Marriage and Social Security
Hi. My question: Is it better to be married for SS benefits or not?
Me–single 71yrs old– SOther–single 77yrs old.
Both are equal in dollars with SS retirement checks. Both have IRA accounts.
Is there any $$ advantage to get married?
Thank you!
Terry Says
There might be an income tax advantage to getting married, but you’d have to ask an accountant how much you’d save. And be sure to factor in that you’d need to spend money to re-do your wills or revocable living trusts, and also to create a prenup.
Social Security benefits depend on your INDIVIDUAL earnings. But if he precedes you in death, you would be entitled to his full benefit, presuming it is larger than yours. You’d get your benefit, plus the difference.
I honestly don’t think any of these reasons are enough to get married. Other considerations might be that spouses can automatically become the allowed person in a hospital situation — but you could solve that problem with a healthcare power of attorney if you decide to remain single.
If you want an honest discussion of whether to marry at this stage of life, and what things you should consider, please read I book I co-authored a few years ago with a divorce court judge, and famed divorce attorney. It’s called The New Love Deal: Everything You Must Know Before Marrying, Moving In, or Moving On. Here’s a link to it on Amazon. You should grab a glass of wine and read it together!
