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Intergenerational Altruism and Retirement Transfers: Evidence from the Social Security Notch

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  • Anita Mukherjee

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.

Suggested Citation

  • Anita Mukherjee, 2022. "Intergenerational Altruism and Retirement Transfers: Evidence from the Social Security Notch," Journal of Human Resources, University of Wisconsin Press, vol. 57(5), pages 1466-1497.
    • Handle: RePEc:uwp:jhriss:v:57:y:2022:i:5:p:1466-1497
    Note: DOI: 10.3368/jhr.58.1.0419-10140R3
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    File URL: http://jhr.uwpress.org/cgi/reprint/57/5/1466
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    More about this item

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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