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Marriage has financial benefits

Valentine’s Day is one of the most popular days for marriage proposals.

Assuming he or she says “yes,” there are some 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,” said Tobi Stanger, of Consumer Reports.

Getting better or less-costly health insurance can be a major benefit for newlyweds. If you have family health coverage at work and your spouse doesn’t, adding your spouse to your policy may be the better way to go.

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 c an also save on car insurance. Consumer Reports has found that for married couples, the 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, including if the bride or groom has debt, a poor driving record or credit history.

Consumer Reports advises discussing those issues before heading down the aisle.

Marilyn Moritz News | KSAT February 12, 2018 at 04:54PM
Source: http://bit.ly/2nWnLMa

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