If you’re considering getting married later in life, you may want to think about the financial disadvantages. While there are many benefits to marriage, there are also some financial drawbacks that you should be aware of.
In this article, we will discuss 10 financial disadvantages of getting married later in life you should consider. These are not meant to discourage you from late marriage, but to inform you of the potential problems ahead.
A study by Syracuse University’s Center for Policy Research has found that couples who marry later in life are more likely to experience financial disadvantages than those who marry earlier.
The study, which will be published in the Journal of Family and Economic Issues, analyzed data from the Panel Study of Income Dynamics, a nationally representative sample of U.S. households.
The data showed that couples who married in their early 20s were more likely to have higher incomes and net worths than those who married later in life. They were also less likely to experience poverty, rely on public assistance, or experience joblessness.
The study’s authors say that the financial disadvantages of getting married later in life are due to a number of factors, including lower levels of education and job experience, and the fact that many people who marry later in life do so after experiencing a divorce, which can lead to financial instability.
10 Financial Disadvantages of Getting Married Later in Life
Many people choose to wait until later in life to get married, but there are some financial disadvantages to this decision.
1. You May Have Less Time To Save For Retirement.
If you marry later in life, you may have less time to build assets such as a home or investments.
You may also have less time to save for retirement. This is because you will likely have more expenses during your working years, such as a mortgage or children’s education. Additionally, you may not have as much time to build up your retirement savings before you retire.
Households where both partners work make more money
On average, dual-income households make more money than those with a single breadwinner. This is especially true for couples where both partners are working full-time.
This extra income can be used to cover day-to-day expenses, pay down debt, and save for retirement. If you’re able to save a significant portion of your income, you may be able to retire earlier than you would if you were married and only one partner was working.
You may have to balance your retirement savings with other priorities
If you marry later in life, you may have to balance your retirement savings with other priorities, such as saving for a child’s education. This is because you’ll have less time to save for retirement before you need to start withdrawing from your savings.
Additionally, you may need to take more risks with your investment portfolio in order to achieve your desired level of retirement income. This is because you’ll have a shorter time horizon to recoup any losses from a down market.
If you marry later in life, you may need to work longer in order to have enough money to cover your living expenses in retirement. This is because your retirement savings will need to last for a longer period of time.
You may not be eligible for certain retirement benefits, such as a pension if you retire later in life. These benefits are typically only available to people who retire at a certain age.
You may have to adjust your lifestyle in retirement.
If you marry later in life, you may have to adjust your lifestyle in retirement in order to make your retirement savings last. This may include downsizing your home, cutting back on travel, or eating out less often.
Additionally, you may need to delay taking certain withdrawals from your retirement accounts, such as distributions from a 401(k) or IRA. This is because these withdrawals are typically taxed at a higher rate than other types of income.
Overall, marrying later in life can have both positive and negative implications for your retirement. It’s important to consider how marrying later in life will impact your retirement savings and lifestyle before making any decisions.
Also read: How To Merge Finances In A Blended Family
2. You May Have To Pay More In Taxes If You’re In A Higher Tax Bracket.
If you wait to get married until later in life, you may have to pay more in taxes. That’s because, if you’re in a higher tax bracket, you may be subject to the marriage penalty tax.
The marriage penalty tax is an additional tax that some couples have to pay when they file their taxes jointly. It’s because, when you combine your incomes, you may end up in a higher tax bracket than if you were single.
The good news is that, if you’re in a lower tax bracket, you may actually get a marriage bonus, which is a tax benefit. That’s because, when you combine your incomes, you may end up in a lower tax bracket than if you were single.
So, if you’re thinking about getting married, it’s a good idea to talk to a tax advisor to see how it will affect your taxes.
Taxes are a huge part of financial planning and can have a big impact on your overall financial picture. So, if you have any questions, be sure to ask a tax professional.
Also consider other financial factors, such as whether you’ll be buying a home or having children. All of these things can impact your taxes and should be considered when you’re planning your financial future.
3. You May Have Less Time To Enjoy Your Spouse’s Company.
If you marry later in life, you may have less time to enjoy your spouse’s company. This is because you will likely have less time together before one of you dies. This is especially true if one of you is significantly older than the other.
Age differences can also make it difficult to relate to one another. You may have different interests and perspectives. It can be challenging to find common ground.
Later marriages can be rewarding, but you should be aware of the potential challenges. Make sure you are on the same page about your expectations for the relationship. Be prepared to work hard to keep the spark alive.
According to a new study, many factors impact how much enjoyment they get from their marriage.
The study, which was published in the journal Demography, found that couples who marry later in life are more likely to report lower levels of marital satisfaction. The researchers believe this is because older couples often have less time to enjoy each other’s company before one spouse dies.
“Our findings suggest that later-life marriages are not as satisfying as earlier-life marriages, in part because older adults do not have as much time to enjoy married life before being widowed,” said study author Allison L. Pugh, an assistant professor of sociology at the University of Virginia.
Pugh and her co-author, Naomi Gerstel of the University of Massachusetts, analyzed data from the Health and Retirement Study, a nationally representative survey of Americans over the age of 50. They looked at data from more than 8,700 married individuals, all of whom were over the age of 50 when they were first surveyed in 1992.
The researchers found that, compared to couples who married when they were younger, those who wed later in life were less likely to report high levels of marital satisfaction. They were also more likely to say that their marriage was not very happy.
The findings held even after the researchers controlled for factors like education, health, and wealth.
“Our findings suggest that later-life marriages are not as satisfying as earlier-life marriages, in part because older adults do not have as much time to enjoy married life before being widowed,”(Source)
4. You (Or Your Spouse) May Be Set In Your Ways
In her 2017 BYU dissertation on ‘When To Wed?’ Kaylee Shron Corbridge found that many couples who marry later in life experience difficulties because they tend to be set in their ways. They have less ‘give and take’ flexibility in their lives.
Of course, this is not true of every single person; but her research identified certain personality types that are more apt to be inflexible.
It may be that a certain type of individual is more likely to delay marriage than others, and those who delay marriage until they are into their thirties and beyond may have fewer desirable marital qualities.-Kaylee Shron Corbridge
In terms of sexual satisfaction and social status, people who marry later may fare worse
They might actually be faring better in the area of financial stability and child-rearing practices, which are both known to influence marital outcomes.
5. You May Have To Deal With More Health Issues.
If you marry later in life, you may have to deal with more health issues. This is because as you age, you are more likely to develop health problems. Additionally, if you have not been married before, you may not be as familiar with how to take care of your health.
Therefore, it is important to be aware of the potential health issues that you may face if you marry later in life. Some of the most common health issues that you may have to deal with include:
- High blood pressure
- Heart disease
- Alzheimer’s disease
If you are concerned about the health issues that you may face if you marry later in life, you should talk to your doctor. They can help you develop a plan to stay healthy and avoid the health problems that are common in older adults.
Additionally, there are some things that you can do to reduce your risk of developing health problems later in life. For example, you can quit smoking, eat a healthy diet, and exercise regularly. By taking care of yourself now, you can reduce your chances of having to deal with health issues later in life.
These final 5 apply more to couples who experienced divorce in their past. Here are five specific issues you need to consider.
6. You May Have To Take Care Of Your Spouse’s Children From A Previous Marriage.
If you marry later in life, you may have to take care of your spouse’s children from a previous marriage. This can be a difficult task, especially if you are not used to children. Even if they are adult children, there are still issues that must be addressed.
Here are a few tips to help you deal with this situation:
1) Talk to your spouse about their expectations.
It is important to know what your spouse expects from you in terms of taking care of their children.
2) Establish a good relationship with the children.
This will make it easier for you to take care of them and will make them more likely to accept you.
3) Be patient.
It takes time to develop a relationship with children, so don’t expect things to happen overnight.
4) Seek help from others if you need it.
If you are feeling overwhelmed, talk to your spouse or another trusted adult for support.
5) Remember that you are not the only one in this situation.
There are other adults in the children’s lives who can help them, so don’t feel like you have to do everything on your own.
7. You May Have To Deal With Your Spouse’s Ex-Spouse.
A good friend (who is divorced) once quipped: “Ex’s are exes for a reason. If I wanted to deal with them, I wouldn’t be divorced.”
It sounds harsh, and a bit pessimistic. But the reality is it is true for many divorced couples. When marrying late in life means you’ve been married before, chances are you will eventually have to deal with exes.
This can be a difficult situation, but there are some things you can do to make it easier.
First, try to get to know your spouse’s ex-spouse. This can be difficult, but it will make things easier if you can find common ground.
Second, be understanding and accepting of your spouse’s relationship with their ex-spouse. This can be a difficult thing to do, but it is important to remember that your spouse’s relationship with their ex-spouse is not your business.
Lastly, be patient. This is a difficult situation, but it is important to remember that your spouse is going through a lot. They may need time to adjust to the new situation.
You also need to be aware that your spouse’s ex-spouse may try to interfere in your relationship. If this happens, it is important to talk to your spouse about it.
8. You May Have To Deal With Your Own Children From A Previous Marriage.
If you have children from a previous marriage, it can be a difficult situation to navigate, but there are some tips that can help.
First, it is important to keep communication open with your children. They need to feel like they can talk to you about their feelings and concerns. It is also important to try to spend time with them individually, so they feel like they are still a priority in your life.
Second, try to be understanding of your children’s feelings. They may be jealous of the new spouse or feel like they are being replaced. It is important to reassure them that they are still loved and important.
Third, be patient. It may take time for your children to adjust to the new situation. They may need to grieve the loss of their other parent and the family that they once had. Give them plenty of time and space to do this.
Finally, remember that you are not alone. There are other families in similar situations. Talk to friends or family members who have been through this for support. There are also many resources available online or through support groups. Focus on personal growth as well as relationship growth.
9. You May Have To Deal With Financial Issues From A Previous Marriage.
If you or your spouse have accumulated debt in your previous marriage, it can present challenges in your new relationship.
Let’s be honest, divorce is costly. Not just financially, debt and money issues most often follow a separation or divorce. To have a successful marriage you need to address financial issues head on.
These are just a few of the financial challenges you may face if you marry later in life:
Your new spouse may come with baggage from a previous marriage – debt, child support or spousal support payments, or even a lower credit score.
You may have to deal with the financial fallout from your own previous marriage – such as student loans, credit card debt, or a mortgage.
You may have different attitudes towards money, which can lead to disagreements about spending and saving.
You may have different goals for your financial future – one of you may want to retire early, while the other may want to continue working.
You may have children from your previous marriage, which can complicate things financially.
All of these challenges can be overcome with open communication, patience, and a willingness to compromise. If you’re marrying later in life, sit down with your spouse and talk about your financial situation honestly. Work together to create a budget that works for both of you, and make a plan to tackle any debt.
With a little bit of effort, you can overcome any financial challenges from your previous marriages and start your new life together on solid footing.
10. You May Have To Deal With Estate Planning Issues.
When you marry, your assets become joint property. If you have not already done so, you will need to create a will and/or a trust to ensure that your assets are distributed according to your wishes.
You may also need to consider long-term care planning. If you are married, your spouse will be responsible for your care if you become incapacitated. This can be a financial burden, so you may want to purchase long-term care insurance.
Finally, you will need to update your beneficiaries on your life insurance policies and retirement accounts. If you have not already done so, you should also name a guardian for your minor children.
Estate planning can be complex, so it is important to work with an experienced attorney, financial advisor, or estate planning expert. He or she can help you navigate the process and make sure that your assets are protected.
Final Thoughts on the Disadvantages of Getting Married Later in Life
In this article, we listed 10 disadvantages of getting married later in life.
Although there are disadvantages, it should by no means discourage you from marrying someone you love deeply.
Our goal in this article is not to discourage you from marrying, but to make you aware of the unique challenges of marrying when you are older.
- 10 Financial Disadvantages of Getting Married Later in Life
- 1. You May Have Less Time To Save For Retirement.
- 2. You May Have To Pay More In Taxes If You’re In A Higher Tax Bracket.
- 3. You May Have Less Time To Enjoy Your Spouse’s Company.
- 4. You (Or Your Spouse) May Be Set In Your Ways
- 5. You May Have To Deal With More Health Issues.
- 6. You May Have To Take Care Of Your Spouse’s Children From A Previous Marriage.
- 7. You May Have To Deal With Your Spouse’s Ex-Spouse.
- 8. You May Have To Deal With Your Own Children From A Previous Marriage.
- 9. You May Have To Deal With Financial Issues From A Previous Marriage.
- 10. You May Have To Deal With Estate Planning Issues.
Here is a list of financial resources and tools you can use to get back on track, and stay on track with your money.
Credit Repair Magic will fix your credit fast using simple, practical methods that have worked for thousands. Plus get extra bonuses when you sign up.
Credit Repair Letters are written by attorneys to help you know what and how to communicate with Credit Card companies.
The Debt Relief Manual offers practical advice on everything you need to know on HOW to eliminate credit card debt without getting trapped.
Dissolve Debt will help you reduce and eliminate tax or government debt.
Changing Your Money Mindset
For those who want to change their money mindset and learn how to manage and use money effectively, we recommend Robert Kiyosaki’s Rich Dad Summit. It is costly, but once you are able to invest in your future self, this program is worth the money.
You can also take our Marriage Quiz to get your marriage score and find practical ways to increase communication, intimacy and trust in your relationship.