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Your Money Matters by Thomas Sottile, Esq.
Older Unmarried Couples That Live Together
Face Economic Issues
Are you living together with a significant other of the opposite sex without benefit of clergy? Back nearly half-a-century ago your parents might have disapproved. Today, it’s our children who may look askance. Even the grandchildren might have a question or two about pop’s or gram’s living arrangements.
Things have changed, haven’t they? Back in time the words, “living together,” signified an idealistic free-love relationship beyond the reach of legal and societal restraints. But economic crises have a way of making strange bedfellows, if you’ll pardon the term. So don’t be surprised if your prospective paramour is interested more in your long-term health plan and less in your astrological sign. Welcome to the brave new world of baby-boomer cohabitation.
There were 78 million Americans born between 1946 and 1964 and, according to the U.S. Census Bureau, we Baby Boomers make up 28% of the American population; one of us turns 50 years-of-age every 7 seconds. There are nearly 2 million Americans age 50 and above who are living in heterosexual unmarried partnership households, which reportedly is an increase of almost 50% from 2006.
Although love, companionship, and the need to get close to someone who still can drive at night all are important factors in late-blooming romances, it is without a doubt that financial imperatives play a role in steering this social phenomena.
Unfortunately, getting married again later in life may have certain adverse monetary results, such as the loss of pension or health benefits which were acquired through a previous marriage or even the end of alimony payments.
It is possible that from an income tax perspective the married couple might wind up paying more, which often is called a “marriage penalty,” as compared with their having remained single. Although the tax code has been changed over the years in an attempt to eliminate this discrepancy, it still is applicable for couples who are in certain tax brackets.
Generally, you cannot get widow’s or widower’s Social Security benefits if you remarry before age 60. But remarriage after age 60 (or age 50 if you are disabled) will not prevent you from getting benefit payments based on your former spouse’s work record. And at age 62 or older, you may get benefits based on your new spouse’s work, if those benefits would be higher.
A married couple who file a joint return may have to pay tax on up to 50% of their Social Security benefits if the couple has a combined income of between $32,000 and $44,000. However, the threshold amount for an individual is only between $25,000 and $34,000. This means that two individuals living together might be able to avoid paying some taxes on their Social Security benefits if they remain unmarried and their individual incomes each are below $25,000.
There are a number of other more specific issues which arise for senior couples who might be seeking to make their relationships more permanent by moving into the same address. Here it is worth noting that the bylaws of some retirement communities do not permit couples who are unmarried or unrelated to share a residence. If this is the couple’s intention, then some research may be needed to find the right place to live.
Also, unmarried cohabitants generally do not enjoy the same rights as married individuals, particularly with respect to property acquired during a relationship. Marital property laws generally do not apply to unmarried couples, even in long-term relationships. Moreover, laws regarding distribution of property of one spouse to another at death do not apply to unmarried couples. Hence, a written agreement between the two people planning this new life phase definitely would help in memorializing their intentions, and resolving other matters such as responsibility for a partner’s medical expenses or pre-existing debts, and the amount of money each side agrees to contribute in order to share household expenses. An experienced family lawyer would be of assistance in drafting the contract.
Some experts advise that, to the extent it is economically feasible, the parties should keep their own homes, cars and investments separate from the new relationship, and pay for common items from individual checking or credit accounts. This avoids a disastrous outcome by protecting a lifetime’s worth of accumulated assets from unintentionally being commingled with the new partner’s should the liaison end less than amicably or, worse, where one party is discovered to have dubious motives regarding the other’s property.
When the lifestyle of a parent undergoes changes in the golden years, such as an increase in travel and vacations sparked by a new-found friend to take along, adult children may express concerns about the depletion of the family’s savings. Giving attention to estate planning might reassure family members that their inheritance will not be compromised. This can go a long way toward lessening their resistance which might be interfering with the enjoyment of that novel friendship. Also, having a thick enough skin so as not to care what other people think about spending time and money with a new person is helpful as well.
With all of the things to consider before entering a committed relationship later in life, the rewards are borne out by the statistics which show that companionship markedly increases longevity and enjoyment for both sexes. Looking ahead to iron out the wrinkles in the process, with the help of experienced counsel in the more complex areas, makes for an excellent transition.
Thomas Sottile is an attorney in Media, PA. He retired from the U.S. Postal Inspection Service after 23 years as an investigator and attorney.
Older Unmarried Couples That Live Together
Face Economic Issues
Are you living together with a significant other of the opposite sex without benefit of clergy? Back nearly half-a-century ago your parents might have disapproved. Today, it’s our children who may look askance. Even the grandchildren might have a question or two about pop’s or gram’s living arrangements.
Things have changed, haven’t they? Back in time the words, “living together,” signified an idealistic free-love relationship beyond the reach of legal and societal restraints. But economic crises have a way of making strange bedfellows, if you’ll pardon the term. So don’t be surprised if your prospective paramour is interested more in your long-term health plan and less in your astrological sign. Welcome to the brave new world of baby-boomer cohabitation.
There were 78 million Americans born between 1946 and 1964 and, according to the U.S. Census Bureau, we Baby Boomers make up 28% of the American population; one of us turns 50 years-of-age every 7 seconds. There are nearly 2 million Americans age 50 and above who are living in heterosexual unmarried partnership households, which reportedly is an increase of almost 50% from 2006.
Although love, companionship, and the need to get close to someone who still can drive at night all are important factors in late-blooming romances, it is without a doubt that financial imperatives play a role in steering this social phenomena.
Unfortunately, getting married again later in life may have certain adverse monetary results, such as the loss of pension or health benefits which were acquired through a previous marriage or even the end of alimony payments.
It is possible that from an income tax perspective the married couple might wind up paying more, which often is called a “marriage penalty,” as compared with their having remained single. Although the tax code has been changed over the years in an attempt to eliminate this discrepancy, it still is applicable for couples who are in certain tax brackets.
Generally, you cannot get widow’s or widower’s Social Security benefits if you remarry before age 60. But remarriage after age 60 (or age 50 if you are disabled) will not prevent you from getting benefit payments based on your former spouse’s work record. And at age 62 or older, you may get benefits based on your new spouse’s work, if those benefits would be higher.
A married couple who file a joint return may have to pay tax on up to 50% of their Social Security benefits if the couple has a combined income of between $32,000 and $44,000. However, the threshold amount for an individual is only between $25,000 and $34,000. This means that two individuals living together might be able to avoid paying some taxes on their Social Security benefits if they remain unmarried and their individual incomes each are below $25,000.
There are a number of other more specific issues which arise for senior couples who might be seeking to make their relationships more permanent by moving into the same address. Here it is worth noting that the bylaws of some retirement communities do not permit couples who are unmarried or unrelated to share a residence. If this is the couple’s intention, then some research may be needed to find the right place to live.
Also, unmarried cohabitants generally do not enjoy the same rights as married individuals, particularly with respect to property acquired during a relationship. Marital property laws generally do not apply to unmarried couples, even in long-term relationships. Moreover, laws regarding distribution of property of one spouse to another at death do not apply to unmarried couples. Hence, a written agreement between the two people planning this new life phase definitely would help in memorializing their intentions, and resolving other matters such as responsibility for a partner’s medical expenses or pre-existing debts, and the amount of money each side agrees to contribute in order to share household expenses. An experienced family lawyer would be of assistance in drafting the contract.
Some experts advise that, to the extent it is economically feasible, the parties should keep their own homes, cars and investments separate from the new relationship, and pay for common items from individual checking or credit accounts. This avoids a disastrous outcome by protecting a lifetime’s worth of accumulated assets from unintentionally being commingled with the new partner’s should the liaison end less than amicably or, worse, where one party is discovered to have dubious motives regarding the other’s property.
When the lifestyle of a parent undergoes changes in the golden years, such as an increase in travel and vacations sparked by a new-found friend to take along, adult children may express concerns about the depletion of the family’s savings. Giving attention to estate planning might reassure family members that their inheritance will not be compromised. This can go a long way toward lessening their resistance which might be interfering with the enjoyment of that novel friendship. Also, having a thick enough skin so as not to care what other people think about spending time and money with a new person is helpful as well.
With all of the things to consider before entering a committed relationship later in life, the rewards are borne out by the statistics which show that companionship markedly increases longevity and enjoyment for both sexes. Looking ahead to iron out the wrinkles in the process, with the help of experienced counsel in the more complex areas, makes for an excellent transition.
Thomas Sottile is an attorney in Media, PA. He retired from the U.S. Postal Inspection Service after 23 years as an investigator and attorney.