It's a definite trend: Couples over 60 are living together but not getting married, and there are lots of financial and person considerations that go into that decision.
According to the US Census Bureau 2005-2007 community survey, about 1 million people aged 60-plus were unmarried and living with a partner. In 2008, this number jumped 14 percent to 1.2 million.
For late-life romance, waiting until after age 60 is a smart idea, according to Bankrate.com. If you are receiving social security benefits based on a late spouse's work record, then marriage before age 60 might put those benefits in jeopardy. However if you are receiving benefits based on your own work record or if you remarry after age 60, those benefits will not be affected.
With assets like homes, investments, bank accounts, household items and pets, live-in partners should draw up an agreement for their life together. Then make sure that each person has an up-to-date estate plan that matches the cohabitation agreement.
If you move in with your new love, and your new love dies, the kids can and probably will show up and evict you. Avoid this problem with putting the house in a life estate, giving the non-owning partner the right to live in the home for his lifetime. The property then will go to heirs, according to money.com.
Finally, after you have made your plans legal, talk to the kids. Your heirs should know exactly what the arrangements are. After all, this can smooth the way for the rest of your life, with kids who are not suspicious and angry and leaving no surprises in case one partner dies.
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