How to Navigate Getting Old in Your Golden Years

These days not only are the young getting married but also the young at heart. You might have not imagined getting married in your senior years, but now you find yourself discussing assets, arranging joint retirements, and building a life with your partner. Read on to discover three ways you can navigate getting married in your golden years.

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1. Manage Your Finances

According to research, financial issues are a major source of marital conflict. You can prevent conflicts by having honest conversations about your finances in the beginning.

•Getting medical insurance or Medicare coverage. Having proper medical insurance is essential for older couples. With the correct insurance, you and your partner can enjoy the years without stress and be in great health.

•Taking care of tax or Social Security issues. Many senior couples worry about a variety of legal challenges, such as tax and Social Security-related issues. To address these issues, here are some things you'll want to find out: Will your marriage affect the Social Security benefits you're eligible to receive? Will it impact your eligibility to get spousal benefits? Is there an impact on your tax return?

2. Buy a Home

Now that you've tied the knot, you and your spouse can search for your dream house. You'll need to determine which mortgage is best for you and your partner: conventional, FHA, or VA.

•Conventional loans. These loans are accessible nationwide through banking institutions, financial institutions, and lending agencies. Conventional loans have no guarantee for the lender if the borrower defaults on the loan.

•FHA loans. These loans have a guarantee from the Federal Housing Administration (FHA). If the borrower defaults on the loan, FHA pays the lender the remaining amount on the loan. 

•VA loans. These loans are protected by the U.S. Department of Veterans Affairs. The guarantee protects the lender if the borrower defaults. These mortgages demand no down payment and no private mortgage insurance (PMI).

3. Start a Business

If you're ready to try something new, starting a business with your spouse might be a great idea. Not only will it help supplement your retirement income, but you'll get to spend more time together, improve your communication, and share the workload.

•Marketing your business. Facebook advertisements are a great way to spread the word about your business, products, or services. You can create ads using a Facebook ad template with your company's logo, styles, and colors.

•Creating a business plan. A business plan acts as a road map for organizing, running, and expanding your company. It includes a detailed breakdown of the goods and services offered by your business as well as your brand awareness plan and financial projections.

Live Your Best Life

By managing your finances, finding a new home, and even starting a business, you can have a healthy and loving marriage and spend your golden years together with proper planning and mutual understanding. 

by Andrea Needham of eldersday.org