be the decision of
the researcher. Potential formats for the study include focus groups, phone survey, and a literature search. As
a byproduct of the research, it is hoped that specific risk management strategies for widowhood can be culled
from the study. In addition, the Committee would also be interested, if feasible, in extending the study to
include the financial shock to widowers.
- Proposal
To facilitate the evaluation of proposals, respondents to this request for proposals should
submit the following information:
- Resumes of the researcher(s), including any graduate student(s) expected to
participate, indicating how their background, education, and experience bear on their qualifications to
undertake the research. If more than one researcher is involved, a single individual should be designated as
the lead researcher and primary contact. The person submitting the proposal must be authorized to speak
- An outline of the approach to be used, emphasizing issues that require special
consideration. Details should be given regarding the techniques to be used, collateral material to be
consulted, and possible limitations of the analysis.
- Cost estimates for the research, including computer time, salaries, report
preparation, research costs, etc. Such estimates can be in the form of hourly rates, but in such cases, time
estimates should also be included. Any guarantees as to total cost should be given and will be considered in
the evaluation of the proposal. While cost will be a factor in the evaluation of the proposal, it will not
necessarily be the decisive factor. The research team has budgeted $10,000–$15,000 for this project.
Additional funding may be available through other interested parties.
- A schedule for completion of the research, identifying key dates or time frames
for research completion and report submissions.
- Ideas regarding the form and distribution of the final report, both for
immediate release and for permanent reference (e.g., submission to North American Actuarial Journal or other
refereed publication, SOA Monograph Series, CD ROM).
- Other related factors that give evidence of a proposer's capabilities to perform
in a superior fashion should be detailed.
- Selection Process
The Pension Section Research Team is responsible for the selection of the proposal to be funded. Input from
other knowledgeable individuals also may be sought, but the committee will make the final decision. The SOA's
Research Actuary will provide staff actuarial support. A Project Oversight Group (POG) will be appointed to
oversee the project upon selection of the proposal.
- Questions
Any questions regarding this RFP should be directed to:
Steven Siegel, SOA Research Actuary
Society of Actuaries
475 N. Martingale Road, Suite 600
Schaumburg, IL 60173–2226.
ph: 847.706.3578
f: 847.273.8578
- Notification of Intention to Submit Proposal
If you intend to submit a proposal, please send written notification to:
Jeanne Nallon, SOA Research Actuary
Society of Actuaries
475 N. Martingale Road, Suite 800
Schaumburg, IL 60173–2226.
ph: 847.706.3592
f: 847.273.8592
- Submission of Proposal
Please e–mail a copy of the proposal to Steven Siegel
.
Proposals must be received no later than September 15, 2006. It is anticipated that all
researchers who have submitted proposals will be informed of the status of their proposal no later than October
15, 2006.
Note: Proposals are considered confidential and
proprietary.
- Conditions
The SOA reserves the right not to award a contract for this research. Reasons for not
awarding a contract could include, but are not limited to, a lack of acceptable proposals or a finding that
insufficient funds are available to continue. The SOA also reserves the right to redirect the project as it
deems advisable.
The SOA intends to copyright and publish the results of this research. The research will be
considered work–for–hire and all rights thereto belong to the SOA. However, the SOA will give
appropriate credit to the researchers.
If you intend to submit a proposal, please send notification by
August 30 to:
Jeanne Nallon, SOA Research Actuary
Society of Actuaries
475 N. Martingale Road, Suite 800
Schaumburg, IL 60173–2226.
ph: 847.706.3592
f: 847.273.8592