Why Getting Married Is Good For Your Bank Account

These days, there’s a lot less pressure on couples to get married and some spend a lifetime together and never say “I do.” But research shows there are a lot of upsides to tying the knot, including that married folks live longer, healthier, happier lives. On top of that, there are a lot of financial benefits to being married, including these.

  • You can save money on housing – If you’re living separately, moving in with your beloved will help you spend less on rent or mortgage payments when you share a home. You’ll also pay less for home insurance, property taxes, repairs and upkeep, as well as only having to pay for utilities, Internet and food for one residence.
  • You can save on health insurance – Being included on your spouse’s health insurance plan can save you money if one of you has been paying for your own coverage.
  • You can save money on taxes – When it comes to income taxes, many couples find it makes the most sense to file a joint tax return. Married people can qualify for higher income thresholds, tax deductions and tax credits.
  • You can save more in certain retirement accounts – If you’re married without earned income, you can still contribute to a spousal IRA, which lets you fund an IRA with contributions from your spouse’s income.
  • It can be easier to borrow money – If your spouse’s credit score is higher than yours, you can qualify for better deals if they co-sign your application. And if you marry someone who increases your joint income without increasing your total debt, you’ll be in a better position to qualify for a loan than you would have on your own.
  • You can save on car insurance – Car insurance policies typically charge lower premiums to married folks and some offer multi-car or multi-policy discounts.
  • You can reap Social Security benefits – For one, if your spouse’s Social Security benefit is a lot more than yours, you could claim a spousal benefit, which can give you up to 50% of your spouse’s. Widows and widowers can also qualify for benefits based on their late spouse’s earnings. And if you get divorced after being married for at least 10 years and haven’t remarried, you can claim your ex’s benefits instead of your own, if they’re higher.

Source: USA Today

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