Getting married is a big step for anyone. Along with all of the changes it can bring personally and socially, a change in marital status also carries big financial implications. Married couples enjoy tax advantages, as well as important benefits in retirement. It's important to understand how the legal and personal financial lives of your and your spouse become intertwined, and how careful financial planning for the future can help.
As The Motley Fool outlines, one big change involves social security. If married, you become eligible for spousal benefits when your partner retires, becomes disabled or dies. One-earner married families enjoy lower tax brackets for greater amounts of income. Estate taxes on inheritances are greatly reduced or even eliminated in some states when one spouse dies and passes along their wealth to the other. And when a spouse dies, the other can roll individual retirement accounts into their own, avoiding withdrawal penalties and minimizing tax burdens.
To help your listeners/viewers/readers understand the personal finance implications of marriage, talk with financial planners in your area. They can outline some of the key differences that affect married couples during your working lives, after retirement and when one spouse dies. They can also explain different financial strategies married couples can employ to minimize their tax burden and maximize their benefits along the way.
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