There are countless things to take into consideration when you are preparing for the eventualities of aging. Since you are covering new ground as you reach different stages of life there is no reason why you would have any understanding of how to proceed.
This is why it is a good idea to engage the services of a good retirement planning attorney when you get serious about long-term financial planning.
Depending on your unique circumstances various different courses of action may be optimal. With this in mind you may want to examine all of the financial ramifications of getting married as a senior citizen.
Many widows and widowers receive pension benefits that they could potentially lose if they were to get remarried. You would also lose the ability to claim survivor’s benefits from your former spouse’s Social Security contributions if you get remarried before the age of 60. Once you are 60 you may remarry and still realize these benefits.
The United States Census Bureau conducted surveys between 2005-2007 and 2008-2010 and found that there has been a steady increase in the number of Americans who are at least 60 years of age living together rather than marrying.
In addition to the potential loss of benefits there can also be concerns about the estate planning ramifications of merging the respective financial assets of each person entering the union.
This provides some food for thought for those who are considering marriage as senior citizens. Without question, the best way to proceed is to sit down and discuss all the details with a licensed and experienced Central New Jersey elder law attorney.
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