Money Talk With Slater

Making Money Across the Board

The Financial Advantages and Disadvantages of Seniors Getting Married (Part I)

So, you’ve met someone you love but should you get married or just move in together. 

When you begin a relationship later in life, does it make sense to move in together or marry? The truth is it’s complicated.

Love might be sweeter the second time around. Though, for an increasing number of baby boomers, love and marriage don’t go hand in hand.

The number of adults over 50 who were living together outside of marriage more than tripled between 2000 and 2010, from 1.2 million to 2.75 million. It’s not fearing commitment that keeps older couples from making their unions official. Instead, they’re scared marriage will wipe out retirement benefits, saddle them with increased health care costs, and increase their taxes and disturb their estate plans.

Despite all that, marriage conveys over 1,100 benefits, tax breaks, and protections including guaranteed medical leave to care for a family member.

Those entitlements are the reasons same-sex couples have fought the legal right to marry, just as some opposite-sex couples are decided not to tie the knot. If you’re thinking either marriage or just moving in together, put romance aside long enough to ponder these problems.

Sharing costs and assets

Living together means either you begin fresh in a new place or one of you moves into the other’s residence. The latter isn’t odd for older couples, but unmarried couples must take extra steps to safeguard their interests. If one partner isn’t on the deed, their property might not be protected by the owner’s homeowner’s insurance.

When two people marry later in life, there are more things to sort through than just wedding gifts. Marriage between two individuals with long histories involves critical decisions about assets, finances, housing, retirement, and more. Above are some topics you will want to take up with your future spouse to guarantee your best financial interests as individuals and as a couple are safeguarded in your new union.

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