Marriage isn’t just about union and commitment, it’s also about integrating your lives—including your finances. While the desire to be together may be the driving force behind tying the knot, understanding the financial advantages can provide an additional incentive.

Let’s explore some of the perks that come with saying “I do.”

  • Lower insurance premiums: Whether it's auto, health or homeowner’s insurance, being married can result in lower premiums over time because married couples statistically pose lower risks to insurers than single individuals.1

Marriage offers a range of financial benefits that can contribute to a better financial future.

  • Income tax benefits: Marriage can lead to financial benefits at tax time, as “joint filing” often leads to lower tax rates for couples. By filing a joint return with your spouse instead of filing as individuals, the IRS states, “your tax may be lower than your combined tax for the other filing statuses. Also, your standard deduction (if you don’t itemize deductions) may be higher, and you may qualify for tax benefits that don’t apply to other filing statuses.”2 In other words, couples may be eligible for tax credits and deductions that are not available to single individuals.
  • Access to better credit: Getting married won't have any direct impact on your credit, but your spouse's credit history and score could positively impact your own, which can lead to better loan terms and interest rates. According to the credit rating agency Experian, “couples can affect each other's scores if they apply for shared credit, such as a mortgage or auto loan, or if they make one another authorized users on their credit cards. For couples where one person has a high credit score and the other needs to build credit, applying for credit jointly can help the lower score grow.”3
  • More employee benefit options: Being married expands your opportunities to access employee benefits. If you both have benefits, you can compare benefits packages and determine if one partner’s benefits are better or more affordable than the other’s. Or if one partner doesn’t have benefits at all, they can join the other’s and have better access to medical care and offerings such as lower-cost group life insurance, disability insurance and more.

While marriage offers a range of financial benefits that can contribute to a better financial future, it’s important to note that these advantages may vary depending on your individual circumstances and location. Contact a financial professional to learn more.

Additional reading:

The basics of credit

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