Navigating the Practical Side of Marrying Later in Life
No one needs to tell you that marrying later in life is quite different than when you’re younger. If you are about to marry or remarry as a senior, you must sort through many life areas and make important decisions that might impact your housing, retirement, finances, and more.
To transition smoothly and get the most from your relationship, you will want to prepare beforehand and have some honest discussions. Here is some simple advice for navigating the practical aspects of marrying in your golden years, courtesy of Paige Bond, Licensed Marriage and Family Therapist.
Dreaming Together
First of all, take time to talk through your plans with your soon-to-be spouse and get an idea of what each other are wanting from the marriage and future. Create space to have special moments of dreaming of what can be. For example, research houses and make a list of a few in your desired area that would make both of you happy. Come up with travel ideas and explore new restaurants you would like to try.
If you want to take it to the next level, discuss starting a company. Not only does it provide an excellent opportunity to spend more time together, but it can also help you supplement your income.
The good thing about working in your golden years is that it doesn’t have to be a traditional 9-to-5. You could use the expertise you’ve acquired over the years as freelancers or consultants, which would allow you to choose your own clients, workload, and schedule.
If you decide to start a business, consider forming an LLC to get pass-through taxation, limited liability, and many other benefits. There are regulations each LLC should follow in every state, so do your research and consider having an online service do your paperwork.
Combining Your Finances
Combining finances can be more challenging when you’re older because you and your significant other may have accumulated assets and adopted different money management strategies. The issue can be even harder to overcome if one of you is frugal and the other a spender. Plus, if either of you has children, it introduces many other issues that you will need to talk through.
Nonetheless, combining your finances can be an excellent way to build trust and ultimately keep your relationship healthy. Have an honest conversation and clearly communicate expectations so that you can come up with a strategy for transitioning your finances.
Combining your finances can also make it easier to plan for the future. For instance, what are your thoughts on assisted living? Do you think your spouse and you will eventually want to relocate to a nursing home facility? Obviously, it’s difficult to think about, but researching beforehand will give you a good idea how much you need to save. There are many great options in the Orlando area so don’t just check prices; also check ratings and reviews and don’t be afraid to ask tough questions.
Updating Tax and Social Security Information
You don’t want your tax refund to be delayed. That’s why you and your significant other must decide whether to file separately or jointly.
If either of you has outstanding tax issues with a previous spouse, you will want to resolve those before getting married. Ultimately, you just want to make sure the names that are registered with the Social Security Administration (SSA) are the same as those on your tax returns.
You and your spouse should also touch base with the SSA if there is a name change to make sure your earnings are accurately reported. Know that if you are of retirement age when you marry, and you receive less than half in social security benefits than your spouse, you can qualify for an additional amount that provides half of your spouse’s benefit. Furthermore, you should expect to lose any benefits you received from a divorce.
Just because it may bring challenges doesn’t mean you should second-guess your plans to get married in your golden years. But you need to understand the steps necessary for a smooth transition. Following the tips above is a great place to start, but keep learning everything you can about how you and your soon-to-be spouse can pave the way to a successful and enjoyable future together.
Paige Bond, Licensed Marriage and Family Therapist and Owner or Couples Counseling of Central Florida offers marriage counseling and individual therapy for those navigating non-monogamous relationships. Click here to request an appointment.