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Tips for Newlywed Seniors

Finding that special someone in your golden years is an amazing experience. You get to spend the rest of your life together, enjoying retirement and relying on one another through whatever comes your way. However, with the ups comes the need to plan for your future while still remembering to enjoy one another.

Choosing a Home

If you both have homes, you must decide which to keep. As you compare, think about safety. Choose a home in an area where you're not worried about crime. Also consider accessibility. If one of you develops arthritis or another condition that affects your mobility, a two-story house may no longer be practical. The same applies if one of you has a home that requires you to enter via steps.

If you’re worried that your current homes will make aging in place difficult, you could sell them and purchase a more accessible home. Check local home prices and work with a realtor to sell your old homes and purchase a new one.

Figuring Out Finances

Figure out your finances, so you know how much money is available to travel, purchase a home, or do whatever it is you plan to do together.

Start by adding your monthly income from your jobs, Social Security, pension, or other stable sources of income. Then, based on your current bills and a bit more since there will now be two of you, estimate how much your monthly bills will be when you're living together. Subtract the monthly expenses from your monthly income to get an idea of how much you have to spend on a mortgage or renting a home.

Planning Your Estate

Although estate planning isn't something anyone wants to think about, it's necessary. Once you two get married, your spouse is your next of kin. It's important to work on estate planning to ensure both partners' wishes are respected in the event one of you passes. This may mean you draft a will so that your children receive an inheritance and your spouse can also maintain their lifestyle without your income.

Starting a Business

Don't forget to enjoy each other's company. Perhaps you could start a business that allows you to be together more and enhance your income. Consider freelancing or consulting, which lets you work on your own schedule and use your current skills. Another option is e-commerce.

Whatever type of business you choose, you’ll need to write a business plan detailing your business’s structure, marketing strategies, funding needs, and financial projections. When developing a marketing strategy, pay special attention to your target market and competitors. This ZenBusiness guide on starting a company can help you get the ball rolling.

If you start a company, make sure you have an invoicing process in place. You can also create professional-looking invoices for billing your customers by using a free invoice template to customize your own design online and select your text, color scheme, and images.

Build a Strong Foundation, But Enjoy One Another

You have your whole life ahead of you. Decide where you’ll live, figure out your finances, plan your estate, and consider starting a business, but remember to also spend quality time with each other.

To ensure the best possible care for your senior loved one, reach out to Stonehenge Senior Living to request a brochure and schedule a tour.

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