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Marriage is a central institution in public and private life, guiding the way we think about love, relationships, and human families. And while many people get married when they are young, it is also true that there are several 50+ couples who are interested in tying the knot. However, some of these individuals hesitate to say "I do" as a result of the financial cons related to getting married after 50. To gain a better understanding of the financial pros and cons that result from marrying after 50, review the short outline provided below:
Financial Pros
One of the biggest financial advantages that results from getting married is access to federal and state spousal benefits. This includes Social Security. If you don't qualify for Medicare on your own, marriage will enable you to obtain these medical benefits. Also, spouses have inheritance rights in the event that their partner passes away without a will. Even without signing an official health care proxy, you can typically make important medical choices for your spouse. Additionally, you'll obtain better tax benefits after you inherit a retirement account. You may also be able to save money if you file a joint tax return.
Financial Cons
While there are financial benefits to marrying after age 50, there are also cons. For example, widows of workers who earned a pension could lose this compensation if they opt to marry again. This case also holds true for various benefits administered to veterans. Before you marry, be sure to check the rules of the plan that you're currently attaining benefits from. In the event that you currently earn survivor benefits from a deceased partner's Social Security account, you will lose this compensation if you opt to remarry prior to the age of 60. However, you can keep the benefits if you opt to remarry later. Also know that you may qualify for better benefits on the new partner's account at or after age 62. Be sure that you confer with a Social Security official to determine what your choices are and which option will engender the most benefits.
Final Considerations
While many people believe that entering a marriage is the only way to receive benefits, this is not the case. For example, people who have a legally signed, notarized "living together" agreement attain provisions for property division if a break up takes place. Additionally, wills can offer one's partner financial support in the event of death. You can also list your spouse as a health care advocate if you wish to do so. Moreover, opting to marry doesn't necessarily improve your financial state if both you and your partner have substantive Social Security earnings and adequate pensions. In some instances, a joint filing can raise tax bills.
Summing It All Up
Ultimately, deciding to marry after 50 is a personal choice that is often based on several factors, including feelings and current financial state. By reviewing the information outlined in this quick reference guide, you can make an informed decision regarding whether marrying later in life would be appropriate and ideal for you.
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Editor, 05/12/2016
