Marriage and the Bottom Line

THE DECLINING MARRIAGE RATE AND ITS FINANCIAL IMPLICATIONS:Studies consistently show that married people fare better financially than single people. Significantly better. But the marriage rate in America continues to fall. The percentage of adults living with a spouse dropped from 52% to 50% over the last decade, continuing a trend that started when 67% of adults were married in 1960.This trend affects millennials significantly, with only 44% choosing to marry, potentially missing out on the financial benefits associated with marital status. THE FINANCIAL ADVANTAGE OF MARRIED COUPLES:Married couples generally have a higher median net worth at all age levels compared to unmarried individuals, with married households having a net worth up to 9 times greater than unmarried female householders and 3 times more than unmarried male householders.While there are exceptions and marriage is not universally advantageous, on average, married couples fare better financially. THE SINGLE PARENT CHALLENGE:Single parents, especially single mothers, face significant financial strains, with 40% of single mother families living below the poverty line compared to only 10% of married couples.The rise in births outside of marriage from 7% in 1965 to around 40% today has contributed to financial challenges for single parents and societal implications. THE BENEFITS OF MARRIAGE FOR MEN AND WOMEN:Married men tend to work harder, earn more, and receive more promotions than their unmarried counterparts, while marriage provides financial stability for women, particularly those with children. KEY DECISIONS FOR FINANCIAL STABILITY:Rob outlines four key life decisions for financial stability: graduating from high school, securing employment, getting married, and, if having children, waiting until at least 21.Marriage, as ordained by God, is highlighted as a blessing with significant benefits beyond financial aspects. For a married couple, the whole is greater than the sum of the parts. By joining together,their strength is more than doubled. None of this should be surprising. Marriage was ordained by God to be a blessing to us. Ecclesiastes 4 teaches “Two are better than one because they have a good return for their labor. For if either of them falls, the one will lift up his companion. But woe to the one who falls when there is not another to lift him up.” ON TODAY'S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I'm considering whole life insurance and wonder if there's a place for it in my financial plan, given I've checked off other savings and estate planning boxes.As my husband becomes eligible for Social Security and I am not for another four years, we're trying to figure out if he should draw now and how spousal benefits work with Social Security.I'm retiring in four months, am debt-free except for monthly expenses, and need advice on how retirement income from Social Security and a state retirement plan will be taxed.We own a rental property that hasn't been profitable and with upcoming college expenses for our children, we're debating if selling the property now to cover costs is a wise financial move.With the housing market's uncertainties and a mortgage that could take up 45% of our income, I'm unsure if now is a good time to buy a house or if we should wait.Considering selling a rental property to pay for college expenses without incurring debt, wondering if this is the best use of the asset or if there are other factors we haven't considered. RESOURCES MENTIONED:Social Security Administration: ssa.govRemember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach. Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.