Financial checklist for remarrying after 50

YOUR CHECKLIST If you’re thinking about getting hitched, here are the key ways to have it go off without a hitch — at least financially. EXCHANGE INFORMATION Head to a relaxing setting, get

comfortable, then share details such as bank balances, investments and debts. Also, consider trading credit reports. The information swap needn’t occur in one sitting, says Sara Stolberg

Berkowicz, a CFP and certified divorce financial analyst. Instead, couples can opt for a series of money dates, each lasting an hour or so. “Our capacity for dealing with big topics declines

after a certain period of time,” she says. “So I tell people they shouldn’t have these discussions too long.” Jones and her new husband made it easy to reveal financial details. They went

to a coffee shop, pulled up their accounts on the financial tracker Mint and swapped phones.  “It was awesome,” Jones says. “What a great way to get a sense of things.” SHARE MONEY-RELATED

EMOTIONS AND EXPECTATIONS Discuss your goals, values, risk tolerance and assumptions of marital money management. Determine how you’ll divide up financial duties, such as paying bills. Dive

deep into your spending and saving philosophies, and how you feel about supporting children, stepchildren and in-laws.  “What worked for you before may not work with the new spouse,” says

Berkowicz. “You can’t just assume that you and your new or soon-to-be spouse are on the same page with these things because there’s so much diversity in the ways we handle money.” RUN THE

NUMBERS Fully comprehend how getting remarried can affect money coming in, such as Social Security and alimony. On the Social Security front, the rules are nuanced, notes Madison,

Wisconsin, financial adviser and CFP Crystal Cox. For instance, if you are widowed and remarry at age 59, you could lose your survivor benefits. But if you wait until 60, you may still be

entitled to benefits on your former spouse’s Social Security earnings record. “If you get married and then discover you’ve walked away from a giant amount of Social Security, you’re going to

kick yourself,” says Jones, who adds that getting remarried can also affect your taxes. “Sometimes taxes go down, sometimes they go up,” she says. “Doing some tax planning can be really

important.” Assess health insurance, life insurance and long-term care options. Review your health care plans to see how you can slash spending. In Jones’ case, she saved $5,000 a year by

going on her husband’s plan. For life insurance, review policy amounts and make sure beneficiaries are up to date. Health care is one of the top expenses for retirees. An average retired

couple age 65 in 2022 may need approximately $315,000 saved after taxes to cover health care expenses in retirement, according to Fidelity Investments. So it can also be a good idea to look

into long-term care insurance.