submitted by Harry Cline
Finding love isn’t just for young people. Romance can arise at any time in your life, and according to statistics, marriage rates among seniors are on the rise. Marriage is about more than just love and companionship, though — it’s also about sharing your life with somebody and building a future with them. Finances are an important consideration in this process, and senior newlyweds should take the following six expenses into account.
1. Home Ownership
Most seniors in the U.S. are homeowners. If you own a home and your new spouse also owns a home, this prompts the question of where you both will live. This can be a tricky situation, but if you choose to go house hunting, there are some important features to look for. Many seniors prefer single-level homes, for example, with amenities such as walk-in tubs.
2. Combining Bank Accounts
You will also need to consider the extent to which you will combine your finances with your new spouse. Some senior couples prefer to completely combine finances, which can certainly have its benefits — but others prefer to retain their financial independence and only share certain expenses. Decide whether you’ll share a checking account or maintain separate accounts.
3. Insurance and Medicare
Senior newlyweds must navigate the requirements of their insurance plan or Medicare after marriage, too. Research how Medicare covers spouses and whether or not marriage may improve either spouse’s insurance coverage. You should also contact your insurer to see whether marriage will have any impact on your rates — especially if you add your partner to your policy.
4. Tax Filing Status
After your wedding, you should tend to important legal obligations regarding your tax status and your eligibility for Social Security benefits. You can do this by filing an amended tax return that indicates your new marital status. You can also file Form SS-5 to update your name — if it has changed — with the Social Security Administration.
5. Long-Term Care Costs
Many people avoid discussing the possibility of long-term care, but it’s a crucial topic to address — especially with regard to the cost. Planning for the expenses of long-term care can help you and your spouse avoid unnecessary stress later in life. You should develop a plan that you agree on, estimate your budget for the expenses, and determine how you will cover the cost.
6. Source of Income
Some senior couples find that their retirement savings are not enough to keep them afloat. As you strategize potential sources of income with your spouse, you might consider starting a new business. In addition to the financial boost, running a business with your spouse is a fantastic way to spend time with them and avoid returning to a 9-to-5. Write a business plan with your spouse that details your plans for the company, its structure, how you’ll market to clients, and how much income you hope to earn. This step makes starting a new company so much easier!
Financial Planning Helps Senior Couples Thrive
A solid plan is the best defense you can have against all of life’s unexpected events. When you get married later in life, it’s more important than ever to identify potential expenses and ensure that you are financially equipped for the future. Write a business plan and start a company to earn extra income and enjoy quality time with your spouse.
Harry Cline is creator of NewCaregiver.org and author of the upcoming book, The A-Z Home Care Handbook: Health Management How-Tos for Senior Caregivers. As a retired nursing home administrator, father of three, and caregiver to his ninety-year-old uncle, Harry knows how challenging and rewarding caregiving can be. He also understands that caregiving is often overwhelming for those just starting out. He created his website and is writing his new book to offer new caregivers everywhere help and support.