Financial Benefits of Getting Married

NEWPORT BEACH, Calif. - Aug. 8, 2023 - PRLog --

• Social security benefits: Married persons can choose between 100% of their own Social Security benefits, or 50% of a partner's, which helps if the partner makes a lot more money or if they are a housewife or househusband.
• Marriage entitles a widow or widower to up to 100% of their deceased partner's remaining Social Security benefits..
• If you have substantially different incomes (e.g., $50k vs $150k), joint filing can actually pull the higher-earning spouse into a lower tax bracket.
• You may both qualify for additional credits and itemized deductions.
• You'll have access to a larger charitable contribution deduction.
• If one spouse has a job and one doesn't, the latter can still contribute to an IRA with joint income.
• On average, married people save between 4% and 10% on their car insurance.
• If you're single and sell a house, you can exclude up to $250,000 of the profits from capital gains taxes. If you're married, you can exclude up to $500,000.
• A surviving spouse is automatically the beneficiary of a deceased spouse's 401(k).
• Each year, an individual can give away up to $16,000 worth of property and cash without the gift tax from the IRS. Married couples can gift $32,000.
• Married couples save money on insurance.

When It Doesn't Help To Be Married

• Your student loan lender could use the other spouse's higher income as justification for raising your monthly payment.
• Your spouse's credit score could raise your car insurance (https://smartfinancial.com/auto-insurance)  and home insurance bills.
• Your spouse's driving history could raise your car insurance bills.
• Your spouse is substantially older and you're buying health insurance together.

Car Insurance Savings

• Married people pay less for car insurance (https://smartfinancial.com/auto-insurance) more often than not. For example, in Florida, married couples typically pay around $263.79 per month while single drivers average in at around $434.37 per month. That's almost half the cost of being unmarried.
• It may hurt your insurance rate if your spouse has terrible credit or has a blemished driving history.
• Most carriers require that you list a spouse on the policy if you live together.

Health Insurance

• Jumping onto a spouse's superior health insurance coverage through work can save you some money.
• If you both don't have health insurance, you can save money with a family health insurance plan, especially if you compare rates (https://smartfinancial.com/health-insurance).

Professional Quote

Michael Orefice, SVP of Operations at SmartFinancial, says:

"More often than not, people save money buying insurance as a couple versus buying it alone," says Michael Orefice of SmartFinancial. "It may raise your rates is if a spouse has bad credit or, if you're buying health insurance, they are much older."