You’ve taken the plunge to start a new life with someone in your golden years. You. are excited but need a little guidance on how to make the most of your time together. You’ve come to the right place. Let’s learn more about building a thriving marriage that lasts.
Tying the knot later in life can be incredibly enriching, but it also presents unique challenges. Modern Globe discusses money management, supplementing your income, planning for long-term care, and other topics to help you make a smooth transition into this next chapter and live your best lives!
Talking About Money Management Together
It’s no secret that money can be an uncomfortable topic, especially when discussing it with your significant other. Nonetheless, it’s essential to have honest conversations with your partner about money management. Take time to discuss each other’s financial goals, debts, expectations, and dreams so you can start developing a plan that both of you feel good about.
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As you start gathering documents and making plans, be sure to put things down in writing. Not only will this practice help you to stay organized, but it will help if one partner falls ill and the other needs to pick up the money management responsibilities. If you need to PDF tool to help you merge, edit, or split your files once they are created, look online. There are lots of great free resources out there to help you manage your PDFs.
You also want to determine who will handle what bills every month (or if one of you will pay all of them). You can’t have sound money management without clear communication, so make time to break the ice and start setting yourself up for success!
Figuring Out Medicare
Medicare is a critical component of health insurance for many people 65 and over, so you and your partner will want to understand your coverage options before making any decisions. There are plenty of factors to consider, from eligibility requirements to cost considerations. Be sure to research different policies and consult experts who specialize in Medicare plans.
Planning for Long-Term Care
Long-term care tends to add up over time once you start requiring more medical attention. Both you and your partner should know the details of your long-term care coverage before making decisions about the care costs or services available. If one of you doesn’t have sufficient coverage in your existing policy, you can add benefits to the policy or purchase a new policy altogether, depending on your individual needs and budget constraints.
Planning for Tax Filing
When filing taxes as a married couple, there are specific deductions that become available based on filing status, potentially saving you money. Set aside enough funds throughout the year to cover your tax liabilities so you’re not met with any unpleasant surprises at the end of the year or when filing taxes jointly. Otherwise, you could experience reduced refunds after filing your taxes, particularly if one of you has a higher income than the other.
Starting a Business Together
If you would like to bring in additional income in retirement, you and your partner might consider starting a company together. Many seniors are turning to entrepreneurship with the newfound freedom of not being tied down to full-time jobs.
Besides the extra money, starting a business can be incredibly fulfilling, benefit your cognitive health, and provide you with a flexible schedule. Research business ideas, and choose one that aligns with your shared interests and skill sets. Then, create an actionable business plan that outlines your milestones and goals.
Focus on Communication for a Happily Ever After
Navigating marriage and life together in your golden years can be challenging, but you can equip yourselves to make informed decisions about your future by doing your research and strategizing. Talk openly about how you will manage your money, consider starting a business or finding another way to supplement your income, and discuss the other topics above. Most importantly, remember to have grace on each other as you transition, and enjoy your time together — whatever you’re doing!