Remarrying in retirement? This article is for you!
Because Baby Boomers are divorcing at an alarming rate, many of them find themselves marrying for a second or third time.
That means they are marrying later in life which presents potential problems, such as ex-spouses, stepchildren and retirement savings. These variables warrant special attention and open communication.
To keep things in perspective, it helps to know that the divorce rate among adults 50+ doubled between 1990 and 2010 according to the National Center for Family & Marriage Research.
Sad to say, the divorce rate for second marriages is 60%. I know…that is a dismal percentage, but don’t lose hope.
Kimberly Foss, author of the book Wealthy by Design: A 5-Step Plan for Financial Security, says she initially advises women “in transition” (divorced or widowed) to not talk about finances until a relationship gets serious.
In other words, when you talk about a wedding date, that’s the time people should be talking about finances,” she says.
And as complicated as divorce can be, remarriage can present another set of issues. So, financial planners and attorneys have advice for people about to take their second or third jump into matrimony, whether it’s after divorce or after the death of a spouse.
It is recommended that an older couple contemplating a second or third marriage consult with a financial planner and attorney to make sure their financial and legal matters are in order.
It is also crucial to have open communication between the couple to protect against potential problems after the “I do’s.”
Guidelines to follow:
1) Openly discuss finances, preferable with a financial planning professional.
2) Review each others credit report. Be open and honest…you don’t want any surprises!
3) Remember to change your beneficiaries. Don’t forget beneficiaries through your work.
4) Consider a pre-nuptial agreement, otherwise state law steps in and makes decisions for you.
5) Carefully consider whether you should add your new partner’s name to your home. Weigh the options!
6) Depending on your age, remarrying may affect your Social Security benefits.
Remarrying in Retirement…Be Prepared and Plan Ahead!
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