The fastest growing age group for couples opting to live together rather than getting married is those over 50. Since disagreements about money are the number one reason for divorce, we wanted to know if cohabitating couples had discussed day-to-day money issues like how they would share living expenses and more complex situations like who will pay for medical and care expenses if one of them develops health or cognitive issues.
Our Living Together After 50 infographic provides the eye-opening results of our survey and tells a more complete story of the most critical financial risks many couples who live together are exposed to.
In our Living Together After 50 Financial Quiz, we asked the following six questions:
Of the 223 respondents, 69% were female and 31% were male. Over 75% of respondents were between the ages of 51 and 70. In almost all instances, women answered no more often than men.
Since health care including long-term care costs in retirement could exceed $250,000 per person for someone retiring at age 65 this year, many couples are risking their lifestyle in retirement by ignoring this issue.
If you are cohabitating with and aging alongside your significant other, talk about and create a plan for the unexpected financial issues that could deplete your individual wealth. It’s easier to share potential risks through insurance while you are younger and healthier or protect your personal assets with a “no nup” agreement.
To take our Living Together After 50 Financial Quiz or read more about our solutions to these common risks, we invite you to read: Talk About Finances Before Living Together After 50.
Consider this your training manual to get and stay financially fit for life!