Being single could cost you a whopping $1 million more — Forever 39 Podcast
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You probably won't be surprised to learn that being single is a whole lot more expensive than being married, but you might be shocked to learn that leading a single lifestyle could cost you an extra $1 million dollars over a lifetime. Yikes!
According to an article "The High Price of Being Single in America" published by The Atlantic in 2013, an unmarried woman could shell out a whopping $1,022.096 more than a married woman with the same income. Who knew being single could be THAT much more expensive!
In September, a USA Today article cited a TD Ameritrade study that found singles make an average of $8,800 less than their married counterparts every year. And when it comes to feeling financially secure, it's a bit of an uphill climb for singles. The study found 50 percent of married couples surveyed rated themselves as financially secure, while 33 percent of singles said the same.
Married couples don't just receive higher federal and state tax deductions than singles, they often receive discounts on auto insurance, cell phone plans and gym memberships — while singles are left out in the cold. You would think these breaks would be available to those that only have one income to rely on, not two. Or here's a novel idea ... how about making those breaks apply to both singles and married couples?
On this episode of Forever 39, Annette shares her financial frustrations as a single woman, and why she wishes when it comes to splitting the bill, her married friends and family would stop looking at themselves as one unit. And Megan gives her perspective as a married woman. Who will you relate to? Click on the podcast player above to check out our thoughts.
Also from this week's Forever 39 podcast — Who gets the ring when the wedding is called off? PLUS: How long should it take to return texts, emails or phone calls? Click on the podcast player above to hear the entire episode. Share your thoughts on all of them below, on Twitter, on Facebook or at firstname.lastname@example.org.
— Annette and Megan, Forever 39
Join us for next week's podcast when we discuss loaning money to family and friends, microcheating, and ways you could be unknowingly harming your health.