Congratulations on beginning this new chapter in your life! As a senior couple, you have the unique opportunity to build a fulfilling life together in your golden years. But it’s not all about relaxation and taking it easy. In fact, there are plenty of practical steps to take to make the most of this special time. Below, The Reverse Mortgage Broker shares five ways to navigate getting married and doing life together!
Sell One of Your Homes
If you’re like many other senior couples, you already owned homes before coming together. Selling one of these homes is an excellent way to free up cash and simplify your lives. You can use the money from the sale to pay off debts or invest in something that brings joy to your relationship, such as a joint business venture or travel adventure.
Before putting your home on the market, be sure to upgrade your kitchen (among other home improvements). An outdated kitchen can harm the value of your house and make it harder to sell.
Common mistakes that can limit buyer interest include replacing countertops without updating cabinets and adding features that don’t match the existing style of the room. Choose modern fixtures and appliances to give your kitchen a more appealing look, and you’ll have potential buyers lining up at the door!
Launch a Venture Together
Whether starting a small business or launching an online shop, creating something together can give you and your soon-to-be spouse the chance to explore your creativity and express yourselves – all while having fun as a team. It can also help you stay active and connected with others, no matter your age or physical limitations.
if you and your significant other have a mind for business, here are some promising ideas to consider:
- Pet sitting business
- Gardening and landscaping service
- Online tutoring services
- Home repairs and remodeling company
- Event planning
- Crafting business
It’s critical to protect your investments by choosing the right legal structure. One of the most popular and advantageous structures for small businesses is an LLC. This type of business entity allows you to enjoy limited liability protection, tax optimization opportunities, and simpler administrative requirements. Consider using a formation service when setting up an LLC to ensure everything is done correctly from the start!
The next step, of course, is marketing. While spreading the word via social media is a must, you should also think about starting a newsletter. If you aren’t sure where to begin, start with a Word document, then convert it to a PDF when you’re finished. You can select a PDF editor if you need to make any changes. Then, send out your newsletter via email and share it on your website, as well.
Prioritize Your Friendships
Friendships are essential for any relationship – especially for senior couples who might need more social interaction than younger individuals due to the increased risk of isolation during retirement years. Be sure to set aside time for friends and family, both separately and collectively, so you can enjoy quality time with those closest to you.
Looking for old friends and acquaintances? Start with a search engine. Simply type in their name, graduation date, and high school to get fast results. You can even narrow the search by adding location information such as city and state. You’ll be reconnecting with people from your past with just a few clicks!
Talk About How To Handle Your Finances
Financial planning is important for all couples, but it carries extra significance for seniors living on fixed incomes or no income at all. Set up a budget and discuss financial goals to ensure you and your soon-to-be spouse feel secure moving into retirement, including how household expenses will be handled if one of you passes away unexpectedly. While you’re at it, talk about how long-term care needs will be managed if they become necessary down the road.
Revisit Your Wills and Estate Plan
Finally, revisit your wills and estate plans after getting married. This means taking stock of all your assets (such as real estate or investments) and updating your beneficiaries accordingly. Do this sooner rather than later to save your loved ones from unnecessary stress if either you or your partner passes away unexpectedly.
Taking time to plan and strategize your marriage will allow you and your significant other to build a beautiful life together in your golden years. Remember to consider selling one of your homes, launching a business, and implementing the other steps outlined above. The sooner you begin planning out this exciting next chapter, the more prepared you will be for any opportunities and challenges that arise!
When it comes to reverse mortgages, The Broker has all the info you need. Questions? Please email Info@TheBroker.Finance.
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