Getting Married Again After 50: Exploring the Pros and Cons
Getting married is an exciting milestone in life, regardless of age. Whether it’s due to divorce, the loss of a spouse, or a desire to find companionship later in life, getting remarried can bring new joys and challenges. For those who are embarking on a second marriage after 50, there may be additional considerations to take into account. With years of life experience, financial stability, and a clearer sense of self, getting married later in life can bring unique advantages and challenges. In this article, we will explore the financial benefits and disadvantages of getting married again after 50, as well as other important factors to consider.
Financial Pros and Cons of Getting Married Later in Life
Combined Finances
Pro: One of the advantages of getting married later in life is the opportunity to combine finances. For couples who have already established their money management styles, merging finances can lead to increased financial stability and a larger cushion for retirement. It allows for shared expenses, increased buying power, and the ability to support each other financially.
Con: On the other hand, merging finances can also come with potential challenges, especially for older couples with significant financial assets. Getting married may result in a higher tax bill, as couples may lose certain tax breaks and face higher tax brackets. Couples should have open and honest conversations about their financial commitments from previous marriages, including child support, alimony, mortgage payments, and other financial obligations. It is essential to discuss and agree upon how these expenses will be shared in the future.
Social Security Payments
Pro: As a married couple, you may be eligible to collect your own Social Security benefits or up to 50 percent of your spouse’s benefit, whichever is greater. This can be a significant financial advantage, especially if one spouse has a higher earning history. Additionally, in the event of a spouse’s death, the surviving spouse may be entitled to collect up to 100 percent of the deceased spouse’s benefit.
Con: However, it’s important to consider how late marriage can impact certain benefits. If you are receiving Supplemental Security Income (SSI) or other means-tested benefits, getting married may affect your eligibility and the amount of benefits you receive. It’s crucial to understand the potential impact on your specific benefits and consult with a financial advisor or Social Security representative.
Estate Planning
Pro: Marriage later in life can have positive implications for estate planning. A married person can generally leave an unlimited amount of money to their spouse without incurring estate taxes. Furthermore, the surviving spouse can utilize any unused portion of the deceased spouse’s lifetime estate tax exclusion upon their death.