More than half of Americans believe that being on the same page with your partner about finances is more important than shared political views, religion or hobbies, according to Northwestern Mutual.
But that doesn’t mean couples — even older partners or spouses-to-be — are talking about money openly.
“One mistake people make when getting married later in life is failing to have open, honest and judgement-free discussions about their financial situations, goals and expectations,” says Braelin Thornton, owner and wealth management advisor at Thornton Wealth Management.
If you’re planning to tie the later-life knot, here’s what to discuss when it comes to money, assets, benefits, insurance and more — including expert tips — before saying “I do.”
What to talk about before you marry (or marry again)
Money can drive a wedge between even the strongest relationships. A study from Northwestern Mutual found that more than a third of coupled Americans have financial topics that they avoid discussing with their significant other.
Before you walk down the aisle, have an honest talk about the state of your finances, your money values and how you’ll plan for the inevitable parts of growing older together.
Understand each other’s financial landscape
Lay everything on the table: income, assets, debt, credit scores and financial obligations.
A few key financial questions to ask each other:
Income sources — What income streams do we have? Are we both retired, or is one of us still working?
Debts and obligations — Are there any mortgages, credit cards, medical bills or other outstanding debts that need to be addressed?
Investment and retirement accounts — How are our retirement savings structured, and will we adjust our investment strategies?
Legal commitments — Are there alimony, child support or financial obligations to previous marriages that affect our financial planning?
“These discussions should happen before an engagement,” says Matheu D. Nunn, Esq., a divorce and family law lawyer at Einhorn, Barbarito, Frost, Botwinick, Nunn & Musmanno PC in New Jersey. “There’s nothing romantic about it, but it takes away the stress of discussing these issues with an impending wedding date.”
Talk about lifestyle and spending habits
Just because you’re financially stable doesn’t mean you have the same spending habits. One partner might be a saver, the other a spender — and that can cause friction. Discuss how you’ll split bills, handle major purchases and plan for everyday expenses.
Questions that can be helpful to navigating differences and overlap:
How do we feel about splitting expenses versus merging finances?
Will we maintain separate bank accounts, open a joint account — or do both?
What are our financial priorities — travel, supporting family, investing or something else?
How will we handle unexpected expenses, like home repairs or medical bills?
Plan for the unexpected
No one likes to think about illness or death, but avoiding the conversation won’t make the financial impact go away. If one of you needs assisted living, in-home care or long-term medical treatment, how will you pay for it?
“People over 50 may benefit from entering a marriage with a more experienced, clear-eyed view about the possibility of financial issues,” says Holly Davis, founding partner at Kirker Davis LLP in Texas. “Use that to your advantage by getting everything on the table before tying the knot.”
🔍 Learn more: Can you still retire in 2025? Here’s what the experts say amid market volatility
How marriage can affect your retirement
Later-life marriages can also impact your retirement plans and government benefits — two key topics you’ll want to discuss with your spouse or partner.
Retirement accounts and pensions
If you or your partner have 401(k)s, traditional or Roth IRAs or pensions, review how your marriage could affect distributions, beneficiaries and survivor benefits.
Before getting married, ask:
Do we need to update our beneficiary designations on retirement accounts?
Will adding a spouse affect pension or annuity payouts?
How will we coordinate withdrawals to optimize retirement income and minimize taxes?
🔍 Learn more: 5 retirement withdrawal steps to make your money last longer
Social Security benefits
Any disability or retirement benefits you receive from the Social Security Administration should stay the same when you get married. But remarrying can impact spousal and survivor benefits.
If you’ve never been married before, you may now be eligible for spousal benefits based on your new spouse’s earnings.
If you’re divorced and remarry before 60, you could lose the ability to collect benefits from your ex-spouse’s record.
If you remarry after age 60, you may still qualify for survivor benefits from your late spouse while also accessing benefits from your new marriage.
🎯 Expert tip
Have concerns about Social Security when remarrying? Talk to a financial planner or use the SSA’s online benefit calculators to compare options.
🔍 Learn more: States that tax Social Security benefits — including updates for 2025
Tax considerations for later-life marriages
Getting married later in life can create unexpected changes to your tax situation too. Consider talking about these items:
Filing taxes: Joint or separate? Filing your taxes jointly often lowers tax rates. However, some retirees find that combining incomes pushes them into a higher tax bracket — a situation known as the “marriage penalty.”
Selling a home when moving in together. If either spouse sells a home, capital gains taxes may apply. Singles can exclude up to $250,000 in profits, and couples can exclude $500,000. But you’ll need to meet IRS ownership and residency requirements.
Widow and widower tax complications. If you’re remarrying after losing a spouse, your tax situation may change. Surviving spouses can often use a Qualifying Surviving Spouse filing status for two years — but those benefits could change if you remarry.
🔍 Learn more: What not to do after losing a spouse or partner: A financial checklist
Insurance considerations when marrying later in life
Reviewing and updating insurance policies is another financial consideration when marrying late in life.
Healthcare changes. If one spouse has employer-sponsored health insurance, compare costs and coverage before deciding whether to combine plans or stay separate. Also check if filing taxes jointly could trigger higher Medicare premiums.
Life insurance updates. Many retirees have life insurance policies in place to protect children, grandchildren or a previous spouse. If you’re getting married, review your beneficiaries and update policies if needed.
Long-term care planning. There’s a 70% chance you and your partner will need long-term care in retirement, according to government statistics. Some couples purchase long-term care insurance to cover these potential costs. Others create legal agreements to outline financial responsibilities in case of illness.
🔍 Learn more: Have you had the “money talk” with your parents? Expert tips on financial discussions
Housing considerations for later-life marriages
If both partners own homes or real estate, you’ll need to discuss if you should sell, rent or keep them separately. Selling may free up cash for retirement, but keeping both properties could provide rental income or serve as a backup plan if living together doesn’t work out.
And if one partner moves into the other’s home, you’ll need to discuss if you’ll add them to the title or not. Having both names on the title can provide legal protections, yet it could also create complications if you get divorced or have inheritance disputes.
🔍 Learn more: 6 age-smart ways to save on homeowners insurance (that can work for you too)
Should you get a prenup? Legal protections for later-life and second marriages
“A lot of people assume prenups are just for celebrities or the ultrawealthy, but they can actually be a crucial tool for anyone getting married later in life,” says Davis. “They help define what’s ‘yours, mine and ours’ — before emotions or conflicts get in the way.”
Why prenups matter when marrying later in life
When you become part of a married couple, your financial lives become legally intertwined. Without a prenup, state laws determine how assets, debts and income are divided in the event of a divorce or death. That might not align with what you and your spouse actually want.
“Many couples in their 60s have children from prior marriages and accumulated wealth that needs protection,” says Nunn. “A prenuptial agreement allows couples to establish clear financial expectations and preserve their estate plans without legal surprises.”
Prenuptial agreements for older couples can clarify:
What remains separate property versus marital property
How financial assets will be divided if the marriage ends
Whether spousal support (alimony) would be required
How a prenup works with estate planning
Even if you don’t get a prenup, you’ll want to update your estate plan for remarriage. Without one, state laws could automatically grant a large portion of your estate to your spouse. This could potentially leave your children, grandchildren or other beneficiaries with less than you intended.
“One of the most common estate conflicts we see is between adult children from a first marriage and a second spouse over inheritance rights,” says Davis.
What about a postnup?
If you’re already married and didn’t sign a prenup, a postnuptial agreement serves a similar purpose.
A postnup may be useful if:
One spouse receives a large inheritance and wants to keep it separate.
There are concerns about financial fairness, especially if one spouse wants to separate debts or protect assets when marrying in retirement.
You want to update financial agreements based on changes like a career shift or caregiving responsibilities for older parents.
🔍 Learn more: 5 debts to prioritize paying off before retirement
How to financially plan for the future together
Once you’ve talked through all of these financial considerations, you’ll want to put a plan in place for your future together with these two key steps.
Update legal documents
Marriage often means updating:
Wills and trusts to reflect new beneficiaries
Powers of attorney for medical and financial decisions
Life insurance policies to ensure the right people receive benefits
Work with a trusted financial advisor
Finally, don’t underestimate the power of working with a professional. A trusted retirement advisor or financial professional who specializes in second marriages can help you both navigate:
Aligning retirement goals — such as when to retire, where to live and budgeting your money
Investment strategies for joint or separate portfolios
Estate-planning updates to protect both spouses and children
🔍 Learn more: Is bundling your insurance worth the discount? The pros and cons of one-stop policies
Other stories in our retirement planning series
How to recession-proof your retirement: 7 smart strategies to fortify your nest egg
Can you qualify for a mortgage if you’re about to retire?
The 4% rule for retirement: Is it time to rethink this popular withdrawal guideline?
Worried about outliving your savings? 5 retirement withdrawal steps to make your money last longer
How to avoid bankruptcy in retirement and safeguard your golden years
FAQs: Your finances, retirement and protecting your assets
Learn more about how marrying or remarrying can affect your finances with these common questions. And take a look at our growing library of personal finance guides that can help you save money, earn money and grow your wealth.
Can a later-life marriage affect my Medicaid benefits?
Yes. Eligibility for Medicaid is based on need, and if the person you marry has substantial income or assets, your combined finances could push you over the cutoff for Medicaid, resulting in the loss of some or all of your benefits. Some states — like New York — provide special exemptions under state Medicaid law that protect benefits. Contact your state’s department of health or human services office to ask how joint assets after a marriage might affect your Medicaid benefits.
I owe money on several student loans. Will marrying affect how much I owe?
Marriage doesn’t typically change the amount of money you owe on traditional student loan payment plans. However, your newly combined household income could affect qualifying payments for federal income-driven repayment plans. How you file your taxes — whether jointly or separately — can also affect your repayment amounts. Talk with your loan servicer, a tax professional or a financial advisor for professional advice. And learn more about whether a loan refi is worth it in our guide to student loan refinancing.
Can I borrow against my home’s equity to cover a high-dollar or unexpected cost?
Yes. If it’s cash you’re after to pay for home renovations, pay off high-interest credit card debt or cover an emergency, tapping into your home’s value is a way to unlock lower rates without refinancing — and without losing your low-rate mortgage. You typically need good to excellent credit and to have built enough equity in your home. Learn how to get equity out of your home as rates come down.
Can a financial advisor help with reviewing my insurance coverage?
Yes. A financial advisor can assess your insurance needs within the context of your broader financial picture. If you’re thinking about adjusting your coverage, talking with a trusted financial advisor first can help you make informed decisions that align with your specific circumstances while avoiding over-insurance.
Sources
What to Discuss Before You Combine Finances After Marriage, Northwestern Mutual. Accessed July 11, 2025.
Topic no. 701, Sale of your home, IRS. Accessed July 11, 2025.
How much care will you need? U.S. Department of Health and Human Services. Accessed July 11, 2025.
About the writer
Cassidy Horton is a finance writer who specializes in banking, insurance, lending and paying down debt. Her expertise has been featured in NerdWallet, Forbes, MarketWatch, CNN, USA Today, Money, The Balance and Consumer Affairs, among other top financial publications. Cassidy first became interested in personal finance after paying off $18,000 in debt in 10 months of graduation with an MBA. Today, she’s committed to empowering people to stand up and take charge of their financial futures.
Article edited by Kelly Suzan Waggoner
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