LifestyleLove Is In The Air


Financial benefits of marriage

Posted at 4:41 PM, Feb 14, 2018

Valentine’s Day is one of the most popular holidays for marriage proposals, and with over two million marriages a year, Consumer Reports says that can lead to many financial bonuses — assuming your partner says YES! Here are a few of the financial benefits of getting married.

Married couples may find tax savings when they file a joint tax return. If you married in 2017, you may be able to save more this tax season by itemizing your combined deductions rather than taking the standard deduction. As for future tax returns, talk to your tax expert.

Getting better or less-costly health insurance can be major benefit for newlyweds. If you have family health coverage at work and your spouse doesn't, adding your spouse to your policy may cost you a bit more but can give you far more peace of mind. 

If you think long-term, you can receive Social Security payments of up to 50 percent of your spouse’s entitlement. To get this so-called spousal benefit, you must be at least 62 years old and your spouse must have already filed for benefits.

You can also save on car insurance. Consumer Reports has found that for married couples, cost of insuring two cars under one policy is typically less than having an individual policy for each car. 

Marriage can also come with some financial burdens if the bride or groom has debt, a poor driving record or credit history, for example. Consumer Reports advises to also discuss those issues before heading down the aisle.