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Research ArticleArticles

Intergenerational Altruism and Retirement Transfers

Evidence from the Social Security Notch

View ORCID ProfileAnita Mukherjee
Journal of Human Resources, September 2022, 57 (5) 1466-1497; DOI: https://doi.org/10.3368/jhr.58.1.0419-10140R3
Anita Mukherjee
Anita Mukherjee is an assistant professor of risk and insurance at the Wisconsin School of Business, University of Wisconsin–Madison ().
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ABSTRACT

I contribute new evidence on altruistic preferences in intergenerational transfers using variation in Social Security benefits induced by an inflationindexing mistake. The instrument is most relevant for those with low education, so I focus on this group. I find support for pure altruism because individuals who received additional Social Security benefits passed on 15.4 percent to children via inter vivos transfers without receiving any additional care in return. On the contrary, children reduce caregiving monotonically with increases in parental Social Security benefits. Adult female children appear to be the most affected, as they both receive monetary transfers and reduce caregiving.

JEL Classification:
  • D14
  • D64
  • H55
  • Received April 2019.
  • Accepted July 2020.
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Journal of Human Resources: 57 (5)
Journal of Human Resources
Vol. 57, Issue 5
1 Sep 2022
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Intergenerational Altruism and Retirement Transfers
Anita Mukherjee
Journal of Human Resources Sep 2022, 57 (5) 1466-1497; DOI: 10.3368/jhr.58.1.0419-10140R3

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Intergenerational Altruism and Retirement Transfers
Anita Mukherjee
Journal of Human Resources Sep 2022, 57 (5) 1466-1497; DOI: 10.3368/jhr.58.1.0419-10140R3
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  • Article
    • ABSTRACT
    • I. Introduction
    • II. Literature Review, Altruistic Preferences, and Hypotheses
    • III. Natural Experiment: The Social Security Notch
    • IV. Data and Descriptives
    • V. Estimation, Results, and Interpretation
    • VI. Robustness and Additional Analysis
    • VII. Conclusion
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Keywords

  • D14
  • D64
  • H55
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