Jul 25, 2011
What are the Financial Benefits of Being Married?
Getting married is one of the most important decisions you’ll ever make. Not only is choosing the right partner critical for your happiness, but saying, “I do” also affects your financial life in ways you might not realize.
Married couples receive many financial benefits, some of the not-so-obvious include:
- Automatically inheriting their spouse’s assets, even without having a legal will
- Eligibility to receive Social Security survivor benefits if their husband or wife dies
- Entitlement to benefits extended to spouses in the workplace, such as health and life insurance
- Worker’s compensation benefits if their spouse dies on the job or from a work-related illness
- Fully funding an IRA for a non-working spouse (find out more about how to take advantage of a spousal IRA in IRA Contribution Rules When You Have No Income)
This isn’t a complete list of marriage benefits by any means, but the bottom line is that being married has significant, far-reaching legal and financial consequences. So when you and your spouse are discussing your financial plans for the future, consider the advantages of being married and make sure you are taking advantage of them!