Marriages between adults aged 65 and older have been on the rise over the past few decades according to Sixty and Me. Falling in love and making a lifetime commitment together can happen at any age. For seniors who are getting married, though, there are a few things we encourage you to consider before tying the knot.
Health Insurance Planning
As you age, healthcare expenses can rise. Check that both of you have adequate health insurance, whether through an employer, self-pay, or Medicare. Long-term care planning is necessary should one of you need nursing home care. Consult an elder law attorney to explain rules associated with Medicaid eligibility.
Estate Planning
If one or both of you have children, consult an estate planning lawyer before tying the knot. States have different laws regarding estates. An attorney can see that your financial goals regarding wills, trusts, and inheritance are met.
Marriage is a merger of finances that needs to be discussed ahead of the "I dos." Will you have joint or separate bank accounts? Be transparent about finances, especially at this stage in life.
Finding a Home
Combining households often involves purchasing a house together. A new home gives you a fresh start in a space with no past history in the way of creating new memories. If you find a home that you're happy with sooner than expected, act quickly on it, even if you aren't quite ready to close on your present home. If you’re having trouble finding that perfect property, work with real estate professionals like us to locate your dream home.
If you decide to just sell one house and live together in the other, this may be a good time to refinance. This process is important if you’d like both of your names to be on the mortgage, or it can be a good financial decision, especially if you’d like to modify your home so you can both age in place. Refinancing often allows you to cash out some of your equity, although your overall loan amount becomes larger. You could also consider a reverse mortgage if money is tight. If you are a veteran, an IRRRL refinance, otherwise known as a VA streamline loan, could lower your interest rates and payment.
Go Into Business Together
When retired couples start their lives together, it's a great post-retirement idea to begin a business together. Some advantages to this venture include:
• Quality time with one another. Working side-by-side in a venture you both enjoy provides quality couple time every day.
• Additional income. It doesn't hurt to have extra spending money that a business can yield.
• Making your own hours. The two of you may be able to create your own schedule around the work you do.
So how to set up a new company? Ensure your new venture's success with a business plan. Having a successful business makes working together all that much more enjoyable, but create a sound business plan beforehand. Planning in writing how your business will run and be structured, in addition to detailing the amount and type of funding needed with financial goals included, can help you succeed in business together.
If your business acumen is a bit lacking or can use an update, consider taking classes to continue your education. As Femme Frugality points out, many retirees are big believers in lifelong learning, and going back to school can boost personal and business growth, as well as enrich your marriage. The great news is that online coursework allows you to study from home, and pursuing an advanced degree like an MBA will give you a solid foundation in the latest business concepts in areas like leadership, entrepreneurship, and accounting, while learning useful software and other systems.
Walk Down the Aisle With Your Eyes Open
Rushing into marriage can be romantic, but it's wiser to be fully aware of what lies ahead when you're saying "I do" in your golden years. Be open and frank with your partner about finances, and consult an elder law and an estate planning attorney beforehand to be sure assets and healthcare needs are established.
During this time, it might be time to think about what you’ll want to do regarding long-term care. For instance, looking into area nursing homes to see what’s available. Online directories can give you an idea of what these facilities offer, the services they provide, and how much they’ll cost. You and your partner may not need nursing home care for many years, but it’s always a good idea to know which options you have.
Marrying in your golden years can be a beautiful thing. You bring experience and compassion together with a new opportunity as you age. There are many things to consider as you begin your new partnership, but if you find you need help as you age in place, there are many businesses and organizations — local and nationwide — that offer assistance with home maintenance tasks that can allow you to be comfortable in your residence.
The Greenwald Realty team specializes in assisting aging adults & their families with comprehensive real estate services. Book your free consultation today! (844) 782-9674
About the Author, Harry Cline
Mr. Cline is a retired nursing home administrator, father of three, and caregiver to his ninety-year-old uncle, so he knows how challenging and rewarding caregiving can be.
Email: harry@newcaregiver.org
