Nearly 44% of U.S. adults -- 99.6 million folks, nearly a third of whom live alone (.pdf file) -- are not married and that number keeps gro...
Think about it, fellow singles: When I realized it often takes two incomes to live comfortably in many parts of the U.S., I knew I had to:
- Live frugally.
- Live where the cost of housing is low, and choose a smaller house than many people would consider desireable.
- Save, save and save some more.
All that, so I could have enough for my retirement years -- which can be a daunting responsibility for a person with one income. (Are you saving enough? Try this calculator.)
As if that weren't hard enough, a social stigma lingers against those who haven't tied the knot. Sociologist Naomi Gerstel told The New York Times, "There is this push for marriage in the straight community and in the gay community, essentially assuming that if you don't get married there is something wrong with you."
That's so unfair.
Let's look at some of the ways married couples have the upper hand financially:
Retirement savings. "Despite the perception that 'single people have got it made,' they have the very big hurdle of having only one income" to fund their retirement plan, Joe Mont wrote at The Street.
Also, a new study by Schwab "found that singles are actually significantly less prepared and less confident than married individuals in their retirement readiness -- 85% of married Americans have already started to save, compared with only 67% of singles," Mont reported.
Family obligations. Single people are more often caregivers of aging parents. Says the Council on Contemporary Families, "While 68% of married women give help to their parents, 84% of the never married provide such care. And while just 38% of married men help out their parents, 67% of never married men do." It's been noted that being a caregiver can cause a substantial drain on finances.
Housing. This is simple math. Married couples with two incomes have more money to spend on housing, but don't require twice as much space. Add to that Internet, cable and utility bills split between two people.
Taxes. The marriage penalty doesn't apply to many couples. Also, Bankrate notes: "The overwhelming majority of married couples do -- and should -- file jointly. Usually, couples can save thousands of dollars filing together." How nice for them.
Travel. Ed Perkins at Smarter Travel points out:
Package tour operators and cruise lines openly and formally discriminate against single travelers. They price their products on the basis of "per person, double occupancy," and almost always impose a supplement --often quite stiff -- on singles who travel by themselves.
Assorted other perks. Bella DePaulo, author of "Singlism: What It Is, Why It Matters and How to Stop It," wrote on the Living Single blog at Psychology Today:
Who gets the breaks on car insurance, health insurance, vacation packages, and gym memberships? Married couples do! The singles who pay full price are subsidizing them. If you have followed the same-sex marriage debate, you probably already know that there are 1,138 provisions in federal laws in which marital status is the basis of benefits, rights, and privileges.
Safety net. If I get sick or lose my job, there's no one to help me pay the bills. That makes having a substantial emergency fund absolutely essential.
Some have tried to quantify the advantages of being married. Wrote "Nickel" at FiveCentNickel.com about this article from Great Britain:
According to a survey by uSwitch, the average annual premium for being single works out to nearly $7,400. This added cost is a byproduct of "having to carry the full burden of a mortgage, holiday (hotels, cruises, etc.) costs, insurance premiums and utility bills."
OK, do I have a point? Are single people paying a steep price for living alone, or do the benefits -- the freedom to do what you want, etc. -- outweigh the burdens?
msnmoney
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