The Senior Newlyweds’ Guide To Making the Transition to Marriage
Finding love later in life can be a remarkable blessing, but it can come with some unique challenges, as well. From figuring out where you will live to determine how you’ll navigate medical issues, there are many decisions that have to be made in order to meld two well-established existences into one happy union. Use this guide, presented by Adult Care Advisors, to help make the marriage merge easier.
1. Update Your Information With the SSA
For those who are changing their names, you’ll have to do so through the Social Security Administration. The SSA asks that you have your marriage document, identification and birth certificate or passport to complete the change. You can do this online or by visiting your local SSA office. If neither of you is changing your name, there’s no need to get a new social security card.
If one or both of you are receiving Social Security retirement benefits, worry not. Getting married doesn’t affect the amount of money that you will receive as those figures are determined from your individual work histories.
2. Decide How You’ll Manage Money
Managing money is one of the top reasons couples of any age fight. Save yourself trouble down the line by deciding early on how you’ll handle finances. You likely both have separate accounts and depending on your bank and the kind of account you have, you may be able to add your spouse to it. Some couples opt to maintain their personal accounts and open a new joint account where shared expenses can be managed.
Decide whether you will use a joint budget and, if so, what kind you will use. There are many excellent templates available, as well as budget apps that integrate easily with your bank and investment accounts. Budgeting is easy if you both receive Social Security benefits or other fixed monthly payments, but you also need to discuss other investments you may have so you can both be on the same financial page.
3. Plan for the Future
Couples of all ages need to have important documents in order in case of emergencies. While traditional wills are more straightforward, living wills can be more challenging to write.
Have frank conversations about what your individual expectations are for situations where you may be unable to make medical decisions on your own. Topics you may want to discuss include if and when you would want CPR, if you are comfortable with tube feeding and mechanical ventilation, and what kind of long-term care you are interested in. You can use online templates such as these to streamline the process.
4. Make Your Home Together
For some, this step will be as simple as one partner moving into the other’s house and selling the extra home. For others, making a home together can be an exciting new step in your marriage that includes finding and purchasing a place for the two of you to share. It’s important to shop around for the best lender for you and your situation, whether you’re looking for a house, condo or another kind of home. Interest rates are important, but so is customer service. Research what lenders have the best ratings and consider sites like PennyMac.com which has perfected the loan process from beginning to close.
Marriage is a beautiful thing at any age. Get yours started on the right foot and give yourselves the joyful and relaxing future you desire.
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