(Guest Article; Words by: Harry Cline at newcaregiver.org)
No matter what age you are, getting married can bring a multitude of benefits. Along with the obvious companionship that comes with finding a spouse, there can be a number of legal and financial benefits that come your way as a side effect. If you’re currently in your golden years, you might be wondering how to navigate starting a new life with your significant other. However, with just a little preparation, Irama Valdes, P.A. explains that you can confidently move forward and begin a new journey with your loved one.
Preparing to Live Together
For two seniors who are getting married, there’s never one right solution for your living situation. A Place for Mom notes that there are many scenarios that can play out depending on the needs and interests of each person, so carefully consider factors such as proximity to family, the need for assisted living, or the potential to downsize. Consider using the services of a real estate agent to help you find a perfect home for your budget.
If you and your spouse are moving in together, you may find it beneficial to downsize beforehand, as this makes the moving process simpler and allows an easier transition to your new life. Even if you’d eventually like to have a house together, renting an apartment can simplify things while you conduct your search. An online search tool can help you narrow down your search to apartments that meet your needs.
You’ll want to outfit your home together with home products that make life easier. Before making any purchases of things like kitchen tools, be sure to read unbiased reviews online. You want to feel confident in your purchasing decisions.
Handling Finances
Many couples opt to keep their individual finances separate, though if you’re past retirement, you may consider pooling your funds. There are many methods to achieve this if both partners still want to maintain some financial independence, so talk this over with your spouse. It’s also important to consider what will happen to your Social Security benefits when you marry. If you depend on income from these benefits, be sure to understand the rules that govern these benefits, especially if you or your spouse is right around retirement age.
Starting a business with your spouse can also be a great way to receive extra income in your later years. This doesn’t have to be a time-consuming project either. Many businesses can be started based on the hobbies you or your spouse enjoy. Whatever, you decide on, draft a business plan to increase your chances of success. Writing out what your company will do, the services it offers, and the structure of your business can help you to get your enterprise started on the right path.
If your business acumen is a bit lacking or can use an update, consider taking classes to continue your education. As Wes Moss points out, many retirees place a special value on lifelong learning, and going back to college can help you grow in your business and your personal life. It will also likely enrich your marriage. Online offerings are affordable and convenient, as you can study from anywhere you have an internet connection. Going after a business degree like one in accounting will also provide you with the latest business concepts in areas like taxation, business law, and accounting information systems, plus you’ll learn how to use the right software for various business functions.
When it comes time to form your business, consider a limited liability company (LLC) as your business structure. Creating an LLC is a straightforward process with a formation service’s help. They can walk you through the key steps and file the paperwork necessary to get your business legally registered.
Looking at the Long Term
It’s important to consider the possibility of long-term care when deciding to get married. If one or both partners need assisted living services, you’ll want to have an estimate of how much you should expect to pay. Use an online calculator to estimate the cost for your specific situation, or get in touch with assisted living communities in your area to ask for estimates. Additionally, AARP suggests planning for these costs by researching long-term care insurance policies that may help pay some of those expenses.
Having a Strong Marriage
Getting married as a senior can bring great happiness and benefits, but plan carefully before tying the knot. If you’re getting married, getting prepared, handling finances, returning to school, and planning ahead by looking for long-term care is always a great start.
Irama Valdes, P.A. serves individuals and families throughout Florida who have legal needs involving Estate Planning, Probate, Guardianship and Related Litigation. Contact us today for more information! (305) 477-1111
