What are the benefits of marriage? π€π Are you curious about why marriage is beneficial? Discover the advantages of tying the knot and how it can positively impact your life and relationships! From financial security to emotional support, explore the top reasons why marriage can be a game-changer. ππ #MarriageBenefits #WhyGetMarried #RelationshipAdvantages
Financial Stability
– Joint income and shared expenses
– Tax benefits and deductions
– Retirement planning and benefits
Emotional Support
– Lifelong partner and teammate
– Increased happiness and emotional wellbeing
– Built-in support system during tough times
Legal Rights and Protections
– Legal recognition of relationship
– Inheritance rights and property ownership
– Medical decision-making and hospital visitation rights
Health Benefits
– Longer life expectancy and better health outcomes
– Access to healthcare and insurance benefits
– Improved mental health and reduced stress levels
Explore the many advantages of marriage and why it could be the key to a happy and fulfilling life! ππ #MarriageIsKey #HappyMarriageHappyLife #LoveAndCommitment
I think this link will answer part of your question: https://tpc-marriage-calculator.urban.org
Marriage was invented by De Beers to sell diamonds.
A household with two people in it is more economical than a household with one person.
Marriage was historically primarily an economic arrangement more than a romantic arrangement.
Modern societies have lost sight of this reality.
Hopefully, you marry someone you’re attracted to and that you like.
Having someone to look at things growing in awkward spots on your body has health benefits.
[https://www.investopedia.com/financial-edge/0412/why-marriage-makes-financial-sense.aspx](https://www.investopedia.com/financial-edge/0412/why-marriage-makes-financial-sense.aspx)
* Tax savings (typically)
* Social Security benefits
* 401k/pension beneficiary
* Health insurance coverage
* Cheaper auto insurance
* Healthcare decision making
* Inheritance without a will
* Inheritance without taxes
* Spousal IRA
* Ability to sue for wrongful death
* FMLA
* Spousal communications privilege
Could anyone break down the Social Security advantage of being married?
If you choose to be a stay at home parent you have a great deal of protections in case you split up such as being entitled to half your spouse’s retirement accounts. Now if you are both broke and have nothing in retirement that won’t account for much.
Survivor benefits
You can collect on your spouses social security (but only up to half of their full retirement benefit so it’s important you fund your own retirement accounts)
Your spouse can contribute your IRA if for whatever reason you can’t fund it yourself
One benefit of marriage (or it could work against you in some cases) is that it provides a legal framework for breaking up with somebody and splitting your assets – namely, divorce. If you arenβt married to somebody then it could get really complicated if you bought a house together or if one of you had quit your job to raise kids
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Diversification.
You are putting in and withdrawing from the same pot. The stress of losing a job isnβt quite as bad if your family unit still actually still has income. You have a great job but your insurance and retirement suck? If your spouse has good insurance and retirement, itβs not as bad.
In many marriages, oneβs income is what allows a partner to take a risk. Maybe go back to school. Maybe start a business.
Marriage isnβt the only way these things happen but having two people instead of one is like investing in two stocks instead of one.
There are a few disadvantages in the case of divorce. You are liable for half your spouses’s debt (at least in some states) and you may have to pay alimony if you are the high earner.
Your spouse may have an education and job history and you might still have to pay if you make more. There are not a lot of stay at homes anymore so I think the original intent of this law has been lost over the years.
In both cases, you can be the responsible spouse – not taking on debt, consistently earning a good living — and get dinged for it.
Rational advantages:
* Your federal tax brackets get doubled in size (at most income levels). This is an enormous advantage if one parent stays at home or has a much lower paying job. You may experience a similar state advantage if you live in a state with progressive taxation.
* You can contribute to your spouse’s IRA, even if your spouse has no earned income of their own. Only spouses can do this for each other.
* You automatically inherit most assets without the need for a will.
* More financially or legally advantageous home ownership/titling means may be available to you, depending on the state (where I live, a married home can be titled such that it is legally out of reach of nearly all creditors, except the actual mortgage holder).
* Spouses can gift each other unlimited funds without any estate or gift tax implications.
As with any move we make we need to evaluate the benefits vs the cost AND the risk associated with it.
Keeping you away from spending money at the bar too often
A *lot*.
[https://www.nolo.com/legal-encyclopedia/marriage-rights-benefits-30190.html](https://www.nolo.com/legal-encyclopedia/marriage-rights-benefits-30190.html)
Regarding disadvantages, the only significant disadvantage – other than perhaps relationship issues or, if you have disparate incomes and end up divorcing – is that if you *don’t* have kids, you work similar-income jobs that pay over 290k each, and you file jointly, you can end up paying extra. Note that filing jointly is entirely optional.
Iβm pretty sure this person is trying to understand the benefits of being legally married to someone, not the benefits of having a lifelong partner (without the legal documents). So many of these comments address having a partner, not the former.
Being married while working in a professional environment keeps everyone in the working mindset. No “did he ask me to stay late because he might be interested?” Or “Did that complement mean she’s into me?” It allows you to have better, more professional relationships when everyone is on the same page dating-wise.
Source: The men in my workplace are far less hesitant to speak to the married women then they are to speak to the unmarried women. And talking to other female engineers, this is a common phenomenon regardless of employer. Men in nursing and teaching fields agree.
And better, professional workplace relationships can lead to better career stability, growth, and $$$.
Not spending money going out looking for a partner. Not spending money on clothes for going out. Enjoying free things to do together like hiking.
I feel like I’ve heard that there were more advantages to being married before they legalized gay marriage. Now it has some advantages but it’s not really that beneficial financially.
I actually have had friends not get married, because there were more benefits to being a single mother with children when it came to taxes and such. Some insurances will allow coverage for a domestic partnership.
Having a driver for your colonoscopy.
Dual income is almost as powerful as compound interest in todayβs market. Iβm getting divorced now and seeing the loss of that 2nd income crush my soul.
If the relationship does not work out, with a marriage there is a set way for the courts to divide assets and decide things.
If youβre not married β oh well. Youβre on your own.
My wife noticed my car sounded like shit, I had gotten completely used to the noise. $1800, new suspension and 2 new wheels later, itβs like I have a brand new car! Thereβs gotta be some savings there, I wouldβve rode that thing to $4k damage before noticing anything, if I were to guess
If you are both earning the same middle class amount- then it is a disadvantage.
NIIT tax(4% on investment income) and Medicare surcharge(2%) get applied differently on couples.
For single – income has to be $200k before it applies
For married- it is 250k – which a majority of people cross these days : Inflation/skyrocketed housing/ student loans
If you’re both earning- there are absolutely no tax benefits.
I would recommend not legally getting married if you are a double income couple with no kids. We plan to divorce in paperwork for this reason and maybe remarry when we retire.
Marriage or committed partnership – helps save the cost of housing and safety when when one person loses their job. That’s it.
I read thereβs research that married men have a higher life expectancy.