Consumer Reports: The financial benefits of marriage

(Consumer Reports) -- Something that can boost your financial prospects is something you might not have considered - but marriage can actually lead to many financial bonuses.

Nicholas De Leon and Barbie Tate are engaged.

"I'm really excited to celebrate everything that we've done, and the relationship that we've built together, and really start planning ahead for the future," Tate said.

Along with monogrammed towels and checks from family members, it's likely Barbie and Nicholas will experience some other financial benefits to getting married, like lower taxes.

"Married couples may find tax savings when they file a joint tax return," Consumer Reports Money Editor Tobie Stanger explained. "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 a major benefit for newly-weds. 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," Stanger said.

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.

For Barbie and Nicholas, any financial benefits are definitely a perk alongside the emotional benefits of marriage.

"I'm really excited to see how things continue to go throughout our lives," Tate said.

Marriage can also come with some financial burdens if the bride or groom has debt, a poor driving record or credit history.

Consumer Reports advises to discuss those issues before heading down the aisle.

Let's block ads! (Why?)

http://www.wsaw.com/content/news/Consumer-Reports-the-financial-benefits-of-marriage-475094993.html