By Julie E 
Photo Credit ( Pixabay )
At any age, getting married is an exciting experience. However, there might be more to consider than what to do with another Crock Pot after you’re over 45. You’ve been saving for the future and accumulating cash for years. We have some things to think about to assist you deal with the financial implications of a late-life marriage, regardless of whether you are getting married for the first time or have found love again.
The financial benefits and drawbacks of marrying later in life
Combined Assets
Pro: Getting married later in life enables many couples to support one another financially, boost their purchasing power, and leave a bigger retirement fund. Individuals who marry later in life have probably already developed money management habits, so they will need to talk about how they will manage their combined finances.
Con: Getting married could result in a much greater tax bill for older couples who have substantial financial holdings. Couples frequently have financial obligations from a prior marriage, such as memberships, mortgage payments, child support, and alimony. In order to maintain the agreed-upon financial arrangement, couples should be open about the expenses they anticipate their future spouse would pay for.
One advantage of receiving Social Security benefits as a married couple is that you can each get up to 50% of your spouse’s benefit or your own, whichever is higher. If one of you makes more money, this could be advantageous financially. Furthermore, a widow or widower may receive up to 100% of the benefit of the other. Additionally, getting married won’t lower your Social Security retirement or disability benefits if you currently receive them.
Con: One drawback of getting married late is that it may have an impact on your Supplemental Social Security or other benefits:
payments from Supplemental Security Income (SSI). The income and assets of your new spouse may affect the amount of your SSI payout. Your payment amount will switch from an individual rate to a couple’s rate if you and your spouse both receive SSI.
You won’t be eligible for disability or survivor’s payments if you are married again before turning 50, unless you get divorced.
You are not eligible for benefits if you remarry between the ages of 50 and 59. You may be eligible for benefits based on the earnings record of your previous deceased spouse if you remarry before turning 60 and that marriage ends. If all eligibility requirements are satisfied, your benefits start the first month after the following marriage terminated.
You can still be eligible for benefits based on your former spouse’s Social Security earnings record if you remarry after the age of 60.
benefits for divorced spouses. Benefits from your former spouse’s account usually cease if you get married again.
benefits for children (under 18 or students who are 18 or 19 years old). Benefits for children stop when they get married.
Estate Planning Advantage: In most cases, a married couple can leave their spouse an infinite sum of money without having to pay estate taxes. Furthermore, any unused portion of the deceased spouse’s lifetime estate tax exclusion may be used by the surviving spouse after the deceased’s passing.
Cons: It will be necessary to update current estate plans, revise wills, designate new beneficiaries, and execute a power of attorney. You might have added someone else as a beneficiary to your current insurance if you have been investing and planning over time. Changing that can occasionally cause conflict amongst adult children and new spouses. Additionally, there’s always a danger that things won’t go as planned. A prenuptial agreement could be a good idea if assets are not distributed fairly. To ensure that the proceeds are distributed in accordance with your desires, a beneficiary review should also be completed for any bank accounts, investments, life insurance, and annuity contracts.
Health Insurance Advantage: Couples are typically able to enroll in their spouse’s plan when they sign their marriage licenses, thus getting married later in life can help with combining health insurance.
Con: When you marry someone else, some benefits, such as survivor Social Security benefits, will stop. Your out-of-pocket medical expenses may increase if you have health insurance through a government-sponsored plan and your new total income exceeds the plan’s income level.
Other Insurance Implications Pro: One of the key advantages of getting married later in life is that you and your new spouse will frequently combine insurance coverage when you move into a new home. When you get married later in life, you might be able to obtain a better rate for your homeowners’ or auto insurance.
Con: Your insurance rate may increase if your spouse has a bad driving record or if they have a teenage driver on their policy. It’s always a good idea to notify your local agent of significant life changes so they can run a SuperCheck® and find out what other savings you could be eligible for.