4 Financial Considerations for Seniors Tying the Knot

4 Financial Considerations for Seniors Tying the Knot

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Tying the knot in your golden years is a wonderful thing. But let’s not pretend it isn’t different from marrying when you’re younger. Maybe you already own a house with all the amenities you could ever want. Perhaps you’ve built significant wealth or are straddled with debt. Maybe there are kids in the picture and your health is in question. 

No matter what, you need to consider all the financial implications of marriage at this stage in your life. Courtesy of The News Beyond Detroit, here are four money-related factors to keep in mind when getting hitched as a senior!

  1. Making Money

Padding your income is always a good thing, especially when you’re combining your finances with your significant other. One of the best ways to make money and spend more time together is to launch a company. With the right business idea for your specific market, you could quickly prepare and launch a business that keeps you and your spouse busy and fulfilled. If you aren’t sure where to begin, you can find resources to assist in starting a business online. While the process can be a bit technical, the wealth of life experience that the two of you bring to the table is an invaluable asset and will make the process much easier.

Once your business is up and running, look into digital advertising to draw in new customers. You can use a Facebook ad template to design great looking ads for free. You can customize it with your logo, colors, and fonts of choice. Once it is ready you can download it to use, and you can always return to edit it later.

  1. Daily Money Management  

Whether or not to commingle your funds is a major decision when you marry in your golden years. Since you and your significant other come to the table with your own ways of managing money, combining your finances could require an adjustment period

Discuss your philosophies and spending habits honestly to determine what will and will not work. You can either combine all of your money and use joint checking and savings accounts, open one or two joint accounts while maintaining some separate accounts, or keep your finances separate altogether.

  1. Assets, Debts, and Priorities  

You and your soon-to-be spouse should also designate a time to discuss your assets and debts. Talk about all the details of your assets, income, debt, child support, alimony, and other relevant factors, and establish clear priorities as a couple. Then, you can create a realistic budget upon which to base your finances. 

Naturally, you’ll also need to work out your living situation. If both of you already own a home, you may decide to sell one of them or rent it out. Alternatively, if both of you are renting, you’ll probably need more living space. Once you’ve settled on where you’ll live, find a furniture mover to help get your things moved. An online search should reveal plenty of local options, and you can read reviews and testimonials in order to get a sense of their quality of service.

  1. Other Financial Implications  

Once you’ve established your cash flow, you’ll need to review the other parts of your financial plan. Here are some matters to discuss:

  • Retirement plans
  • Estate planning
  • Will and living will
  • Tax implications
  • Life and disability insurance
  • Long-term care insurance
  • Social Security

 

As you begin your life together, you’ll also want to build a social life together as well. If neither of you are on social media, you can use a search engine to look up old classmates and acquaintances. All you need to do is type in their name, graduation date, and school, and then you’ll be able to find folks to reach out to from long ago.

While this is not a comprehensive list of the tasks you and your soon-to-be spouse need to tackle upon marrying, it will help you lay a firm foundation for flourishing. Keep researching the financial implications of getting married as a senior so that you can cross all your T’s and dot all your I’s. And remember to cherish these wonderful years together!

 

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