How Senior Couples Can Navigate Getting Married and Making a Life Together
How Senior Couples Can Navigate Getting Married and Making a Life Together

How Senior Couples Can Navigate Getting Married and Making a Life Together

How Senior Couples Can Navigate Getting Married and Making a Life Together

If you’re a senior couple considering marriage, it’s important to understand how the decision can impact you both. There are positives and negatives to consider and unique situations to navigate. If you want to make sure you can build a lovely life together, here are some points from The Thrive Vine that you need to consider.

Combining Your Financial Lives

Your financial lives are inherently entwined to a degree when you get married. You’ll have shared responsibilities and might acquire joint property. Since there’s a good chance that any financial habits you each have are well ingrained, you may have some disagreements while finding a suitable path.

Before starting joint bank accounts or taking similar actions, see if you’re on the same page financially. Discuss your debt loads, credit histories, credit scores, and spending habits. Talk about your financial goals and preferred lifestyles in retirement. That way, you can see where you stand together and identify points where you don’t see eye-to-eye, making it easier to develop a plan that works for you both.

If you’re concerned about how your assets will be handled if one of you passes away, you’ll want to take that into consideration as well. There are plenty of resources that can help you with estate planning. If you have assets that you want to leave to specific heirs, you may want to work with an estate planner to ensure it’s possible. Whether you create a prenup before marriage, put particular assets in a trust, or use another approach may depend on your unique situation, so work with the planner to find the proper path.

Planning for Future Healthcare Needs

Healthcare is a big line item in any budget, but it’s often a more significant factor as you get older. One estimate states that an average of 15 percent of a retiree’s annual expenses are related to healthcare. Additionally, retired couples may need around $300,000 to cover all of the medical costs throughout their retirement.

However, there’s no guarantee those numbers will hold. Healthcare costs generally trend upward broadly. Additionally, prescription drug prices are rising significantly, often dramatically outpacing inflation and remaining ahead of other medical goods and services. Considering that 83.6 percent of adults at 60 to 79 take at least one medication and 34.5 percent have at least five prescription drugs, that alone is concerning.

That’s why planning for future healthcare needs as a couple is essential. By understanding how much of the household budget might need to go toward those costs down the line, you can both set money aside, find supplemental insurance, or take other steps to mitigate the impact.

Since there could come a time when either one or both of you may need to move into skilled care or assisted living facility, it’s wise to explore your options a bit in advance. That way, you can find properties that meet your needs and fit your budget, all while giving you time to plan for the financial side. Check out different communities to learn more about the cost and what they bring to the table, and take a few tours to see each one firsthand. That way, when the time arrives, you’ll know where to turn.

Starting a Side Hustle

If one or both of you decide to start your own business for a little extra income, the good news is that there are plenty of options to choose from! And thanks to social media, advertising is easier than ever. In fact, it’s easy to create an infographic for free, then share it online to reach a wider potential audience. 

Understanding the Tax Implications

When you get married, your tax situation changes. In some cases, being able to file jointly results in savings. However, it can also cause you to owe more in taxes if your joint income pushes you both into a new bracket.

Usually, the risk of a marriage penalty is highest for couples where both parties have high incomes. However, it can also occur at lower income levels, just to a lesser degree. As a result, you may want to explore how getting married alters your tax situation before you get hitched. That way, you’ll know if the financial impact is significant well before you have to face it directly.

The Thrive Vine is a blog dedicated to building success, wealth and prosperity for all. We’d love to hear from you!

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