For couples over the age of 60, cohabitation is becoming increasingly common, even when the partners would prefer to get hitched — a decision that's often financially driven. "This is absolutely a growing trend."
Marriage is a big decision, whether you’re young or old. However, when you are in your golden years, there are a lot of weighty issues to consider. Perhaps that is why more seniors today are choosing to cohabitate.
Regardless, whether you (or a loved one) elect to marry or to cohabitate, you really ought to carefully weigh the consequences and seek appropriate counsel.
The dilemma between marriage and simple cohabitation (truthfully, it’s not so simple) was explored in a recent Yahoo! article by way of Bankrate.com. The article, titled “Financial pros and cons of shacking up after 60,” illustrates that there is much to think about, breaking many of the most important financial decisions into stages.
Essentially, there are important ramifications either way when it comes to retirement income, social security, and the medical care available through Medicare or Medicaid. And then there are the greater concerns of what is to happen to your respective families: whether they remain separate or have become joined, what inheritances to leave, or even how to ensure the well-being of the survivor.
Marriage is a legal institution for important reasons. In any event, make sure you have carefully considered the consequences of your decisions and then make plans accordingly – whether you tie the knot or not.
For information on estate planning and elder law issues please visit our website and sign up for our free monthly e-newsletter.
Reference: Bankrate, Inc. via Yahoo! Finance (August 17, 2012) “Financial pros and cons of shacking up after 60”