Posted by Ronald J. Fichera Aug 26, 2022
You've tied the knot in your golden years, and now you're looking forward to spending your retirement with the person you love. Getting married as a senior can be exciting and confusing all at once - after all, you do need to make some adjustments to your finances and lifestyle. But with the right approach, you and your spouse can make the most of your golden years together. Here, Ronald J. Fichera Law Firm explains how to handle a few of the unique challenges that come along with getting married as a senior.
Decide What to Do with Your Property
Maybe you continued living in your family home even when you were single. Perhaps your new spouse was in the same situation. Now, you and your spouse are wondering how you should handle your properties. You have a few options to explore. Of course, you could sell your home and use the profits to invest in a new home that you own together.
Alternatively, you could maintain ownership of your home and rent it out. Being a landlord could provide you with an income stream in retirement, but it's also a job. You'll need to make sure you have enough time to attend to your tenants' needs, and that you have adequate savings to cover renovations or months without income. However, if you don't have enough time to be a landlord, you and your spouse could invest in the services of a property manager. A property management company can screen tenants, manage repairs and maintenance, and process rent payments.
Take Care of Your Finances
Getting married once you've already retired can definitely change your approach to financial planning. In fact, Credit.com states that many couples choose to keep their finances separate in order to maintain a higher degree of independence. But if you would like to combine your finances, it's best to speak with a reputable financial advisor who specializes in helping seniors. They can also provide you with expert guidance on topics like updating filing information for taxes and Social Security.
If you're both interested in boosting your financial security and have an entrepreneurial spirit, you could consider going into business together. Many retirees start small businesses to help supplement their income. Before starting your business, make sure you have a plan for marketing, choosing your business structure, and finding funding.
You'll also want to develop a website and a social media presence. Fortunately, there are plenty of free and inexpensive resources and simple shortcuts to processes for which you previously needed a freelancer. For example, instead of hiring a graphic designer, you can create digital marketing content, like banners, online. The banner templates are easy to use and fully customizable. You can choose one that fits your business and then change out the font, colors, and images to make it your own.
Make Long-Term Care Plans
As the years go on, all couples have to discuss long-term care plans. This is especially important for couples who marry in retirement, as you and your spouse might have anticipated dealing with those costs and choices as single individuals rather than as one half of a married couple. Kiplinger states that couples can add a shared-benefit rider to a long-term care insurance policy in order to split their coverage. You can also talk to your financial advisor about this decision.
It's also important to look into estate planning legal services. If you already have an estate plan, you'll need to modify it for your new family situation. Ronald J. Fichera Law Firm specializes in estate planning and can help you set up an agreement that honors your wishes.
Adjust to Cohabitating
Maybe you were living alone for a few years before meeting your new spouse - and perhaps you had never envisioned yourself living with someone again until you met them! But now that your circumstances have changed, you'll need to get used to cohabitating again. Make sure to communicate openly and honestly on big household decisions, and be patient with each other as you adjust.
Split Your Family Time Fairly
You and your spouse might have your own children or other close relatives who live in different areas. Now that you're married, you'll want to talk about how you can split time fairly with both of your families, especially when the holidays roll around. This could also affect where you choose to live or travel on vacations.
When you marry after retirement, it can feel like you've turned over a new leaf in life. Many people think that exciting milestones end with retirement, but couples who get together as seniors prove this wrong! With these tips, you'll be able to enjoy a happy, healthy marriage in retirement. And when you need to create or revise your estate planning documents, contact Ronald J. Fichera Law Firm to ensure everything is as you wish.
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This article was provided by Lucille Rosetti, a frequent contributor to our Blog, and brought to you by the Ronald J. Fichera Law Firm, where our mission is to provide trusted, professional legal services and strategic advice to assist our clients in their personal and business matters. Our firm is committed to delivering efficient and cost-effective legal services focusing on communication, responsiveness, and attention to detail. For more information about our services, contact us today!
This is not tax advice and should not be construed as such. Please seek professional tax services for more information and advice that will apply to your specific tax situation.