2/16/2023 | By Bob Shannon

Many couples make the decision to get married later in life. While this can be a wonderful opportunity to make a commitment, it is also important to understand the implications of getting married when you’re a senior. Today, we share advice for a golden years marriage, for senior couples planning to get married and start a new life together at this stage in their lives.

Consider your financial situation

One of the most important things for senior couples considering marriage is to take a close look at their financial situation. Getting married late in life will bring about major changes that could affect both partners financially, such as retirement benefits, estate inheritance rights, credit score, and taxes. It is also important to discuss any debts or assets that each partner brings into the marriage before making any decisions. Together, couples can decide which strategies work best for them when it comes to protecting their assets and minimizing their liabilities.

Know what you need and want out of your golden years marriage

Couple kissing at the beach. By Lisa F. Young. Advice for a golden years marriage: considerations for tying the knot later in life, from finances to planning and health care.

At this point in your lives, you probably have a better idea of what you want out of marriage than younger couples may have. So it is important to spend time clarifying your expectations with one another and discussing how you plan to maintain those expectations over time. This will help ensure that both partners know what they want from the relationship, such as companionship, support, or financial security, and can make sure they are meeting those needs throughout the marriage.

Find ways to boost your income

While money isn’t everything when it comes to relationships, it can help ease stress levels if both partners have some financial security going into their new union. So if you are looking for ways to boost your income, consider careful investing in rental properties or starting a business that allows you more flexibility as retirees. It’s also worth exploring other options like part-time work or taking up hobbies that give you an income stream without requiring too much physical effort or time away from home (think online tutoring).

Of course, starting a business does come with special considerations, like choosing the right business structure, such as an LLC, which comes with legal protections and tax advantages. Your business will also require some form of marketing, and cost-effective techniques like utilizing social media and building a website are key. Many small-time entrepreneurs find success by adding infographics to their websites and social media posts. By creating your infographic with a free tool, you can make short work of this so you can focus on bigger things like growing your customer base!

Prepare for healthcare challenges

Another area where a golden years marriage presents unique challenges is healthcare coverage and expenses during retirement. Make sure you look into each partner’s existing health insurance coverage so that you understand exactly how they will be affected by getting married and whether there are any costs associated with adding your spouse onto plans. Additionally, consider long-term care coverage options.

Plan for the future

Finally, when marrying late in life, it is important to plan for the future, since it’s likely that one partner outlives the other or if there are children involved from previous marriages who may need support later. Make sure that wills are up-to-date and provide clear instructions regarding asset distribution after death, as well as any funeral arrangements or special wishes either partner may have surrounding end-of-life care options such as being cremated or buried in a particular place. Also, put together a plan outlining who will take care of any pets once one partner passes away, if needed. This could include leaving provisions for pet care costs in wills or trusts so they don’t become an unexpected burden on loved ones later.

Getting married late in life can bring with it some unique challenges, but with thoughtful planning and consideration, these can be navigated successfully, allowing seniors the chance to enjoy many years together after tying the knot. Take some time to consider finances, healthcare coverage needs, estate planning, and any lifestyle changes that come along with marriage during retirement age before making any final decisions. This will ensure everyone’s needs are met down the road whatever happens along life’s journey!

Bob Shannon