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INSIDE THIS ISSUE page 1 Harmonies Help Make Happy Holidays
page 2 ’Tis the Season to Swap Cookies An Opportunity to Increase Your Retirement
page 3 One of Italy’s Most Photogenic Seaside Destinations Creamy Thai Carrot and Sweet Potato Soup page 4 Combining Finances When Tying the Knot Later in Life
MERGING MONEY AFTER 50 Happily Ever After and Financially Fit
Congratulations if you are tying the knot after 50! More and more couples are marrying later in life when many unique financial considerations are in play. Families and property are just two of the many concerns that need to be resolved. Merging finances at this exciting stage in life involves retirement plans, adult children from previous relationships, not to mention different priorities for the future. It’s a lot to hash out, but here are a few insights as we explore how to merge marital finances in your 50s and beyond. Understanding Your Significant Other’s Spending Habits At this point in your life, your financial habits and values are well established compared to 20-somethings still finding their financial footing. Being transparent about your income, savings, and spending with your partner is essential – for both of you. You may suggest reviewing each
other’s credit reports, budgets, how to save and spend, not to mention extended health care and wills and trusts, and what each of you value and need. Discuss your hopes for day-to-day living as well as retirement and what it will take to get there and keep you there.
for shared expenditures like utilities and day to day expenses.
It’s a lot of difficult conversations that might seem prying, inquisitive,
Estate Planning There will inevitably be heirs when people 50+ join their lives. Reviewing your estate plans and directives together is essential to ensure your wishes for wealth distribution to heirs are clear. Embarking on this new chapter means more than just blending lives. It’s learning each other’s mannerisms and goals for the future, and making the most of this stage in life for the both of you. Achieving your joint financial goals helps ensure your golden years together are filled with harmony and peace of mind.
embarrassing, and downright meddling, but each are mountains better climbed prior to tying the knot than struggling with dizzying heights after the honeymoon. Handling Accounts All newlyweds (or newlyweds to be) should decide if they will merge their accounts fully or maintain separate ones. Those who are 50-plus are likely have more assets (real property or otherwise) to consider. Maybe you’ll keep individual bank accounts and create a joint account
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