Skip to main content

Main menu

  • Home
  • Content
    • Current
    • Ahead of print
    • Archive
    • Supplementary Material
  • Info for
    • Authors
    • Subscribers
    • Institutions
    • Advertisers
  • About Us
    • About Us
    • Editorial Board
  • Connect
    • Feedback
    • Help
    • Request JHR at your library
  • Alerts
  • Free Issue
  • Special Issue
  • Other Publications
    • UWP

User menu

  • Register
  • Subscribe
  • My alerts
  • Log in
  • My Cart

Search

  • Advanced search
Journal of Human Resources
  • Other Publications
    • UWP
  • Register
  • Subscribe
  • My alerts
  • Log in
  • My Cart
Journal of Human Resources

Advanced Search

  • Home
  • Content
    • Current
    • Ahead of print
    • Archive
    • Supplementary Material
  • Info for
    • Authors
    • Subscribers
    • Institutions
    • Advertisers
  • About Us
    • About Us
    • Editorial Board
  • Connect
    • Feedback
    • Help
    • Request JHR at your library
  • Alerts
  • Free Issue
  • Special Issue
  • Follow uwp on Twitter
  • Follow JHR on Bluesky
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 ().
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • ORCID record for Anita Mukherjee
  • For correspondence: anita.mukherjee{at}wisc.edu
  • Article
  • Figures & Data
  • Supplemental
  • Info & Metrics
  • References
  • PDF
Loading

References

  1. ↵
    1. Altonji, Joseph G.,
    2. Todd E. Elder, and
    3. Christopher R. Taber
    . 2005. “Selection on Observed and Unobserved Variables: Assessing the Effectiveness of Catholic Schools.” Journal of Political Economy 113(1):151–84.
    OpenUrlCrossRefWeb of Science
  2. ↵
    1. Altonji, Joseph G.,
    2. Fumio Hayashi, and
    3. Laurence J. Kotlikoff
    . 1997. “Parental Altruism and Inter Vivos Transfers: Theory and Evidence.” Journal of Political Economy 105(6):1121–66.
    OpenUrlCrossRefWeb of Science
  3. ↵
    1. Andreoni, James.
    1989. “Giving with Impure Altruism: Applications to Charity and Ricardian Equivalence.” Journal of Political Economy 97(6):1447–58.
    OpenUrlCrossRefWeb of Science
  4. ↵
    1. Barczyk, Daniel, and
    2. Matthias Kredler
    . 2014. “Altruistically Motivated Transfers under Uncertainty.” Quantitative Economics 5(3):705–49.
    OpenUrl
  5. ↵
    1. Barro, Robert J.
    1974. “Are Government Bonds Net Wealth?” Journal of Political Economy 82(6):1095–117.
    OpenUrlCrossRefWeb of Science
  6. ↵
    1. Batista, Catia,
    2. Dan Silverman, and
    3. Dean Yang
    . 2015. “Directed Giving: Evidence from an Inter-Household Transfer Experiment.” Journal of Economic Behavior & Organization 118:2–21.
    OpenUrlCrossRef
  7. ↵
    1. Becker, Gary S.
    1974. “A Theory of Social Interactions.” Journal of Political Economy 82(6): 1063–93.
    OpenUrlCrossRefWeb of Science
  8. ↵
    1. Bolt, Uta,
    2. Eric French,
    3. Jamie H. Maccuish, and
    4. Cormac O’Dea
    . 2018. “Intergenerational Altruism and Transfers of Time and Money: A Life-Cycle Perspective.” Unpublished.
  9. ↵
    1. Bonsang, Eric.
    2009. “Does Informal Care from Children to Their Elderly Parents Substitute for Formal Care in Europe?” Journal of Health Economics 28(1):143–54.
    OpenUrlCrossRefPubMedWeb of Science
  10. ↵
    1. Brown, Meta.
    2006. “Informal Care and the Division of End-of-Life Transfers.” Journal of Human Resources 41(1):191–219.
    OpenUrlAbstract/FREE Full Text
  11. ↵
    1. Coile, Courtney, and
    2. Jonathan Gruber
    . 2007. “Future Social Security Entitlements and the Retirement Decision.” Review of Economics and Statistics 89(2):234–46.
    OpenUrlCrossRef
  12. ↵
    1. Cox, Donald, and
    2. Mark R. Rank
    . 1992. “Inter-Vivos Transfers and Intergenerational Exchange.” Review of Economics and Statistics 74(2):305–314.
    OpenUrlCrossRefWeb of Science
  13. ↵
    1. De Nardi, Mariacristina,
    2. Eric French, and
    3. John B. Jones
    . 2010. “Why Do the Elderly Save? The Role of Medical Expenses.” Journal of Political Economy 118(1):39–75.
    OpenUrlCrossRefWeb of Science
  14. ↵
    1. Eggleston, Karen N., and
    2. Victor R. Fuchs
    . 2012. “The New Demographic Transition: Most Gains in Life Expectancy Now Realized Late in Life.” Journal of Economic Perspectives 26(3):137–56.
    OpenUrlPubMed
  15. ↵
    1. Engelhardt, Gary V.,
    2. Jonathan Gruber, and
    3. Cynthia D. Perry
    . 2005. “Social Security and Elderly Living Arrangements: Evidence from the Social Security Notch.” Journal of Human Resources 40(2):354–372.
    OpenUrlAbstract/FREE Full Text
  16. ↵
    1. Friedberg, Leora.
    2000. “The Labor Supply Effects of the Social Security Earnings Test.” Review of Economics and Statistics 82(1):48–63.
    OpenUrlCrossRef
  17. ↵
    1. Gelber, Alexander M.,
    2. Adam Isen, and
    3. Jae Song
    . 2016. “The Effect of Pension Income on Elderly Earnings: Evidence from Social Security and Full Population Data.” NBER Working Paper. Cambridge, MA: NBER.
  18. ↵
    1. Gelber, Alexander M.,
    2. Adam Isen, and
    3. Jae Song
    . 2017. “The Role of Social Security Benefits in the Initial Increase of Older Women’s Employment: Evidence from the Social Security Notch.” In Women Working Longer: Increased Employment at Older Ages, ed. Claudia Goldin and Lawrence F. Katz, 239–68. Chicago, IL: University of Chicago Press and NBER.
  19. ↵
    1. Goda, Gopi S.,
    2. Ezra Golberstein, and
    3. David C. Grabowski
    . 2011. “Income and the Utilization of Long-Term Care Services: Evidence from the Social Security Benefit Notch.” Journal of Health Economics 30(4):719–29.
    OpenUrlCrossRefPubMed
  20. ↵
    1. Golberstein, Ezra.
    2015. “The Effects of Income on Mental Health: Evidence from the Social Security Notch.” Journal of Mental Health Policy and Economics 18(1):27–37.
    OpenUrlPubMed
  21. ↵
    1. Goss, Stephen C.
    2010. “The Future Financial Status of the Social Security Program.” Social Security Bulletin 70:111.
  22. ↵
    1. Groneck, Max.
    2017. “Bequests and Informal Long-Term Care: Evidence from HRS Exit Interviews.” Journal of Human Resources 52(2):531–72.
    OpenUrlAbstract/FREE Full Text
  23. ↵
    1. Handwerker, Elizabeth W.
    2011. “What Can the Social Security Notch Tell Us about the Impact of Additional Income in Retirement?” Journal of Economic and Social Measurement 36(1–2):71–92.
    OpenUrlAbstract/FREE Full Text
  24. ↵
    1. Kaplan, Greg.
    2012. “Moving Back Home: Insurance against Labor Market Risk.” Journal of Political Economy 120(3):446–512.
    OpenUrlCrossRefWeb of Science
  25. ↵
    1. Kolm, Serge-Christophe, and
    2. Jean M. Ythier
    . 2006. Handbook of the Economics of Giving, Altruism and Reciprocity: Foundations. Volume 1. New York: Elsevier.
  26. ↵
    1. Krueger, Alan B., and
    2. Jörn-Steffen Pischke
    . 1992. “The Effect of Social Security on Labor Supply: A Cohort Analysis of the Notch Generation.” Journal of Labor Economics 10(4):412–37.
    OpenUrlCrossRefWeb of Science
  27. ↵
    1. Laferrère, Anne, and
    2. François-Charles Wolff
    . 2006. “Microeconomic Models of Family Transfers.” In Handbook of the Economics of Giving, Altruism and Reciprocity, Volume 2, ed. Serge-Christophe Kolm and Jean Mercier Ythier, 889–969. New York: Elsevier.
    OpenUrlCrossRef
  28. ↵
    1. Lee, Siha, and
    2. Kegon T. K. Tan
    . 2017. “Bequest Motives and the Social Security Notch.” Unpublished.
  29. ↵
    1. Liu, Junhao, and
    2. Anita Mukherjee
    . 2021. “Medicaid and Long-Term Care: The Effects of Penalizing Strategic Asset Transfers.” Journal of Risk and Insurance 88:53–77.
    OpenUrl
  30. ↵
    1. Lusardi, Annamaria,
    2. Olivia S. Mitchell, and
    3. Noemi Oggero
    . 2018. “The Changing Face of Debt and Financial Fragility at Older Ages.” AEA Papers and Proceedings 108:407–11.
    OpenUrl
  31. ↵
    1. Mastrobuoni, Giovanni.
    2009. “Labor Supply Effects of the Recent Social Security Benefit Cuts: Empirical Estimates Using Cohort Discontinuities.” Journal of Public Economics 93(11):1224–33.
    OpenUrlCrossRefWeb of Science
  32. ↵
    1. McGarry, Kathleen.
    1999. “Inter Vivos Transfers and Intended Bequests.” Journal of Public Economics 73(3):321–51.
    OpenUrlCrossRefWeb of Science
  33. ↵
    1. McGarry, Kathleen.
    2000. “Testing Parental Altruism: Implications of a Dynamic Model.” NBER Working Paper w7593. Cambridge, MA: NBER.
  34. ↵
    1. McGarry, Kathleen.
    2016. “Dynamic Aspects of Family Transfers.” Journal of Public Economics 137:1–13.
    OpenUrl
  35. ↵
    1. McGarry, Kathleen, and
    2. Robert F. Schoeni
    . 1995. “Transfer Behavior in the Health and Retirement Study: Measurement and the Redistribution of Resources within the Family.” Journal of Human Resources 30:S184–S226.
    OpenUrlCrossRefWeb of Science
  36. ↵
    1. McGarry, Kathleen, and
    2. Robert F. Schoeni
    . 1997. “Transfer Behavior within the Family: Results from the Asset and Health Dynamics Study.” Journals of Gerontology Series B: Psychological Sciences and Social Sciences 52(SI):82–92.
    OpenUrlPubMedWeb of Science
  37. ↵
    1. Moran, John R., and
    2. Kosali I. Simon
    . 2006. “Income and the Use of Prescription Drugs by the Elderly: Evidence from the Notch Cohorts.” Journal of Human Resources 41(2):411–32.
    OpenUrlAbstract/FREE Full Text
  38. ↵
    1. Moulton, Jeremy G.
    2010. “Chiseling a Notch Out of the Next Generation’s Assets: The Effect of the Social Security Amendments of 1972 and 1977 on Intergenerational Transfer Behavior.” Unpublished.
  39. ↵
    1. Moulton, Jeremy G., and
    2. Ann Huff Stevens
    . 2015. “Reconsidering the Social Security Notch and Retirement: Wealth and Incentive Effects.” Economics Letters 132:65–68.
    OpenUrl
  40. ↵
    1. Mukherjee, Anita.
    2018. “Time and Money: Social Security Benefits and Intergenerational Transfers.” AEA Papers and Proceedings 108:396–400.
    OpenUrl
  41. ↵
    1. Mukherjee, Anita.
    2020. “Data and Code from: Intergenerational Altruism and Retirement Transfers: Evidence from the Social Security Notch.” Ann Arbor, MI: ICPSR. https://doi.org/10.3886/E120449V2
  42. ↵
    1. Norton, Edward C., and
    2. Courtney Harold Van Houtven
    . 2006. “Inter-Vivos Transfers and Exchange.” Southern Economic Journal 73(1):157–72.
    OpenUrlCrossRef
  43. ↵
    1. Sanderson, Eleanor, and
    2. Frank Windmeijer
    . 2016. “A Weak Instrument F-Test in Linear IV Models with Multiple Endogenous Variables.” Journal of Econometrics 190(2):212–21.
    OpenUrlPubMed
  44. ↵
    1. Schoeni, Robert F.
    1997. “Private Interhousehold Transfers of Money and Time: New Empirical Evidence.” Review of Income and Wealth 43(4):423–48.
    OpenUrlCrossRef
  45. ↵
    1. Scholz, John Karl,
    2. Ananth Seshadri, and
    3. Kamil Sicinski
    . 2014. “Long-Run Determinants of Intergenerational Transfers.” MRRC Working Paper 312. Ann Arbor, MI: University of Michigan Retirement Research Center.
  46. ↵
    1. Snyder, Stephen E., and
    2. William N. Evans
    . 2006. “The Effect of Income on Mortality: Evidence from the Social Security Notch.” Review of Economics and Statistics 88(3):482–95.
    OpenUrlCrossRef
  47. ↵
    Social Security Administration. 2017. “Social Security Fact Sheet.” Volume 13, November. Washington, DC: SSA.
  48. ↵
    1. Tsai, Yuping.
    2015. “Social Security Income and the Utilization of Home Care: Evidence from the Social Security Notch.” Journal of Health Economics 43:45–55.
    OpenUrl
  49. ↵
    1. Tsai, Yuping.
    2018. “Social Security Income and Health Care Spending: Evidence from the Social Security Notch.” Scandinavian Journal of Economics 120(2):440–64.
    OpenUrl
  50. ↵
    1. Vere, James P.
    2011. “Social Security and Elderly Labor Supply: Evidence from the Health and Retirement Study.” Labour Economics 18(5):676–86.
    OpenUrl
  51. ↵
    1. Zhang, Junsen, and
    2. Junxi Zhang
    . 1998. “Social Security, Intergenerational Transfers, and Endogenous Growth.” Canadian Journal of Economics 31(5):1225–41.
    OpenUrlCrossRef
PreviousNext
Back to top

In this issue

Journal of Human Resources: 57 (5)
Journal of Human Resources
Vol. 57, Issue 5
1 Sep 2022
  • Table of Contents
  • Table of Contents (PDF)
  • Index by author
  • Front Matter (PDF)
Print
Download PDF
Article Alerts
Sign In to Email Alerts with your Email Address
Email Article

Thank you for your interest in spreading the word on Journal of Human Resources.

NOTE: We only request your email address so that the person you are recommending the page to knows that you wanted them to see it, and that it is not junk mail. We do not capture any email address.

Enter multiple addresses on separate lines or separate them with commas.
Intergenerational Altruism and Retirement Transfers
(Your Name) has sent you a message from Journal of Human Resources
(Your Name) thought you would like to see the Journal of Human Resources web site.
Citation Tools
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

Citation Manager Formats

  • BibTeX
  • Bookends
  • EasyBib
  • EndNote (tagged)
  • EndNote 8 (xml)
  • Medlars
  • Mendeley
  • Papers
  • RefWorks Tagged
  • Ref Manager
  • RIS
  • Zotero
Share
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
Twitter logo Facebook logo Mendeley logo
  • Tweet Widget
  • Facebook Like
  • Google Plus One
Bookmark this article

Jump to section

  • 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
    • Footnotes
    • References
  • Figures & Data
  • Supplemental
  • Info & Metrics
  • References
  • PDF

Related Articles

  • Google Scholar

Cited By...

  • No citing articles found.
  • Google Scholar

More in this TOC Section

  • The Impact of High School Financial Education on Financial Knowledge and Saving Choices
  • Who Benefits from a Smaller Honors Track?
  • Beyond Nature and Nurture
Show more Articles

Similar Articles

Keywords

  • D14
  • D64
  • H55
UW Press logo

© 2026 Board of Regents of the University of Wisconsin System

Powered by HighWire