By Mallory Edens
Finding your forever home in your golden years might seem like it’s an impossibility now that you’re older and more set in your ways. Nonetheless, it is still a possibility if you’re willing to keep an open mind about it. Today, Retirement Estate Advisors & Professionals has some tips and resources to help you get started.
Find Your Dream Home
Finding your dream home when you’ve just gotten married is, undoubtedly, the next most exciting step in your marriage journey. However, your ideal scenario may look a bit different now that it’s just the two of you to consider. Moreover, your ideal type will probably be smaller than what you’re accustomed to. And what if you still have your home to consider selling or renting out too?
Bear in mind, though, that if you decide to rent your old home out, you’ll also be responsible for any landlord duties that might apply such as maintaining the home, vetting potential tenants as well as collecting the rent on time. That said, these types of duties might not be up your alley in which case a property manager can help you with these tasks. But this will obviously come at a cost which you will have to factor into your budget too.
Managing Your Finances – Together
Now that you’re married, your budget is also going to have to change to account for a two-person household instead of just one. But managing your finances together can be a tricky path to navigate, especially if you’re used to doing this on your own. Nonetheless, there are steps you can follow to make this an easier process for the two of you, not to mention budgeting apps you can use that can prepare you for this particular stage of life better.
Plan for the Future
No matter your life stage, planning for future what-ifs should be a crucial part of your planning process. This is especially critical if you have a fear of developing Alzheimer’s, (or maybe your partner is already there) and you want to be more prepared for what you can expect to deal with the disease better. Furthermore, you might have to factor in moving to an aged-care facility down the line and what this could mean for your finances as well as how it could impact your family.
Speaking of medical care, if you’ve recently moved and need to get set up with a new doctor anyway, you might consider going online. There are plenty of affordable online doctors out there, and you’ll be amazed at the convenience of a virtual appointment that allows you to skip the waiting rooms!
Beyond that, perhaps you envision starting a business together as part of your long-term plans to help supplement your income a bit as well as spend some quality time together. Moreover, what if your business is more than a side-hustle that you want to turn into a full-time opportunity that doesn’t necessarily have to stick to conventional office hours? Then be sure to draw up a business plan as part of your planning process to help put your business on the path to success. Don’t forget to include all important details such as how your business will be funded, what its structure will be, what your financial projections are set to look like in the coming years, etc.
What’s more, you can create a real brand for your business if you choose to design custom logos with a free online logo maker. All you really need to do is choose a style and icon that speaks to you, add in the necessary information and then watch as the software works its magic to create a professional-looking logo which you can then tweak in terms of colors and fonts.
Other Considerations and Taxes
No doubt there will be lots of paperwork involved when you say your ‘I dos’ and then even after as you take into account getting extra insurance, adding a beneficiary onto your existing insurance policies, etc. not to mention updating your social security and tax information to reflect your new details.
The great part about finding your ideal home in your latter years is that you’ll probably be happier and more content with your decision now that you have a wealth of life experience behind you.
REAP welcomes guest contributions. The views presented here do not necessarily represent those of REAP.
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Retirement & Estate Advisors & Professionals (REAP) is a professional firm designed to assist families in protecting their assets and maintaining their standard of living. Contact us to find out more! (855) 904-REAP
