Tips for Seniors Getting Married
It’s possible to find love at any age. However, when you want to settle down with someone when you are past 60 years old, there are perhaps a few more considerations than when you were much younger. You may have a significant retirement fund established. Therefore, you’ll want to find out what your partner has in their nest. If you have grown kids, they will naturally be quite protective of you. They will need reassurance that you understand what you are doing and that it’s the right choice for you.
Here are some tips and resources to help senior newlyweds navigate this exciting next chapter of their lives!
Find Out Each Other’s Financial Position
Before you get married, it’s important to find out your partner’s financial position. Debt is a great indicator of financial discipline. A person who has hundreds of thousands in credit card debt is probably not prudent with their finances. Debt repayments affect a person’s monthly cash flows and whether they can comfortably pay for day-to-day living expenses.
Make a Common Budget
When you start living together with your partner, make a common budget. The budget should include all common and individual expenses. The revenue side should include what both of you are making from your businesses, pension fund, and other sources of income. An important budget item is medical insurance. Ensure that you both have a good enough coverage because a medical issue can quickly wipe away your savings.
Keep Proper Records
You both need to keep a proper record of investments, tax filings, bills paid, and other financial documents. Make sure that you submit your tax filings on time. You can engage an informed family member to help you or a tax accountant for extensive filings. Find out which social protection programs from the federal government would be helpful to you and sign up for them. Programs such as Medicare and Medicaid are likely to ease your medical insurance budget.
Get a Home
You may consider buying a home together with your partner. Perhaps you both want a bigger space where your children and grandchildren may come to visit or stay. When deciding on buying a home, talk to a financial advisor to help decide the value of the home you can afford to pay without depleting your savings to dangerous levels.
Start A Business Together
Running a business together with your partner is a great way to generate income while spending time together. You may get business ideas from skills one of you possesses, or a hobby that you both enjoy. It does not need to be like an ordinary 9-5 job. In fact, you can run it from your house. Before starting a business, take time to draw a detailed business plan that identifies the capital required, the revenue model, the permits you need, and how to deal with challenges along the way.
Once you’ve got your business off the ground, the next step is to advertise. A great place to start is with people you know, including old friends and classmates. In fact, a simple internet search can help you reconnect with people you might have lost touch with, which has obvious benefits beyond simply increasing your customer base.
Navigating Life Changes
Getting married as a senior doesn’t have to be stressful so long as you take time to plan ahead and prepare.
This is a guest post, written by Jennifer Scott of Spirit Finder.org.
Events by Lexi provides exceptional, professional wedding coordination and management services for on-the-go couples who are planning their one-of-a-kind dream wedding, are having trouble finding the time to plan and manage their wedding, and desire assistance while staying within budget! Give me a call at 410-978-2048 to learn more!
