Welcome to Awe-Inspired and Retired! Caleb and Riley are discussing the institution of marriage. Not just marriage, but how do we use marriage to our financial advantage. There are tax breaks, incentives and strategies that only the existence of our significant other provides us. So if your listening today, maybe hit pause and lean over to that financial goldmine of a partner and tell them “baby because of you, my bank account is a safer place”.
Learn more about:
- How married couples in retirement can spend more money by positioning their accounts to minimize taxes and clawbacks
- Why being single in retirement could increase your tax bill by up to $10,000 a year and what lobbyist groups are doing to make this more fair
- The various income splitting opportunities and what you can do leading up to retirement to ensure you can use them.
Memorable Quotes:
- “The tax advantages for couples are so beneficial that a new lobby group, Single Seniors for Tax Fairness, is trying to raise awareness about the unfairness of the issue.”
- “I ran the numbers for a hypothetical situation, and he ended retirement with $1M more when he was married, versus being single. So be extra kind and romantic to your partner, thank them for the great tax situation they provide you with”
Resources:
- Tax breaks for married senior citizens aren’t fair, according to older single Canadians
- CPP Pension sharing
- Two Is Wealthier Than One: Marital Status and Wealth Outcomes Among Preretirement Adults
Hosted by Caleb Miller and Riley Anderson of InvestorDNA
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