If you’re getting married later in life, you may be nervous about taking this big step in your golden years. Rest assured, there are many advantages to a late-life marriage. For example, you’ll both have established careers, freeing you from money and career troubles. You may even be retired, which means that you’ll have more time to spend together. However, there are some practicalities to consider when you’re getting married after age 60. Here are some key points to keep in mind.
Address the practicalities of cohabiting
Instead of one person moving into the other’s space, you might want to get a new place to call home together. If you need a home loan, take the time to comparison-shop, checking details like interest rates. For example, PennyMac loans are easy to navigate. Once you have your house, consider making senior-friendly upgrades, like adding a handrail and a walk-in shower. Keep all the receipts from your upgrades, as they can be used to demonstrate your home’s increasing value.
Figure out if and how you’ll combine your finances
Before you get married, decide to what extent you’ll combine your finances. You need to consider what to do with checking and savings accounts, as well as investment portfolios and other assets. Principal outlines your options. For example, you can combine your money and pay bills from a joint account, or you can maintain separate accounts and decide who will pay what from their account. You also want to consider assets like your home and car.
Determine how marriage impacts your insurance
Check how marriage will impact your insurance. For example, if you’re on Medicare, you’ll be relieved to hear that you won’t lose your benefits as a result of getting married. You may also want to consider new types of insurance. For example, a life insurance plan can be worth investing in now that you’re getting married. Even basic insurances like auto insurance need to be revisited. For instance, if your new spouse is going to drive your car, make sure your auto insurance covers them.
Consider long-term care plans for the future
Even if you and your new spouse are in good health and able to live independently now, think about the future. Decide what you’ll do if one or both of you needs to get extra care, like 24/7 nursing support. For example, you might sell your home and use the profits to fund the expense. Fidelity provides a guide to long-term care planning and how to pay for it. Options include government programs, personal savings, long-term care insurance, and hybrid plans combining annuities with life insurance.
Update your estate planning and other documentation
Estate planning is the legal process that determines what happens to your assets when you pass on. You can take care of estate planning by creating a will or a trust. You should always take care of this process when you get married since you likely want to make sure that your spouse inherits your assets. This guide to estate planning covers some essential steps, like determining the value of your assets and determining your own end-of-life arrangements.
Think about starting a business together
If you and your spouse are already retired, you may be interested in making additional income. You don’t have to go back to the office and work nine to five. With a consulting or freelancing business, you have more freedom. Plus, there are benefits to starting a business with your spouse, like spending more time together. Make sure to formally register your business, such as a limited liability company, LLC. This offers tax perks, administrative flexibility, and less paperwork.
Getting married later in life requires some careful planning. However, it can also be wonderful. You’ll get to enjoy your golden years with someone you love. Trust the tips above to guide you through your marriage later in life.