Setting Your New Marriage Up for Success in Your Golden Years
Cover image by Tree of Light Photography
Marrying later in life can open up a whole new world of opportunities, significantly improving your happiness and contentment as you settle into your golden years. However, it’s crucial to understand all the financial factors involved to prepare and avoid issues down the road. You’ll need to sort through more than wedding gifts as you lay the foundation for a thriving marriage! Today, Palm Beach Weddings Magazine outlines precisely how to plan finances and build a future with your soon-to-be-spouse.
Planning Date Nights
A successful marriage requires intentionality, care, and ensuring bonds remain intact and deep. Planning frequent and enjoyable dates that align with interests you have individually and jointly will give you a chance to connect on new levels. You can plan extravagant, expensive dates that you have to budget and plan for, or you can enjoy each other’s company doing free activities.
Here are some ideas you and your spouse can plan throughout the year:
- A picnic at your local park or gardens
- Doing a scavenger hunt throughout your town
- Playing board games at home
- Having dinner out
- Taking a weekend getaway to a place you’ve never been
- Taking turns trying each other’s hobbies
- Forming a book club for two
Combining Your Income
You each led your adult lives separately for a while and have developed habits and routines. While it may feel easier to leave things as they are and not go through the hassle of changing things up, combining income has a couple of benefits. The first big perk is that it allows you to foster trust. Secondly, it will make managing joint debts and expenses much easier. You won’t regret taking this step together!
That being said, keeping detailed records is a good way to reduce stress and avoid headaches down the road. If you keep your finances saved as a PDF document, here’s a free tool to help you add additional pages as you gain more financial information throughout the year. That way, you can keep your finances organized in a single document that you can access at your leisure.
Renting a Home Together
For newly married senior couples, renting a home is a great idea for a number of reasons. First, it can be cheaper than owning a home, especially if you’re not planning on staying in one place for very long. Second, renting gives you the flexibility to move if your needs change down the road. Third, when you rent, you don’t have to worry about things like maintenance and repairs – that’s all taken care of by your landlord. And fourth, if you rent from a reputable company, you’ll have the peace of mind of knowing that your home is in good hands. So if you’re looking for a place to call home, you can get started by browsing rental listings online to get an idea of what’s available in the neighborhoods that pique your interest.
Estate Planning
Whether you have an estate plan in place or not, it’s worthwhile to meet with a professional and ensure you both have your ducks in a row for your future together. Most people think of an estate plan as only consisting of a last will and testament, but that is only a part of it.
You’ll also want to create a durable power of attorney that gives your spouse the authority to make financial decisions if you can’t (i.e., in surgery, incompetent, sick, etc.) a healthcare power of attorney that allows your spouse to make medical decisions if you can’t and an advanced directive (also known as a living will) that lists your end-of-life decisions.
Filing Your Taxes
One perk of marriage is that there can be tax benefits in the form of deductions and credits. While you still have the option to file separately, filing jointly can be easier and lessen your tax burden. Consult with a CPA on whether filing jointly is right for you. They will be able to go through the numbers of both scenarios and tell you which path forward is best.
Conclusion
Marriage is such a beautiful, unique adventure. The more you invest into it from the beginning, the better off your relationship will be. Prioritize your bond by going to sporting events and dating regularly. And foster your relationship in every area, including your finances. Considering every aspect, from spending to financial planning and taxes, will alleviate tension and stress while creating a trust that deepens for years to come.
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