The Supreme Court’s five-to-four decision to make same-sex marriage legal throughout the country has massive Social Security implications for couples whose marriages are now constitutionally recognized.
Just how massive? In one hypothetical projection laid out by researchers at Financial Engines, the Sunnyvale, California-based provider of managed accounts for 401(k) plans, single filers can earn nearly $350,000 more over their lifetime as a married couple if they utilize the most of their available benefits.
For all of the ramifications the ruling will have on newly-recognized marriages—health care, tax, and inheritance law are widely cited as the most impacted—Wei Hu, vice president of financial research at Financial Engines calls the consequences on Social Security “huge.”
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
