Getting married later in life can come with unique challenges that require special consideration. If you’re a senior that’s about to get married and build a life with your partner, we reveal a few salient points you’ll want to work through first.
Combining your finances with another person is tricky later in life. Often, it’s because you both have some fairly rigid habits. If they don’t match your partner’s, the situation can become contentious.
If you want to make the transition easier, have open and honest conversations about how you view, spend, and save money. It’s also wise to talk about financial goals to see if you’re on the same page.
The goal of the conversation isn’t to force your partner to change. Instead, it’s simply to determine how much your money should or shouldn’t mix. In some cases, you may find that dividing bills is the best approach. Having you both place money to cover joint expenses into a shared account while keeping the rest of your cash separate may also work.
If you’re having trouble creating a viable plan, then it’s best to speak with a professional. Find a certified financial advisor that focuses on retirees, allowing you to get insights from a neutral party.
It’s also wise to consider how you can keep your costs manageable if your income is low. One way to relieve the financial stress that’s worth exploring is shopping for new healthcare coverage together. You could also reduce transportation expenses by shifting down to one car or combining errands into one big trip. Shopping at thrift stores is another great way to save. Also, make sure you take advantage of any senior discounts, helping you trim your expenses even more.
When you get married, cohabitating comes with the territory. Since 78.6 percent of adults age 65 and over own their homes, there’s a decent chance one of you will vacate a property that isn’t a rental. That can create some opportunities.
For example, you could decide to turn the home into a rental. In the United States, there are up to 11 million private landlords, give or take. If you’re looking for a steady source of income, joining their ranks could be wise. You could make it a primary retirement venture, performing all of the duties of a landlord to capture the most profit, or you could hire a property manager to lighten your load in exchange for a payment.
If you both agree that selling is best, then you may want to take on some projects to increase the home’s value. Upgrading the kitchen could help you sell faster and get top-dollar. Just make sure you avoid mistakes like installing new floors on top of the old ones or updating countertops without redoing the cabinets, ensuring you get the best result.
Spending time doing activities together is an excellent way to keep your relationship strong. While you can go with classic date nights regularly, that isn’t the only option on the table.
Since 50.9 percent of small businesses in the United States are owned by people aged 55+, launching a company could be on the table. By doing it as a couple, you can spend more time together. Plus, it will help you boost your income without the disruption that can come with a traditional 9-to-5 job. Just make sure that you choose something you enjoy. Otherwise, it could be problematic for your marriage. Also, research funding options carefully and familiarize yourself with the necessary technology, ensuring you can increase your odds of success.
You could also consider starting an adventurous hobby together. By diving into new territory, you’re creating unique memories that you can share as a couple. Plus, you’ll get to explore the unknown, making your golden years as invigorating as possible.