Do you want to make more money and save for retirement? According to Business Insider, it seems it pays more to be more married than single. The report states that the percentage of Americans that are single has doubled since the 1960s. Meanwhile, it also seems that these individuals are paying more money for their single status.
In comparison to married couples singles spend more on health insurance, food, housing, and taxes. Singles also make 25% less than their married co-workers, when health care and retirement plans are taken into consideration. As far as saving for retirement a recent study showed that 85 % of married Americans have a retirement plan, meanwhile only 67% of singles have a plan.
According to the study it seems having a significant other promotes saving and retirement goals. In few words single individuals have a more difficult time preparing for retirement. As a result, a recent study showed that only 16% of single seniors are financially stable. Being single can be a challenge financially because there will not be another Pension, IRA, social security earnings record, or 401 (K) from an additional person. Also, one would probably always be in a higher tax bracket because they are single.
Business Insider report also discovered that roughly 33 million Americans are living alone. This also can be a serious hit on one’s budget, as there is not another person to share bills and housing expenses. A study showed that partners spend about 22% of their income on bills and housing costs, meanwhile a single senior will spend about 35% of their income on such costs.
This is just something for one to think about when it comes to your earnings and future savings. However, it seems marrying for love rather than your future financial position will be a better pay off in the long run.
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