Melissa King is a writer over at one of our favorite money-saving sites; ClarkHoward.com. She recently published a nice list of tips for those that plan on marrying later in life. Her list entitled “5 things you need to know when marrying after 50” includes some very important considerations that will save you pain and heart ache (literally and figuratively) after you tie the knot.
Of course it’s never too late to find the love of your life… Just ask Pennsylvania resident Betty Jane Allshouse, who got married for the first time at the ripe young age of 88! For Ms. Allshouse it was love at first sight after sitting next to Walter Lowman (78) at dinner one night. The rest is history!
5 Rules for Marriage After 50
1. Be open and honest about your financial past
People who are older than 50 have less time to make repairs and plan ahead for possible retirement. For that reason, it’s not fair to keep secrets from your spouse about poor credit or unpaid debts. – ClarkHoward.com
2. Understand your credit scores
If either individual in the relationship has a drastically lower credit score than the other, it may not always be best to apply for loans jointly as this can result in higher interest rates. – ClarkHoward.com
3. Research your local spousal benefits under Social Security
If the recipient remarries, he or she will no longer be able to collect Social Security from their ex-spouse’s work record. – ClarkHoward.com
4. Consult an estate planner
These experienced professionals can provide state specific suggestions for establishing trust accounts and designating beneficiaries, as well as help couples to determine the most beneficial ways to handle filing their taxes and managing their finances. – ClarkHoward.com
5. Discuss your healthcare wishes
It is absolutely imperative that you discuss your health care wishes with your loved ones, including your children. – ClarkHoward.com
Visit the fine folks at ClarkHoward.com for more on this (and other) important money topics! Do you have any other advice for marriage after 50? Let us know in the comments below!