You were content preparing for retirement on your own – but your vision of the future changed when you met someone truly special in your golden years. Getting married in retirement can be the beginning of a beautiful new phase of your life! If you’re a retiree who has recently tied the knot, you might be wondering what comes next. These guidelines will help the two of you navigate situations that you may face after getting married in retirement.
Consider Opening a Business
As you and your new spouse build your life together, you’re probably making some big decisions about how to manage your finances. Perhaps both of you have saved diligently for years, but now that you’re married and enjoying your retirement, you want to have a little extra income coming in so that you can treat yourselves and have fun. Why not start a business together? It just might bring you closer!
If you do choose to start a business, how can you get the word out about your products and services? You’ll need to engage in marketing. In addition to going to local business events, putting up flyers, and building a website, you should also design a standout logo for your business. This is a great way to make a lasting impression on customers. You don’t need to be a graphic designer to make a custom logo – simply use a free logo maker with pre-made templates that will allow you to add text, images, and colors.
Choose the Right Place to Live
If both you and your spouse owned property before getting married, you may be wondering where you should live now. Consider the value of each property, the connections you have in your current neighborhoods, where you’ll have better access to healthcare and senior support services, and what kinds of amenities you enjoy. Think about what would be the fairest arrangement for both of you – you don’t need to rush this decision.
Update Your Insurance Policies
Dealing with health insurance and long-term care insurance in retirement can be tricky – and this is especially true if you get married in your golden years! You may want to talk to a health insurance advisor who offers assistance to seniors who need help managing their Medicare plans. When it comes to long-term care insurance, you could research companies that provide shared policies for senior couples. It’s important to choose policies that work for both of you.
Decide How to Combine Your Finances
After getting married in retirement, you may feel conflicted about how to manage your finances. At this point, both of you may have been living independently for quite some time, and completely combining your finances may not be worth it. But you may want to open a joint checking account that you can both draw from when necessary. Furthermore, you should take the time to establish a budget and determine what both of your financial responsibilities will be. This process can take some time, so don’t feel like you need to make a decision overnight.
Taxes and Social Security
If you get married in retirement, your tax filing requirements will change. You may also need to change the way you manage your Social Security payments. If you’re not sure what to do next, hiring a financial advisor who works with seniors is your best bet. They will be able to walk you through your new tax filing responsibilities and explain how your Social Security payments might change. Furthermore, if you have questions about combining your taxes, budgeting, or paying for health insurance and long-term care insurance, an advisor can help you in these areas, too!
But how do you go about finding a financial advisor? SeniorCaring recommends asking at your bank first, as they may be able to provide you assistance without charging any fees. You can also usually attend financial education seminars for free held by local organizations that support seniors. If you choose to work with a personal financial planner, make sure that they hold the proper certifications and have no violations on their record.
Try New Hobbies Together
Retirement brings many perks and positive lifestyle changes, but perhaps the biggest benefit of retiring is creating so much time for your hobbies! You and your spouse can try out some new hobbies together. For example, Sixty and Me recommends traveling, learning a foreign language, cooking and baking new recipes, playing musical instruments, scrapbooking, or even diving into the history of your families. You could also get involved with a volunteer group in your area and pitch in to make your community a better place. With so much free time to fill, retirement is the perfect opportunity to learn new skills! It will be even more fun when your spouse is learning along with you.
Introduce Your Families
One of the joys of marriage is bringing both of your families together! Perhaps you and your spouse had the chance to introduce each others’ families before you got married, but now, you can give everyone the ability to get to know each other on a deeper level. You could plan for joint holiday gatherings, take regular trips to meet each other’s families, or simply host your relatives for dinner more often.
Expand Your Social Life
Finally, retirement presents lots of new opportunities for socializing. You and your spouse can introduce each other to your respective friend groups! Plus, you can make an effort to meet new people together. You never know who you’ll meet in retirement, and as a married couple, you can help form new connections amongst your friends.
Getting married in retirement marks a significant lifestyle change. If you were expecting to live alone and manage your finances independently in retirement, you’re probably in the midst of shifting your original plans! While you may encounter some complicated situations, these tips will help you manage the transition smoothly.
To find out more about Aspen Senior Care’s commitment to excellence, please visit AspenSeniorCare.com or call 801-224-5910.
Jillian Day created 508Assist to help people all across the web make their sites accessible to individuals with disabilities. She was inspired to start 508Assist when a close family member, who happens to have a visual impairment, had trouble finding a dinner recipe online that he could read easily. When she’s not chasing after her little ones, Jillian enjoys being outside, whether she’s fishing, hiking, or Geocaching with her family.