Shack Up and Save? – There are Financial Advantages and Disadvantages to Marriage Later in Life
More and more couples over the ages of 60 are favoring cohabitation over marriage. The decision is usually financially driven.
According to the U.S. Census Bureau, the number of 60 plus unmarried partner households grew 14 percent over the last three years.
Social Security is probably the biggest financial issue for deciding to live together instead of marrying – especially if you are planning to collect benefits based on an ex spouse’s earnings. If you are considering remarriage, you may want to contact the Social Security Administration with any concerns you might have regarding benefits.
Insurance, preexisting assets and inheritance are also major considerations when merging two lives later in life. It may be useful for you to consult with a financial advisor or elderlaw attorney about the decision to marry or live together.
- Get a FREE Consultation with a Financial Advisor. Get Your Relationship and Retirement Questions Answered!
- Find a Prescreened Elder Law Attorney.