By Paula Ebben, WBZ-TVBy Paula Ebben

BOSTON (CBS) – Although marriage is supposed to be about love, it can also have an impact on your financial well-being.

Over the last 50 years, the marriage rate among adult Americans has dropped by 20-percent.

That might be unfortunate when you consider married couples typically have twice the money in the bank as unmarried couples.

WBZ-TV‘s Paula Ebben reports.

Kristen Harad, a financial advisor, said, “The attitude of what’s mine is mine, and what’s yours is yours, now becomes, let’s create our financial future.”

By leveraging their combined assets and incomes, married couples can reach goals that might be impossible individually, such as going back to school or starting a business.

Another consideration is income.

A married man on average earns about 30-percent more than a single guy. One theory is husbands have fewer distractions and develop a stronger work ethic.

Marriage also carries other perks, such as health care coverage, lower auto insurance rates, and lesser known tax breaks like a spousal IRA.

Harad explained, “A spousal IRA contribution is simply when one spouse isn’t working or earning income and the other spouse is, so the working spouse can contribute $5,000 to an IRA for his or her spouse.”

Those Americans who do get married are doing it a little later in life.

The average age is just under 27 for men, and 25 for women.

Paula Ebben

Comments (4)
  1. emom says:

    Marriage and finances will work together beautifully, as long as both parties work together, when either waver from their combined goals, they will sabotage them and cause much strife between them. This is useally a big problem with marriage, MONEYand what it can buy.. frivoulous, spending for things they many not truely need but just want, will not only hurt financing but will cause issues with power struggles over money.. the old mine is mine behavior. If your marriage is devoted to each and you make a decission to combine such monitary assets, you should work together for your goals.. otherwise, dissaster.

  2. Cynic says:

    If Lawyers fees and Alimony is an improvement.

  3. Damian says:

    This would great if over than 50 percent of marriages didn’t end in divorce and bring you to financial ruin!

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