Investment Updates
Remarrying In Your 50s? 7 Key Financial Issues
Published Friday, May 24, 2013 at: 7:00 AM EDT
Jack Webster had given up on romance after his marriage splintered five years ago. His two children were now both in college. Rhoda Seaver, divorced with three teen-aged children, also was skeptical about diving back into the dating pool. But Jack and Rhoda found each other through a dating service and now are engaged to be married.
It's not an uncommon story. According to the Census Bureau, more than 50% of the divorced males in this country over age 50 and more than 40% of the divorced females in the same age bracket end up remarrying. But there's more to creating a union late in life than just melding family units. Several important financial considerations may be difficult to resolve for soon-to-be retirees. Here are seven issues that could cause problems:
1. Social Security and pension benefits. If you’re divorced, getting remarried generally will suspend your right to receive Social Security benefits based on your ex-spouse’s earnings record. Similarly, if you’re widowed and plan on collecting benefits based on your deceased spouse’s record, you may have to wait until age 60 to remarry. (Getting married again also could affect the amount you’re entitled to from a former spouse’s pension plan. Contact the pension plan administrator to determine the impact of remarriage on benefits.)
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