4 Steps to Take When the Love Bug Bites in Your Golden Years

08.04.22 08:21 AM Comment(s) By David Greaves

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The love bug can nip you at any age, even in your golden years. And the Baby Boomer population is moving into retirement age. No wonder seniors are falling in love and getting married, considering the size of that population. The wisdom and relationship skills gained in life benefit these later unions. However, there are four steps to consider when making a life together in your golden years. The John J. Byrne Community Center explains each below.

Decide on a Home

If you and your future spouse own homes, you need to decide if you want to reside in one of the homes and sell or rent out the other. Another option is to sell both houses and buy a new one. Whatever choice you make, be sure both parties are listed on the deed of your forever home.

If freedom from home maintenance, housekeeping, and daily meal preparation appeals to you, moving to an independent living retirement community may be the perfect solution for your new love nest.

Or, if you would like, you can choose to remodel a home - one of your current homes or a new one you choose together - to accommodate aging in place. If one of you is a veteran, you can qualify for a specific type of refinancing. Use a VA IRRRL calculator to determine your monthly payment after a refinance. But remember that if you cash out any equity, it will change your monthly mortgage payment. 

Discuss Finances

Be honest with each other about finances. Share the information on debts, assets, credit scores, and divorce agreements. Once you have a clear financial picture, decide how you will manage money as a couple. Combining everything into one account could be the best choice. Or you can keep finances separate and get a joint banking account for household expenses.

Whatever you decide to go, you will benefit from a lower cost of living as a twosome. You enjoy lower rates on insurance as a married couple and will pay utilities and maintenance on one house instead of two. You may even find you only need one car instead of two.

Consider Starting a Business

A great way to begin your life together is to start a business. This action allows you to boost your income and spend more time together. It doesn't have to be a regular day job like you might have worked in the past. This time you could pursue a career you are both passionate about with flexible hours set around your schedule. If you have leadership, financial, or management experience, consider doing consulting work for businesses. Freelancing is an excellent option if you have creative skills as a writer, marketing professional, or designer.

Start your new business venture with a solid plan and decide on the best business structure. There are advantages to choosing a limited liability company for your business, such as less paperwork, tax benefits, and protection of your finances if you face legal issues. Each state has different rules and regulations to form an LLC, so determine what yours are before moving forward with your process.

Once you have the legal aspects, turn to the marketing process to get some clients. Start by designing a logo that reflects your business, and then use that logo across your promotional materials, website, and social media accounts to create brand recognition. You can create Facebook ads quickly and easily using free templates. There are plenty of templates to choose from, or you can create your own. But make sure to include your logo and branded colors. 

Review Your Estate Plans

Marriage gives your new spouse inheritance rights that affect your estate plan. It's a good idea for you to review your estate plans and agree on how assets will be distributed after you each pass away. If you want to leave money to someone other than your spouse, they need to sign a notarized form permitting the inheritance to happen.

Falling in love and marrying later in life brings many blessings to both parties. Talking about and deciding on these four issues before the wedding helps you start your new life together on solid ground.

Volunteering can be a great way to spend time with your loved one while also giving back to the community. John J. Byrne Community Center is the perfect place to serve your community. Visit us online to learn more about how we serve our community's youth.

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