So, you've met your soulmate, the love of your life, but it took a little longer than you had hoped. Nonetheless, you've found the one and are ready to start the life you've always dreamt about — together.
Granted, building a relationship in later life will differ from what you experienced in your youth. But just because it's different doesn't mean that it can't be just as exciting.
Here are some tips to help guide you along the way.
Finding Your Ideal Home
After getting married, the most exciting thing to consider together is finding your dream home. Again, this scenario might look a little different from the days when you were a young parent who needed plenty of space for the kids to play and grow.
Now that it's just the two of you, house size may not be as big of a factor in your purchasing decision. Instead, your purchasing decision could hinge upon deciding how best to meet both of your wishlists. On the other hand, if your wishlists are complete opposites, it could come down to compromise and more give and less take in some areas.
Suppose one or both of you currently own a home. In that case, you may enter the tricky business of simultaneously buying and selling. Look into your options before you choose a strategy. Selling first can provide the cash to buy a new home, but it can be tricky to balance the timing. Buying first can stretch your finances but gives you more time to make the move in your way. Or you could even choose to rent one home and purchase another. The options are open, so discuss them and decide what works best for you.
Updating Your Home — While Boosting its Value!
Naturally, once you've found the perfect home for your new life together, you'll want to find ways to transform your house into a home. You can start by going through all your items and deciding what you no longer need. Once you've decluttered, you can give away, sell, or toss unwanted items.
As far as home decorating in your latter years goes, most of us would agree that a peaceful environment that promotes serenity, health, and wellness is the way to go.
These factors might mean doing modifications to make your new home together senior-living friendly. Or it may mean investing in that home gardening patch you've always wanted and can now dabble in since you have more time on your hands. Keep track of these upgrades by keeping receipts and taking before-and-after pictures to show potential buyers how far your home has come.
Handling the Tricky Subject of Finances
Money issues are often challenging to broach, and blending finances after each may have acquired a good amount of wealth can be tricky. Start by being honest with each other, and then lay out the shared budget items you will need to cover regularly. Then, talk through the more significant and trickier patches, like retirement funds, investments, and even savings accounts. This will, no doubt, require extensive communication on both sides to ensure everyone is on the same page.
Depending on your financial situation, you and your spouse may be interested in earning extra money in retirement. Plenty of excellent small business ideas can help. Consider starting a business together where you either develop a shared passion like woodworking or pet sitting or build on a skill you developed over your career. You'll have to decide what kind of business structure you'd prefer and come up with a name. Look for guidance on how to start a business with ZenBusiness, so you get the correct paperwork filed for your state. You'll also want to create a solid business plan that includes a marketing strategy, which will act as your guide during your business's development.
Planning for the Future
If you and your new spouse haven't yet reached retirement age, consider how to maximize your savings and plan to enjoy your golden years. It's up to you to review your current situation and create a strategy for optimizing your remaining working years.
No matter your stage of life, planning for the future should be a certainty. However, there is more to consider as you grow older. And this can become even more complex when you have a spouse to consider too. For example, you might prefer renting over buying if you foresee moving into assisted living sometime in the future. At that time, the planning process will begin over again regarding where you'll move, if it should be closer to your family (and which side of the family), etc.
Another vital element in planning for the future includes being mindful of any medical needs you may have. Luckily, these days, the internet makes it easier than ever. The first time you make an online doctor appointment or have a consultation, you will be amazed by its ease and convenience!
Handling Taxes and Other Considerations
When it comes to marriage, there will probably be a lot of paperwork involved. Of course, there will be tax considerations as well. These requirements can be complicated when buying assets such as a new home or vehicle. In addition, there might also be additional insurance to pay to cover these assets. Not to mention the paperwork involved to change your details on your tax filing and your social security information. With all this new information and legal paperwork, ensure that you dot all the i's and cross all the t's.
Making it Work — No Matter the Timeline
Congratulations on your recent marriage! If you're like most newlyweds, adjusting to married life may take some time. The trick is to be patient with one another and to plan your future as a team carefully. Whether buying a new home, planning for retirement or starting a dream business, there's much ahead of you to enjoy together.
Article by Jesse Clark