Our Blog

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.