Life continues to prove that love can find you at any age. However, when you partner up later in life, there's more to sort through than if you were in your 20s or 30s. Marriage, at this point, becomes a union of two people with longer histories and vast life experiences.
Here are tips to protect your individual and financial interests as a senior couple.
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Start a Business Together
While starting a business with a potential significant other may seem like a bad idea, it’s an excellent opportunity to spend time together and strengthen your bond. It’s also an intelligent way to make extra income. With older people getting into business, senior entrepreneurship is becoming the new normal. Some rewarding and fulfilling business ideas you can try as new potential couples include running a coffee shop, pet sitting, teaching, and tutoring.
Ensuring business growth requires strategic marketing tactics, and investing in quality business cards can help you stay ahead of your rivals. Business cards matter; unlike other forms of marketing, they leave a lasting impression. A well-designed business card leaves prospective customers with something tangible to remember you by.
Combine Your Finances
Seniors are more set in their ways regarding the approach to financial management. In addition, challenges, such as lack of steady employment income, competing needs, and conflicting interests and situations, may make it difficult to merge finances.
Thoughtful financial planning can ease the tension and make the transition easier. Cover topics such as each other's credit history, indebtedness, savings, everyday expenses, and related issues as you prepare to combine your finances.
Have Regular Date Nights
Spending quality time with your significant other is important in any relationship, but it can be easy to let date night fall by the wayside as life gets busy. Come up with some creative date night ideas!
One fun option is to take a dance class together. Whether you're learning the tango or just getting your groove on, dancing is a great way to get out of your comfort zone and have some fun. If you're feeling more adventurous, why not go on a hike or explore a new part of your city? If you’re both sports fans, you can take in a ballgame and grab Dodgers tickets. You can find the best prices by purchasing discounted tickets online.
Plan for Long-Term Care
As aging couples, safety, security, and independence are a priority. Caring for yourself requires proper planning, which considers long-term care. So, with your potential partner, plan for your long-term care by exploring multiple care plans, and decide which one suits you best.
Update Your Tax Filing
The IRS advises newlyweds to ensure that names on their tax returns match the names registered in the Social Security Administration. If not, the tax refund could be delayed.
Also, discuss whether it makes financial sense to file a joint tax return or to file as married filing separately. With the assistance of your financial advisor, you can leverage the various tax benefits.
Go Over Estate Planning
The retirement phase is crucial to developing concrete steps toward your estate planning journey. As you plan to wed, discuss the possibility of creating or updating your wills, living trusts, and beneficiary designations, and consider durable powers of attorney and living wills.
Strengthen Your Marriage and Live a Better Retirement Life
As a prospective senior couple, you must have an honest discussion and a willingness to compromise and explore new solutions. The tips above can help you navigate the inevitable changes and build a happy and fulfilling marriage in your old age.