Senior Serendipity: Navigating a New Marriage in Your Golden Years
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Marriage in your senior years comes with a unique set of challenges, as both you and your partner are likely to have already established independent lives with your own homes, finances, businesses, and social circles. While it may take a little extra effort to blend your lives together, it is possible with just a little planning and communication. Read on for some pointers from Wedding Reports.
Financial disagreements are one of the most common issues within marriage, so it’s important to get on the same page early on. If you both have assets, The Balance notes that you’ll need to figure out how to combine them best. This may mean setting up joint accounts, transferring property titles, and figuring out how to handle day-to-day expenses. Will you maintain separate bank accounts and split bills evenly, or will you have a joint bank account? Use a budgeting app or consult with a financial planner to help you figure out what makes the most sense for your situation.
You may also want to consider starting a business together to generate additional income in retirement. If you have complementary skill sets, this can be a great way to make the most of your talents and spend time together. It also offers flexibility as you ease into retirement, as you won’t be forced to work 9-5. Try consulting or freelancing using your existing skills, and set up an LLC in CT to help you manage any associated taxes and paperwork. This business structure offers limited personal liability, but be sure to check the relevant regulations for starting an LLC before beginning.
Finding the Right Home
If you’re both planning to move in together, it’s important to find a home that meets both of your needs. If you or your partner suffer from any chronic health conditions, it’s essential to find a home that is accessible and comfortable for you. This may mean single-level living or a home with plenty of space for a wheelchair or walker.
It’s also important to consider whether you intend on downsizing in the future and potentially moving into a retirement community or assisted facility. This decision will likely be influenced by your financial situation, health, and family circumstances.
Next, take a look at your budget and be realistic about what you can afford. It may be necessary to sell your properties and use the proceeds to purchase a new home together. By making upgrades to your existing properties, you can significantly boost their values and sell them for top dollar. Keep track of the improvements you’ve made by taking before and after photos and keep receipts to help quantify your home’s increase in value.
If purchasing a new home isn’t in the cards, there’s always the option to rent. Be sure to check out available properties by going online and gauging how much rent is going for in your preferred neighborhoods..
The Nitty Gritty Details
- Insurance: If you’re both bringing health insurance to the table, you’ll need to decide who will be the primary insurer and who will be the secondary. It may make sense to keep both policies and use them for different purposes. For example, you may want to keep your partner on your policy for primary coverage and use their policy for dental and vision. You’ll also need to reevaluate your auto and life policies for their benefits.
- Taxes: Once you’re married, you’ll need to update your tax filing status and your W-4 with your employer. You may also need to update your beneficiary information for your retirement accounts and life insurance policies.
- Social Security: If you’re both receiving social security benefits, you’ll need to decide how to utilize them best. You can either receive your own benefit if it is higher based on your work record or half of your spouse’s benefit.
Marriage itself is a serious commitment, so it’s important to negate any additional stressors by being prepared. Thoroughly communicate with your partner through this process and work together to make decisions that will allow you both to enjoy your wedded bliss.
Regardless of your age when you choose to tie the knot, consult Wedding Reports for your best options in Connecticut!