Many seniors have opened their hearts to enjoying another chance at love in their golden years. For some, they've found their second soulmate, while others are enjoying love for the first time. One thing's for certain: It's never too late to fall in love and tie the knot. Although used to a life of independence, seniors can find creative ways to navigate marriage and merge lives. The key is deciding how much to merge while building a life together.
Ways to Merge in Married Life
There are many ways to combine your previously well-established lifestyles while still maintaining your independence.
Buy a Home
As a married couple, you may wish to gain an asset together by investing in property. If you already have your own home, consider renting it out. Rental income could cover the costs of your new home and give you an added sense of security. Seniors should also consider their estate plan, inheritance rights, and other legal issues before purchasing.
Owning multiple properties does mean you can — as a couple — decide which house you'd like to make your home.
Start a Business Together
When you enter the second phase of your business life, you're armed with wisdom, experience, and clarity. Whether you need to generate income or not, starting a small business together is a fantastic way to keep busy and deepen the connection with your loved one. Business ideas can include anything from a tax consultation or dog walking business to concierge and gift-wrapping services.
Accounting software is an essential tool for managing your finances. Choose accounting software that automates your invoicing and tracks your expenses so you can save time and effort that would otherwise be spent on manual record-keeping. In addition, accounting software can help you to stay organized and keep track of your income and expenses. This can be particularly helpful during tax season, when you need to provide accurate information to the IRS.
Find a Shared Passion
You may have heard the old adage, "Couples who play together stay together." You have a lifetime of hobbies and well-established interests. Find something new that you're both interested in doing — it'll inject a sense of fun into your marriage. Whether it's joining a hiking club, book club, or cooking club, there's no shortage of options available. Finding a fun common ground is key to the longevity of a marriage.
The older you get, the more complex your financial history may become. When entering your marriage, be transparent about your debt, assets, and financial situation. If you support family members, let your partner know. You may want to merge household and travel accounts but keep your own separate savings accounts. Alternatively, some senior couples merge all accounts and debt, which is another option. It's important to keep the lines of communication open and discuss how you'll manage your daily money.
Making a Life Together
Creating a new life of coupledom can take some adjusting, but sharing the load is worth the effort. It's quite possible to maintain independence while simultaneously sharing everything.