Many studies of the life-cycle/permanent income hypothesis find that
households increase their consumption after the receipt of income
payments. Consumption can increase adverse health events, such as
traffic accidents, heart attacks and strokes. In this paper, we examine
the short-term mortality consequences of income receipt. We find that
mortality increases following the arrival of monthly Social Security
payments, regular wage payments for military personnel, the 2001 tax
rebates, and Alaska Permanent Fund dividend payments. The increase in
short-run mortality is large, potentially eliminating some of the
protective benefits of additional income.