What Issues Should We Consider When Combining Finances with a Partner?
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If it's the first time someone is combining finances, or perhaps even more important if the second time, what needs to be considered? Value systems, views on higher education funding, prior marriages, prior children, tax strategies, changes in student loan strategies. I'm pretty sure this is a big list. :)
Under consideration Suggested by: James Hindes • Upvoted: 12 Oct, '22 • Comments: 6
Excellent and much needed!
"Registered Domestic Partnership vs Marriage for Couples Approaching Retirement Age" (suggested by Laura on 2021-03-26), including upvotes (2) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "For some couples, RDP or marriage may make more sense, especially if one/both of the partners is over 62, with regards to Social Security, tax & estate planning, & Medicare etc. Helping couples decide pros & cons & which may be the better option."
"Considerations for Couples with Blended Families" (suggested by Kaylin Dillon on 2021-08-17), including upvotes (2) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "Checklist of items to consider when doing financial planning for couples with prior marriages, children from prior marriages, etc."
"prenuptual considerations" (suggested by Christel Covert on 2021-03-21), including upvotes (8) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "discussion list of information or situations that should be considered prior to marriage."
"Issues to consider for cohabitating before marriage" (suggested by Melissa on 2022-06-21), including upvotes (1) and comments (0), was merged into this suggestion.
"Planning for Couples with a Large Age Gap" (suggested by Ed Jastrem on 2022-07-14), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "Retirement timing and lifestyle compromises
Health insurance / Medicare, changes in physical abilities
Social Security claiming strategies
Other income and withdrawal needs to ensure resources for the younger surviving spouse
Investments - risk tolerance differences based on age
Older spouse holding more of the appreciated investments to get a step-up in basis
Housing needs /modifications based on older spouse's capabilities
IRA distributions different if 10 years younger
Emotional and psychological factors - being on the same page with what retirement looks like, social networks and differences in friend groups
LTCi options considering the age difference
Permanent life insurance to help provide for the survivor"