Tuesday, June 25, 2013

Talking about remarrying after age 60 on KATU TV's AM Northwest

Those who follow sixtyandsingle.com know that my post about remarrying after age 60 is among my most popular. That's no surprise.
Life goes on after 60 even though we may lose a spouse. Those of us who have enjoyed long and satisfying marriages often want to find someone with whom to continue to share life...travel, companionship, movies, outdoor adventures. So remarrying is a great idea, if you do it right.
Today, I appeared on Portland's KATU-TV Channel 2 AM Northwest show hosted by Helen Raptis and Dave Anderson. Thanks guys.  We covered a lot of ground in just six minutes.

 Here are the basics on remarrying after 60:
- Talk with your beloved about money and how you want to set up a joint household. Suggest that a joint checking account may be the best way to manage everyday expenses. Keep the rest of your income, expenses and assets separately.
- Write a prenuptial agreement that spells out who gets what (and when they get it) when one of you dies or the relationship ends. This will make the kids feel a lot better about their dad moving in with someone new to whom they may not feel emotionally attached. Maybe the kids get some of your assets at the time of your death, but your spouse gets to go on living in the house.
- Re-write your wills along the same lines as the pre-nup. A will spells out how you want your assets dispersed at your death.
- Buy term-life insurance on each other so that at your death, the surviving spouse has something to help with the financial transition to single-hood. If all the money and assets are going to your kids, it makes sense to help each other out as well. Term life insurance is the easiest way to do that and it's not that expensive.
- Look into options if one of you needs long-term care. What will that look like, how will it work and how do you protect assets from the potential cost of long-term care? Seek counsel from a good fee-only estate planner.
My original post on Remarrying after 60 post at sixtyandsingle.com, click here.
AM Northwest video clip from my interview, click here.
8 Ways Baby Boomers are Reinventing Retirement, at Fidelity.com, click here.
"A Man is Not a Financial Plan, at www.wife.org
Men and Remarriage, click here.
Widow's or Widower's benefits if I remarry, at www.socialsecurity.gov, click here.

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