What's The Deal: The benefits of getting married

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What's The Deal: The benefits of getting married. Alicia Vitarelli reports during Action News at 4:30 p.m. on February 15, 2018. (WPVI)

Valentine's Day is one of the most popular holidays for a marriage proposal and with over two million marriages a year, Consumer Reports says there's something else to love about tying the knot, aside from the emotional connection, they rounded up 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.

Consumer Reports Money Editor Tobie Stanger says, "Married couples may find tax savings when they file a joint tax return. 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 major benefit for newlyweds. If you have family health coverage at work and your spouse doesn't, 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, 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.

Nicholas adds, "I'm looking forward to it. Yep, it'll be a great time." (laughs)

To find out more more marriage benefits, you can go to Consumer Reports.
Related Topics:
healthconsumersaving with 6abcwhat's the dealmarriage
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