More and more couples are deciding to get married in their golden years. Getting married later in life can be a great option, but in some ways, it’s also a very different adventure than it is for younger couples. Courtesy of PermaVista Ranch, here are some tips to help you navigate your new life together as a senior couple.
Moving In and Up
Choosing the right home when you’re getting married later in life can be tricky, especially if one or both of you already have a home. Many couples decide to keep their homes separate, while others choose to sell one or both of their homes and start fresh in a new place together. Consider your current health and financial situation and what makes the most sense for your joint lifestyle before making any decisions.
Whether you’re staying put in your own respective homes or starting fresh, you must upgrade your homes to boost value if you plan on selling them anytime soon. A few simple updates can increase the value of your home, from painting walls and removing wallpaper to updating light fixtures and landscaping the yard. You don’t have to go overboard — just make sure that potential buyers will be attracted by what they see when they come through the door.
Handling Finances Together
Getting married later in life means that each partner likely has some sort of financial baggage from the past. You must sit down together and talk about all of your finances so that there are no surprises down the road. Be honest about any debt or other obligations that either of you may have so that there aren’t any surprises once you make things official.
Navigating Benefits and Taxes
It's important to navigate Medicare and Social Security information before getting married, especially if one partner is already receiving benefits from either program. Talk over each partner's rights and responsibilities, so there are no surprises after the wedding.
Don't forget to update tax filing information promptly, as well. To make sure all documents are securely kept, try saving everything in PDF format. Give this a try for a simple and easy way to archive everything safely.
Doing Business Together
Starting a business is a challenging endeavor for anyone, but for two newlyweds who are senior citizens, it can be especially daunting. The type of business should be carefully considered. If you are considering high-risk investments such as real estate or flipping houses, this may not be the best idea. On the other hand, lower-risk businesses such as online stores or consulting firms could be successful if approached correctly.
Drafting a business plan is essential to ensure everyone involved understands their roles and responsibilities. That includes choosing a business structure, and a limited liability company (LLC) is a popular option because it provides additional financial and legal protection against any risks associated with running a business together, as well as reduced paperwork.
Traveling and Having Fun
Finally, traveling together is one of the best parts about being married later in life. Whether it’s visiting family members across the country or just taking weekend trips around town, enjoying time away together can deepen your bond as a couple and create lasting memories along the way.