In the age of hookup culture and serial dating, marriage may sound old school. But before you write off tradition, know that exchanging vows has major money perks most couples overlook. Below we uncover ten financial bonuses of tying the knot.
**No Fantasies Here - Marriage Has Concrete Financial Benefits**
Marriage is about more than romance and tax breaks. But combining lives, priorities, and resources has real economic impacts. There are financial opportunities, stability, and savings married pairs gain that unmarried couples simply don't.
#10 Tax Breaks - Straight Cash Savings
The IRS gives married joint filers bonuses like lower tax rates, bigger deductions, and credits offering huge refunds. Research shows married couples save thousands compared to single or separate returns.
In fact, the average single American pays $10,489 in taxes annually while married couples pay just $8,141 - savings of over $2,300 per year!
While taxes feel painful, marriage makes filing less taxing on your wallet.
#9 Health Insurance - The Key to Affordable Care
No spouse? Get ready to pay insane premiums for solo health insurance. Married people access their partner's plan for cheap, quality coverage. Don't get stuck paying outrageous costs alone.
Data shows unmarried people pay up to $438 monthly for health premiums while married couples pay only $183 - over 50% savings!
#8 Cost Sharing - Upgrade Your Lifestyle
Remember splitting everything with roommates? Marriage is like that...but better. Combining income lets spouses afford bigger houses, nicer cars, and cooler vacations.
As individuals struggle with inflation, marital money merging eases the squeeze.
#7 Major Purchases - Achieve Big Dreams
Home ownership, college, kids - big goals feel impossible alone. But married power couples leverage dual earnings to buy property, pay tuition, and start families.
#6 Retirement & Inheritance - Enjoy Golden Years
Spouses inherit retirement accounts, insurance policies, and assets from each other tax-free. Marriage provides financial safety nets well into old age.
In fact, the average 401(k) balance is $66,030 for single people versus $118,704 for married people - nearly double!
#5 Mortgages - Better Rates, Less Stress
Being married may score you lower rates and easier loan approvals. Lenders see marital commitment as super safe for major investments like homes.
Research shows unmarried home buyers pay 0.25% higher interest while married couples enjoy 0.5% lower rates!
#4 Car Insurance - Save Hard Earned Cash
Insurers know married folks get in fewer accidents, so they pay less for coverage. Lower premiums mean more money stays in your pockets.
Unmarried drivers pay $1,597 annually compared to just $1,280 for married couples according to 2021 insurer data.
While no marriage is perfect, the financial security is truly unmatched.
#3 Rental Costs - Double Income, Same Rent
Rent eats up income fast. But pairs can get twice as much apartment for the same price tag. Pool resources for housing upgrades.
#2 Student Aid - Save Big on Tuition
Combining income with a spouse while in school can increase financial aid and slash educational expenses.
Studies show married college students receive 45% more financial aid and owe 28% less debt than single students.
#1 Social Security - Benefits That Last a Lifetime
Married people inherit Social Security benefits from a deceased or retired partner. This lifetime income continues providing after "I do."
On average, Social Security income is 41% greater for married seniors than unmarried - $1,895 vs $1,341 monthly.
Even Cynics Can't Deny Married Money Just Makes "Cents"
Marriage has risks but remains the gold standard for financial stability few relationships match. With strategic teamwork, couples leverage "I dos" into dollars. We believe marriage should always be about love, first and foremost. But the financial benefits of marriage are certainly nothing to shy away from!
Start your journey and discover your financial benefits of marriage at Walk In Wedding Chapel in Jacksonville FL
If you're looking for a place to get married in Jacksonville, you've arrived! Check out our amazing wedding packages on our ,homepage and Get Married Today!
source https://www.getmarriedjax.com/post/the-top-10-financial-benefits-of-marriage
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