Love.. True Love..
Seniors are falling in love at a record pace, but many are choosing cohabitation to marriage. Financial issues play a significant role in the decision process, and the numbers prove it: cohabitating increased by 75 percent for people over 50 for ten years ending in 2016.
If you are a spendthrift, be cautious if your partner loves the extravagant life, over saving and investing. While you’ll never be responsible for the debt your partner brings into the marriage, you will be responsible for debt incurred after the wedding if you live in one of the nine community partner states. Looking into a pre-nuptial agreement may be in your best interest.
Plan for old age before slipping the ring on your finger. If you marry, both of those in the relationship are responsible for the medical bills. If your spouse ends up in a nursing home, you may be footing the bill at an average of $100,000 a year from your savings account.
There is no question that two people live more cheaply together than they would if they lived separately. However, there is stress and strain on any marriage if issues like children’s inheritance or a disparity in resources come into place.
Read HERE for an overview of what to consider if you are planning the next big step. Then love on!