5 Must-Know Tips for Marrying in Retirement
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5 Must-Know Tips for Marrying in Retirement
After tying the knot in retirement, you might be wondering what unique financial and logistical situations you and your spouse might run into.
You’re ready to embrace your new life together, and these tips from Boomer Public Radio will help you navigate your marriage in retirement.buying a house “as-is” can be hazardous to your financial health if there’s an unexpected issue.you’ll also need to account for any changes you should make to living wills or durable powers of attorney given your new marriage.
The two of you might be wondering how you would fund the cost of long-term care if it became necessary in the future.
The Canadian Life and Health Insurance Association points out many Canadians mistakenly believe that all long-term facility costs are paid for by the government.
Should you keep your finances separate? How will your new marriage affect your tax filing requirements?
To find the right advisor, Senior Finance Advisor recommends seeking out a fiduciary who can help you set goals and give you peace of mind as you make plans for your future.
Consider how you and your spouse will divide up time fairly between your families and friends now that you’re sharing your lives together.
You’ve met that special someone in the midst of your golden years. After tying the knot in retirement, you might be wondering what unique financial and logistical situations you and your spouse might run into. You’re ready to embrace your new life together, and these tips from Boomer Public Radio will help you navigate your marriage in retirement.
Consider Buying a Fixer-Upper
Getting married late in life means that when consolidating your households, you may be choosing between homes that one partner or the other has lived in for years. An alternative idea is to buy a house that needs some work that you both can help turn into your home together. Just because you’re looking for a fixer-upper doesn’t mean you shouldn’t exercise caution; buying a house “as-is” can be hazardous to your financial health if there’s an unexpected issue. Be sure to gather as much information about a property as you can before entering into a contract.
Make Healthcare Plans
Figuring out your healthcare plans as a newly married senior can be complicated. In addition to determining your specific healthcare needs, you’ll also need to account for any changes you
should make to living wills or durable powers of attorney given your new marriage. You or your spouse could be put into an unenviable situation if either of you becomes incapacited without up-to-date legal documentation.
Research Long-Term Care Insurance
The two of you might be wondering how you would fund the cost of long-term care if it became necessary in the future. The Canadian Life and Health Insurance Association points out many Canadians mistakenly believe that all long-term facility costs are paid for by the government. Many senior couples choose to purchase a long-term care insurance plan well before they need it. Be sure to investigate your options.
Work With a Financial Advisor
Perhaps you lived on your own for many years before meeting your current spouse, and therefore, you had planned to handle your retirement savings and expenses on your own, too. But now that you and your spouse are building a life together, you might be confused about how to handle your finances. Should you combine your retirement accounts? Should you keep your finances separate? How will your new marriage affect your tax filing requirements?
Book a session with a financial advisor who specifically works with seniors to get the answers to all of these questions and more. To find the right advisor, Senior Finance Advisor recommends seeking out a fiduciary who can help you set goals and give you peace of mind as you make plans for your future.
Manage Family Time
You were living independently — and now, you need to account for another person in all of your plans. Consider how you and your spouse will divide up time fairly between your families and friends now that you’re sharing your lives together. You may need to make room for more travel time than usual in your holiday plans going forward!
Getting married in your golden years marks the start of an exciting new chapter! With your spouse by your side, you can make the most of your retirement. By keeping these tips in mind, you’ll be able to make major decisions together with ease.
3 Tips for Maximizing Marketing for Senior Business Owners
As a senior entrepreneur, it’s important for you to stay on top of changes in marketing that can have a big impact on your business’s success. While there are a number of new practices that can be beneficial to your business, older marketing tricks can still be highly effective when used correctly. Use this list of three tips from Boomer Public Radio to maximize your marketing efforts today using both new and established marketing practices.
1. Save Money Elsewhere to Invest in Marketing
Profitworks notes that marketing is one of the best investments you can make as a business owner since it is what brings customers in and convinces them your product or service is worth buying. As such, it’s important to find ways to save money that can be diverted to your marketing budget.
Use free or low-cost tools when possible. Free business apps exist for tasks as varied as communicating between employees, payroll tracking, project management and more. Sharing documents and pictures with your team can become difficult due to the size of these items, so a PDF merging tool can be extremely helpful as it allows you to keep your documents in one easily transferable file. After you’ve combined the files, you can move the PDF pages around to organize your content correctly.
2. Optimize Your Online Presence
A successful online presence is no longer limited to a functioning and professional-looking website. Businesses now also must utilize social media if they want to be competitive. A poor social media presence is almost as bad as none at all, though, so don’t simply create a Facebook page and call it a day. Instagram and TikTok can also be highly effective platforms for marketing.
If you have no familiarity with social media, Strategic Growth Advisors suggests hiring a social media manager. These professionals understand how to create engaging content and utilize social media to reach a broader audience. They also know how to interact with potential customers online to help ensure your ratings and reviews reflect the quality of your product and services.
Social media managers don’t need to be full-time employees, either. You can easily find a freelance social media manager who can work for your business a few hours a week on online job marketplaces such as UpWork and Fiverr.
Just as importantly, you need to make sure you’re implementing tough measures to protect your business – and your customers – against cyberattacks. After all, with new strains of malware and ransomware coming out all the time, coupled with email phishing scams, regularly updated patches to safeguard financial information are a must.
3. Offer Coupons and Samples
People are always looking to get a deal. Coupons and promos are a timeless means of marketing as they consistently work. Consider pairing with other local businesses to offer a set of coupons or promos together so that you can benefit from free advertising to their customers.
Samples are an excellent way to get your products into the hands of potential customers. If you sell services, offering a trial can be a great way to let people get a taste of your quality. This may mean a free consultation or the completion of a minor project. When you develop a new product, you can include a sample of it with other orders to make current customers aware of the new offering.
While marketing can be a complex job, it doesn’t have to be an overwhelming one. Embrace effective marketing tools both new and old and watch your business bloom.
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Camille created Bereaver.com after she went through the ups and downs of the bereavement process herself following the loss of her parents and husband. With the help of her friend who was also experiencing a loss of her own, she learned how to grieve the healthy way, and she wants to share that with others. There is no one way to grieve, but it is important to do it in a way that supports your physical and mental health throughout.