Practical Tips and Consideration for Marrying in Your Golden Years

Marriage is a big deal at any age, but there’s more to consider when you’re 60 or older and thinking of tying the knot. From choosing between senior housing and independent living to deciding whether to combine your finances after marriage, there are quite a few bases to cover before saying “I do”.

Here are a few practical tips and considerations from Villa Rose Senior Living to help you and your spouse-to-be to navigate marriage at 60 and beyond.

Discuss Your Finances Openly

There are pros and cons of combining your finances when marrying in your Golden Years, and it’s a good idea to discuss them with your partner prior to tying the knot.

It’s true that merging your finances could strengthen your financial situation and benefit you at tax time, but this also means you could be financially responsible for your new spouse’s children, healthcare costs, and other debts.

To help you and your partner determine whether to combine your finances or keep them separate, start by taking inventory of your assets. Make a list of your bank accounts, insurance policies, real estate, and family heirlooms, and decide how these assets will be managed in your marriage. A complete merge or separation isn’t the only option, however: The proportional method and raw contribution method are also worth considering.

Keep Your Family in Mind

If you or your partner have children or grandchildren, your loved one’s future inheritance is something you’ll also want to consider before walking down the aisle. Consider meeting with an estate planning attorney so you can discuss setting up a trust for your beneficiaries, drafting a prenuptial agreement, and updating your financial documents to include the name of your new spouse (e.g. your life insurance policies, retirement accounts, and wills).

Decide Where You’ll Live as a Married Couple

After getting married, buying a home together is the next natural step for many couples. For senior newlyweds, however, the decision to buy a house isn’t quite so obvious. Some older couples are better off transitioning into an assisted or independent living community or modifying their existing homes for aging in place.

If senior living isn’t the right choice for you or your spouse, you might consider making a few modifications to one of your homes to ensure you’ll be able to comfortably age in place as a couple. As one example, you may need to hire a contractor to make a few modifications to high-traffic rooms like the kitchen and bathrooms.

To look for a professional who can modify your home for accessibility purposes, simply search for “home remodeling contractors near me”. Just be sure to read customer reviews, compare quotes from multiple contracting companies, and look for remodeling credits and deals if you’re concerned about home modification costs.

Where Can I Find Independent Living Near Me?

If moving to a retirement community would be a better option for you and your partner, Villa Rose Senior Living Bethalto is the perfect place to begin your new life together. The retirement community has many spacious floor plans available to accommodate singles and couples alike, as well as an onsite library, coffee shop, and media room.

An independent living community is a great alternative to moving to an assisted living or nursing home facility, as this type of senior housing allows you to maintain much of your independence as you navigate your Golden Years. You’ll free up time that would otherwise be spent cooking, cleaning, and maintaining a lawn, giving you and your spouse more time to enjoy life as newlyweds.

There’s a lot to consider when tying the knot in your Golden Years, from deciding where to live as a married couple to determine whether to merge or separate your finances. These aren’t the most exciting of topics when you’d rather be planning a wedding celebration, but discussing them early on will eliminate financial stress down the road and start your marriage off on the right foot.

• Residents at Villa Rose Senior Living Community enjoying a Mother’s Day Lunch

Villa Rose Senior Living Community is an independent living and senior housing community in Bethalto, IL. Visit villaroseslc.com to view our floor plans and amenities or to request a tour of our beautiful senior community. 618-377-3239; Housing@VillaRoseslc.com