Building a Happy and Secure Life Together in Your Golden Years
Senior citizen newlyweds face fresh challenges. Here are some things to think aboutJanuary 20th, 2023
By April Meyers
January 20, 2023
It’s never too late to start fresh and embrace the exciting opportunities that married life has in store. Whether it is an idyllic retirement lifestyle or a host of new experiences together, there are plenty of reasons why senior couples are choosing to make a fresh start in their golden years.
Sure, moving away from home can be daunting at any age, but creative seniors have discovered that making a new life together opens up countless possibilities for joy and growth. Let’s explore how you can use this time of transition to create meaningful memories as you savor life.
Re-evaluate your living arrangements
If you are living in separate homes, it may be time to find one that you can share that suits both of your needs. Visit open houses or attend home shows to get an idea of the kind of home that would work best for both of you. Consider factors like location, size, cost, and features in your search.
Once you have found the right home, think about how you can maximize its value. Updating fixtures, appliances, paint colors, and landscaping can all improve the look of your home while also increasing its value. Consider adding features like ramps or railings, as you might benefit from them later on down the road. This is also a great opportunity to add energy-efficient features like solar panels or new windows.
Both partners must be involved in decisions relating to finances so that you are on the same page when it comes to budgeting, spending, and saving. Combining finances requires careful thought when it comes to investments, retirement accounts, and other financial vehicles for long-term savings.
It is also important to keep track of changes in income sources and benefits, such as Social Security benefits or pensions, when combining finances. Furthermore, navigating Medicare can be tricky if either one of you has Medicare coverage already before getting married, so consider consulting with an experienced attorney who specializes in elder law.
Update tax filing and Social Security information
For those first embarking on a new life in their golden years, tax filing and Social Security information should be updated promptly. Additionally, Social Security cards must be updated with any new details, though this can usually be done online.
You can edit tax filings, too, with a free PDF tool to reflect any recent changes in your life, such as marriage or home relocation. Doing so early on is key to making sure that taxes are filed correctly, and that retirement funds are being allocated properly.
Don’t forget that being married means having someone by your side while exploring everything that this world has to offer. Before taking off on trips together, again, make sure that all medical needs are taken care of first. This means filling prescriptions ahead of time and scheduling doctor’s appointments before you leave so there won’t be any surprises as you travel.
Deciding to start a business together is always an exciting prospect, too. Take time to draft a business plan that includes milestones for success. You may then designate yourself as an LLC or other legal entity to protect your personal assets.
All in all, getting married later in life means embarking on joint adventures full of love and laughter throughout every stage. With these tips in mind, you’ll have no trouble enjoying this exciting chapter together as you make memories along the way.
(April Meyers of Wheaton, IL is an advocate of embracing the mind-body connection. She created Mind Body Health Solution to support people far and wide in their wellness journey.)