I told her to take her best shot and she did very well, it is a good read and informative, along with being timely.
Please take a read and give a think about what she has to say.
The Financial Factors Influencing Cohabitation Amongst Seniors
In today’s economic climate, it is safe to say that many of us have faced some recent financial situations
that have left us somewhat shy of comfortable. And the seniors out there certainly haven’t had an
easier time. Because of the state of the economy along with other financial issues, there has been a
dramatic change in the dating scene for those over the age of 65. A large percentage of unmarried
seniors are choosing to stay that way, forgoing their former ideas of a life built around marriage with a
sturdy foundation of love.
Over the last couple of years, cohabitation has been accelerating amongst the senior population in the
United States. The U.S. Census Bureau has reported that the percentage of senior couples 65 and older
living in heterosexual, unmarried-partner households has almost doubled from what it was before the
Reasons for cohabitation. One of the biggest common denominators in this trend seems to be money.
Instead of marrying for love, seniors are throwing their traditional values out the window instead to
cohabitate. With this living situation, many find that they have the opportunity to save funds…and even
have the chance to gain some as well…
If two 70-year-olds, both earning $30,000, live together without being married, they are looking at
receiving around $10,000 in health care subsidies. If that same couple is married, however, they are
not eligible for any subsidy. Check out these other reasons why many seniors in today’s day in age are
opting to cohabitate for financial stability:
Loss of military and pension benefits
Fear of incurring liability for partner's medical expenses
Credit rating protection
Separation of current debt
Ability to share expenses
Tips for Cohabitating Seniors. For seniors engaged in relationships where the option of marriage is
taken off the table for financial reasons and cohabitation is being considered as an alternative, there are
some important things to keep in mind before making the commitment to live with one another:
Update your wills.
Talk with your family members and assure your children and grandchildren that your new
relationship won’t have a negative impact on their inheritance.
Keep your assets separate. Do not combine bank accounts.
Consider maintaining two separate households. You can still live with your partner, but if the
relationship should happen to end, for both practical and legal reasons it is important you have
your own home to fall back on.
Each partner should think about getting long-term care insurance.
Have a cohabitation agreement drawn up and signed.
Protect the interests of your family by making sure that your estate planning is up to date.
Have your health care wishes put in writing and share them with your children or pertinent
Problems associated with cohabitation. Studies show that married seniors typically enjoy higher
levels of physical and mental health than unmarried seniors do. Researchers have also discovered that
married senior couples are more likely to report being “very happy” than cohabitating senior couples
are. And of course, with such a big movement in the senior population towards cohabitation, we
question where society is going in terms of its views on marriage. Will the institution of marriage be
something unheard of in the near future? Whatever happened to marrying strictly for love, no matter
what the financial situation?
Ellie Steven is a guest post author who shares with us this piece on the financial influences of
cohabitation amongst seniors. To read more of Ellie’s work which covers topics about senior online
dating, please check out her website, "Best Senior Dating Sites"