Summer 2010 | Volume 108 | Number 656
Marriage: Advanced Classes
If you're marrying later in life, finances are likely to be more complicated. You've had more time to build up assets. You may own property and have significant savings. And you may have an ex-spouse and children from a previous marriage. Just like young couples, older newlyweds should update beneficiaries on retirement and insurance plans, revise wills and powers of attorney and make sure their life insurance holdings are appropriate. Couples over 40 should also look into long-term care insurance, which experts recommend purchasing between ages 40 and 60 (it will cover costs should one of you become chronically ill and help with the activities of daily living for an extended period). And just like younger couples, it's essential that they set aside time to talk about debt, money habits, goals, budgeting and what if's. In fact, it could be even more crucial – you've had more years to build habits or attitudes that you may not even realize could cause conflicts.
For more complicated finances – or feelings around them – don't underestimate the value of counseling, advice from a financial planner or a class, such as Thrivent Financial's "From Me to We" workshop, where you can talk about values, money attitudes, goals, budgeting and managing your finances. See if the workshop is being offered near you.
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