Potential financial and tax benefits of marriage

Married couples can enjoy more tax benefits, retirement options, share living expenses, and potentially have more financial advantages. Let’s review some of the financial benefits of marriage.

Tax filing benefits for married couples

Access to benefits

Married couples may be able to boost the potential rewards of workplace benefits. They may have access to multiple retirement savings plans (with or without a match) that can help maximize savings opportunities. If they have a high deductible health plan with family coverage, they could potentially take advantage of higher contribution limits in a health savings account (HSA). If each spouse has access to health insurance through an employer, you may be able to pick the best one for your household.

Cost sharing

Splitting expenses like rent or mortgage, utilities, and food costs between two incomes could help you pay down debt faster or save more for the future. You could also consider sharing a single vehicle, if possible, for another potential budget win.

Increased savings

Research has shown there is a direct correlation to married people and retirement saving and investing, in comparison to those who are single.^* Contributing factors such as cost sharing, combining resources, and the feeling of permanence in the relationship could account for the positive connection.