The heart wants what it wants, and our hearts don’t lose their capacity to love as they age. However, if you find love later in life, it’s important to consider all of the financial benefits and downsides of tying the knot. When there are children and grandchildren, multiple properties and ex-spouses involved, things can rapidly get complicated.
The Benefits of Marrying Later in Life
- Combining Incomes Can Improve a Financial Situation: If both partners have assets and property already, their combined financial situation can often be much healthier than if they did not marry. Whether one home can be sold or rented, two incomes and two sets of previously-independent financial resources are a great challenge to have.
- Maturity Enables Better Problem-Solving: With age comes wisdom, and with experience comes a better understanding of how to work together to accomplish goals together. Older couples tend to have much more experience, understand the challenges that health issues can pose and have a handle on patience and compassion.
- Tax Benefits: Marriage comes with hefty financial and tax benefits, and married spouses can receive an unlimited amount of assets without needing to pay estate taxes. Tax laws also benefit married couples with IRAs.
- Longer Lifespan: One study of over 500,000 people found that staying single as an older adult can take up to 10 years off of your lifespan.
The Downsides of Marrying Later in Life
- Lack of Financial Agreement: Some older adults are concerned about children, relatives and spouses finding out about their assets and wealth and making health decisions accordingly. In these cases, a prenuptial agreement and careful estate planning can offset concerns.
- High Medical Costs: When you marry, you will become responsible for your spouse’s debts, regardless of where they came from. You will also assume responsibility for your spouse’s children or stepchildren in the eyes of insurance companies, who might increase your premiums in response.
- Caring for Children: Depending on past relationships and children, through marriage one spouse might become responsible for the other spouse’s children financially. If the other spouse has younger children, the couple might pay for private school, uniforms, hobbies and more.
Care for Your Senior Loved Ones with Senior Care Lifestyles
Senior Care Lifestyles specializes in connecting seniors with the right in-home care, assisted living, or senior living community to meet their needs. We have helped hundreds of clients and treat each senior as a valued member of our own family deserving our personalized attention, compassion and respect.
For help, or questions please call us at 410-977-3718 or send a message through our website www.seniorcarelifestyles.com.