Consumer Reports explains why marriage has its financial benefits

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If you're not already married, you might want to really consider it. In a partnership with Consumer Reports, 7 On Your Side's Michael Finney tells you why marriage has its financial benefits. (Shutterstock photo)

If you're not already married, you might want to really consider it. In a partnership with Consumer Reports, 7 On Your Side's Michael Finney tells you why marriage has its financial benefits.

Valentine's Day is one of the most popular holidays for marriage proposals, and with over 2 million marriages a year, Consumer Reports says that can lead to many financial benefits - assuming your partner says yes.

Here are a few of the financial benefits of getting married.

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," Barbie 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," explains Consumer Reports Money Editor Tobie Stanger. "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 newlyweds. If you have family health coverage at work, and your spouse does not, 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, the 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," Barbie said.

"I'm looking forward to it," said Nicholas. "Yep, it'll be a great time."

Marriage can also come with some financial burdens if the bride or groom has debt, a poor driving record, or credit history, for example, Consumer Reports advises to also discuss those issues before heading down the aisle.

All Consumer Reports material Copyright 2017 Consumer Reports, Inc. ALL RIGHTS RESERVED.

Consumer Reports is a not-for-profit organization which accepts no advertising. It has no commercial relationship with any advertiser or sponsor on this site. For more information visit consumer.org.

Click here for a look at more stories by Michael Finney and 7 On Your Side.
Related Topics:
financemarriagemoneytaxesconsumer reports7 On Your Sideconsumer concernsfamilySan Francisco
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