Retirement and marriage after 60: Wedding preparations

Getting married again? Experts say brides and grooms older than 60 would be wise to include a visit to an estate planner as part of their wedding preparations to iron out the financial details of the new union.

"People think estate planning is for very wealthy people," says Larry Luxenberg, a financial adviser with Lexington Avenue Capital Management in New City, N.Y. "But neglecting to plan can cause conflict after one partner's death."

A prenuptial agreement, adds Jillian Nel, a Certified Financial Planner at Legacy Asset Management in Houston, Texas, can save survivors a lot of heartache.

Getting your financial future in order is a great way to strengthen a new relationship. Having these discussions early "makes the marriage a lot more positive," Nel says, "and you can concentrate on being happily in love again."

For those collecting Social Security benefits, a number of issues need to be considered, Luxenberg says -- particularly if either or both partners have been married before. "New couples who are already retired might think the die is cast," he says, "but there are still lots of considerations."

For example, most widows older than 60 have the option to continue to collect survivors benefits or to draw benefits based on their own income or that of their new spouse. But if the wedding takes place before her 60th birthday, she loses the survivor-benefit option.

For a bride older than 65, says Nel, Medicare payments can also be affected.

"Medicare is means-tested," she says, meaning that premiums for some benefits increase according to a person's ability to pay. "So if you are marrying someone with a lot of unearned income, talk with an accountant about multiyear tax planning."

Given the complexity of Social Security regulations, Nel says, checking with an expert before saying "I do" is a smart strategy. "There are some quirky issues that could come up."

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Retirement and marriage after age 60