Tuesday, November 08, 2011

A Guest Post

Please welcome a nice lady named Ellie who contacted me via email asking to do a guest post about seniors hooking up for financial reasons in the face of the economic crisis instead of love and companionship.

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
year 2000.

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:

Tax disincentives
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
Health insurance
Asset protection

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
family members.

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"


  1. The only logic I don't follow is the part about 'consider maintaining two separate households.' I mean, I follow her reasoning as to WHY that would be good, but it's expensive to maintain even an empty house. I live in a modest house in a relatively affordable part of the country and my taxes and insurance alone are over $3000/year. Add to that minimum charges for utilities (assuming you'd want to be able to 'fall back' on your own home even in the middle of the night if necessary) and a yard maintenance crew, etc., etc.

    I know sometimes finances force people to consider options they would not otherwise consider, but I think it's sad.

  2. My dad moved in with his girlfriend. They both lost spouses and were living in the same retirement park. Dad eventually moved in with her. She passed away unexpectedly. Dad's place was in the process of being sold. However, before dad moved in, they made sure his name was on the title. None of the kids wanted a place in the retirement park anyway, so it worked out as well as possible.

    Nobody in those parks remarry -too much money is at stake. They go from just getting by to having money to play with.

  3. HossBoss, I had the same question--where is the advantage? I would sell my house and put the money away so I could be free if I needed to leave.

    I read that many seniors in Florida who would like to marry end up just living together. Grandchildren worry about their eternal damnation from living in sin. Children worry what others will think.

    The solution: Have a minister perform a religious marriage ceremony with the concerned families present but never file a license with the state. Some ministers go along with this, while others see it as an evil state for the couple.

    I would remarry if there was a prenup, separate bank accounts, and if he snored, he would have to sleep in another room. He could visit...lol.

    A good dating site is what I need. I think I will see what she has. The last guy called me at 4 pm the first day he had written me and wanted me to drive 60 miles to his house that same night! Does that sound like a booty call?

    The one before that told me he had herpes and assured me I probably did too. And, if I did not, I was probably immune to herpes. So, if he did not have an outbreak, I was safe. No, not so, idiot. No thank you!

  4. Anonymous5:41 AM

    The only part I have a slight disagreement is with the alimony part. If you are a senior, your kids are out of the house - alimony should no longer exist (you are older and have twice as long to gain money as we young whippersnappers, lol). Besides, alimony is paid by the other 'seasoned citizen' - doesn't that mean a payment that is making THEM struggle? Just sayin'.

    Other than that, it makes sense. No question that government benefits will become less and less, if it saves a couple some money, more power to them.

  5. My ancient aunt did the co-hab with her equally ancient boy toy, as she called him. If they had married, she would have lost her deceased husband's military pension. The families were scandalized.

    As far as I am concerned, life is too short to give a rip what she does. As my earthly reward, I am the only family member she has mentioned in her will.

  6. We have a 10 year span in ages, fine tuned wills, common interests, diverse views on a few other things, treasure our peace and companionship and to hell with no being legally joined. We've both done it before & are now allergic to it.

    Money, benefits and property are issues in any relationship - married or not. They will become even more an issue as resources dwindle, jobs evaporate and the world continues to deteriorate.

    Thus far this year we know at least a dozen families that have doubled or tripled their household size due to the aforementioned reasons. Food, clothing and shelter are more important that certificates.