Collaboration with the GOALD Project
We kicked off collaboration with GOALD project
Getting married is a special time in your life. It's when you and your partner vow to love one another unconditionally. But marriage over the age of 50 comes with certain tasks to complete and can pose challenges. Thriving.ai discusses how to overcome those.
Before you walk down the aisle, start discussing your budget. Know exactly how much you both bring to the table. Figure out the cost of your expenses when you live together. If you plan on purchasing a home together, figure out much you have to spend toward it early.
It's vital to be open and honest about both your financial situations before marriage since one of the top reasons for divorce is financial problems. Specifically, Divorce.com points out that it's usually a lack of communication about financial problems that poses an issue in a marriage. By being open and honest from the beginning, you two can make plans for debt management and building and growing together.
Once you know how much money you two bring in, decide how you want to split the bills. Will you both pay for your own phones and health insurance and split the mortgage/rent and utilities? Or, will you have one account that you both put so much of your income in for bill money? Will you have a joint savings account or two separate ones?
Getting married later in life means you likely have achieved some goals and are working on others. It’s great to have a partner on this part of your journey, but you need to make sure you’re both on the same page. Perhaps you both reached the goal of home ownership, and now you have two properties. Will you keep both? You could live in one and rent the other, which can come with some great income benefits.
On the other hand, you have to be prepared to deal with tenants and additional repairs on another home. You may also need to keep up with routine maintenance, like a gardener or pest control. If rodents are common on your property, search online for a qualified exterminator for mice and select one that is budget-friendly and also has good reviews, so you won’t have to worry about that service while renting.
You could sell the other property and get a lump sum, but you’ll need a plan regarding that money. Will it belong to the partner that owned it or will you use it collectively? You could also choose to sell both houses and purchase a new one that is yours as a couple. Depending on the market, this could give you a nice nest egg, especially if you’re planning to downsize. This lump sum could come in handy if you want to plan financially for aging in place modifications or the cost of a retirement or assisted living facility down the line.
If you feel like your joint income isn't enough or you both would like an opportunity to work on a project together, think about starting a business together. Fortunately, working on a business will give you more time to spend together and, if you want, it can be a part-time venture to supplement your current income. Moreover, if you're at or close to retirement age, building a business could be your main income source rather than working a standard 9-to-5 job.
Prior to starting your business, make sure you create a business plan. You have more chances for success when you map out your company and make projections. Include in your plan how you'll market and fund your business. Estimate how much you foresee your company earning. And don't forget to include a solid description of your business and how you plan to structure it.
To get a deeper grasp of business concepts like marketing and leadership, consider finishing up your education with a business degree like an MBA. Caring Senior Service notes that many retirees are returning to school to fill their downtime, among other reasons. Maybe you’ve been putting this off because it seems you don’t have time or because it seems too daunting because you’ve been out of school for so long, but the fact is, it’s easier than ever to enroll in an online degree program. Some programs begin at different times throughout the year, allowing you to get started on your degree when the time is right. Taking this route almost always boosts business and personal growth, and your marriage will be enriched as well.
Although you want to think positively about everywhere you two plan to go together and how you'll spend your free time, plan for what would happen if one of you requires long-term care in the future. How would you pay for it? Do you have enough savings to cover the expenses remaining after insurance? Does your policy even cover it? You may need to acquire a long-term care policy if your current health insurance plans pay little or none of the expenses.
When you're starting a life together after 50, you must communicate about your budget and plan for the future. There will be important decisions to make about your properties and ventures together, but you’ll make them together with the future in mind. You'll have more time to enjoy with fewer bumps in the road.
November 22, 2022
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