More seniors are finding love later in life and enjoying satisfying relationships. Statistics show that senior men and women alike have longer total and active life expectancies. Being wiser after a lifetime of experience with relationships, seniors are enjoying life with an equal partner and less conflict. If you are a senior about to enter into matrimony, there are points to consider.
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Building Your Nest As An Older Adult
The living situation in which you and your spouse decide to live is dependent on different scenarios and living requirements:
- Different care needs. It is likely you or your partner may have special care level requirements. Perhaps one of you needs assisted living or memory care assistance. If one person needs a higher level of care, you may need to live in separate wings.
- Independent living. If both partners are caring for themselves yet need help with housecleaning and the security of emergency call buttons, they may like this option because it is less expensive, and the apartments are often more spacious.
- Separate interests. It’s crucial to consider the interests of both individuals in the relationship to maintain good emotional and cognitive help. Ensure the amenities and activity calendar cater to each person’s needs.
Renting or Buying
Deciding to rent or buy a home is a big decision. There are pros and cons to renting and buying, and the choice ultimately depends on each person’s unique circumstances. One key factor to consider is how long you plan to stay in one place. If you’re reasonably sure you’ll be living in the same area for several years, buying a home may be a good option. Another important factor is your financial situation. Buying a home requires a significant amount of money for the down payment, closing costs, and ongoing maintenance and repairs. If you don’t have enough saved up for these expenses, renting may be a better option.
Handling Your Finances
When you combine your finances, there can be a benefit to having two incomes and more assets. If you each own houses, selling one or both of them and moving in together in a senior living community will help with the eventual expenses of long-term care. In some states, a new spouse may influence your existing will. Therefore, you should plan your estate with updated instructions as newlyweds. If you remarry, you may lose your SSI benefit from a previous spouse.
Updating Tax Filing
There are a few things to recognize regarding filing taxes as an older adult. Be aware that the standard threshold rose to $14,700 in 2022 for people 65 and over. The hike to the standard deduction means it may be easier to claim the standard deduction over itemization. Married seniors 65 years or older do not need to file a joint return unless their combined income exceeds $27,400.
Starting a Business to Boost Your Income
Being retired does not mean you can’t earn extra income without working full-time. Starting a business is also a way of spending quality time together. The best practice before starting a business is to write a business plan. This will help you define your business structure and purpose, enabling you to better determine start-up capital needs and financial projections. For more details on forming a business, check out this ZenBusiness page on starting a new business.
Happily Ever After
The main advantage of being a married couple as seniors is the companionship that significantly increases life span and quality of life. Whether you’re starting a new business or just enjoying retirement, you can enjoy your life together.
Theresa McArthur who created Guides for Seniors to make information readily available for older adults offering them guidance and peace of mind.