Senior Couples: Marriage and Life Plans
For many, getting married in their senior years results in endless possibilities. Navigating your way to the altar and afterward doesn't have to be complicated. These tips from Dan Rhoads can help you plan for success.
Reasons for Marrying
There are many reasons seniors tie the knot. Many individuals marry because there's more commitment involved in making things legal versus merely being in a relationship. For some, marriage provides financial stability. Others enjoy the companionship that comes with marriage. Some feel they're less of a burden to family members if they have someone else to rely on for socialization and emergencies.
Finding the Right Home
Purchasing the right home for your senior years doesn't have to be difficult. A home with fewer steps is ideal, as is one designed with an en suite on the first floor. If you'd rather not maintain your lawn, a home with a homeowner's association that includes exterior and lawn maintenance in the monthly fee may fit your needs. To avoid falls, flooring should be continuous throughout the home, and you should have enough square footage to hold personal items and furniture without clutter.
Once you're settled into your home, it's time to plan for unexpected situations or those tasks you don't want to handle. Pest issues, particularly mice, can be daunting, requiring the help of a qualified mice exterminator. Researching on the internet and reading reviews on exterminators can help you find the right professional with top-notch ratings for you and your particular situation.
Financial Issues
There are many pros and cons to getting married in your senior years and many tasks to take care of after you're married. In the event of a name change, contact the Social Security Administration to update your records. In addition, update your tax filings, insurance policies, and pension. It might be a good idea to seek advice from a tax professional because combining incomes may increase your tax liability and disqualify you from receiving government benefits, such as Medicaid and survivor benefits.
To help avoid the potential pitfalls of retirement and health planning, work with an experienced advisor like Dan Rhoads. As a fiduciary, he is obligated to keep his clients’ best interests foremost, and he can help you navigate and plan for a thriving retirement.
Estate Planning
Estate planning is essential if either of you has children from prior relationships, as this guarantees your children receive what's rightfully theirs. While looking at your finances, you may want to check into establishing a power of attorney, trust, and an advanced healthcare directive. Also, plan for the costs of long-term care.
It’s wise at this juncture to begin investigating assisting living facilities in your area. There is a high probability that one or both of you and your spouse will require these services when the time comes. Doing your research now will help you avoid critical mistakes when a decision needs to be made.
Starting a Business
Starting a business can be gratifying and a great way to spend more time together and add to your income. Consider businesses that don't pin you down to a 9-to-5 job. For maximum fulfillment, choose a business involving something you enjoy. For example, if you have a love of photography, you might consider opening a studio.
Developing a solid business plan can increase your chances of success. Your business plan should include a description of your company, how you'll sell your products or services, your business structure, and any funding you'll need. In addition, include financial projections.
Successful Marriage
The above tips can help you start your marriage off right by avoiding some of the pitfalls that could negatively affect your relationship after marriage. Use this advice to ensure that you and your spouse enjoy your twilight years together.
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References
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