So you’re in love, over 60, and thinking about tying the knot. First of all—congrats! Second of all—welcome to the wild, slightly weird world of late-in-life marriage finances. It’s like a rom-com meets a spreadsheet, starring you, your new partner, and a surprise cameo from the IRS. Getting married after 60 isn’t just about cake tastings and picking out matching recliners; it can shake up your taxes, your benefits, and even your kids’ inheritance like a snow globe.
You might assume it’s all smooth sailing once you’ve found your golden-years soulmate—but the government, your insurance company, and your ex-spouse (oops) might have other plans. From Social Security curveballs to Medicare premium hikes, there are more “wait, what?” moments than you bargained for. But don’t worry, we’ve got your back. Here are 13 unexpected financial twists you might face after saying “I do” in your sixties—because love may be timeless, but the fine print definitely isn’t.
1. Survivor Benefits May Stick Around—or Slip Away
If you remarry after 60, you might think survivor Social Security benefits on your late spouse’s record vanish—spoiler alert: they don’t. According to PBS NewsHour you can still collect survivor benefits even after you say “I do” again, as long as that nuptial happens post-60. This rule is pure gold if you’ve been leaning on that safety net, but a misstep before turning 60 could cost you thousands.
That said, surviving spouse benefits aren’t totally hands-off. You’ll need to coordinate with the SSA to ensure your payment election remains intact—miss the memo, and you could face a brief suspension while paperwork catches up. Plus, if your new spouse is also drawing benefits, you might have to choose which check you’d rather keep flowing first. It’s a juggling act that’s best resolved before the wedding cake even hits the table: a quick call to your Social Security office and a chat with a planner can prevent any awkward “but I thought we were still getting that check” moments down the road.
2. Taxes Get a Joint Makeover
Jumping from “single” to “married filing jointly” can feel like leveling up—instead of a health bar, though, you’re looking at tax brackets. The Fidelity notes that married filing jointly can push you into a higher bracket if both spouses have sizable retirement or investment incomes.
Once you’re in that higher bracket, those creamy dividends and solid pension checks can suddenly taste a lot less sweet when Uncle Sam takes his cut. And don’t forget state taxes—some states have steeper rates for married couples than singles, which could mean a double whammy. You may need to rediscover the art of withholding tweaks or stick with quarterly estimated payments to dodge an end-of-year tax surprise. Better yet, schedule a mid-year tax tune-up with a CPA who knows the ropes for “silver” newlyweds—you’ll sleep easier knowing you’ve already optimized withholding before tax-season panic sets in.
3. Medicare Premium Surcharges Can Bite
If you and your spouse together report high income, be ready for Medicare’s Income-Related Monthly Adjustment Amount (IRMAA). Per Humana, couples with a combined modified adjusted gross income above about $182,000 in 2023 pay steeper Part B and D premiums.
Beyond the dollar figures, IRMAA is retroactive—which means if your 2023 tax return pushes you over the threshold, you’ll owe surcharges on premiums dating back to January 2024. That can translate to several hundred extra out-of-pocket dollars before you even see the bill. The silver lining? You can appeal if your income drop in the current year wasn’t reflected on your return (think big Roth conversions or one-off capital gains). Just be ready to provide documentation—tax transcripts, letters of divorce, or proof of retirement—so you’re not stuck footing the surcharge indefinitely.
4. Long-Term Care Costs Could Skyrocket
When two households merge, so do long-term care (LTC) exposures. A CNBC analysis highlights that average nursing-home stays exceed $100,000 per year—and premiums for LTC insurance spike steeply after age 60.
But here’s the kicker: if you both wait until your mid-60s to shop, insurers may refuse joint coverage altogether or slap on riders that exclude preexisting conditions. That means the spouse in better health could end up overpaying to subsidize the other’s risk—or worse, you could be denied coverage right when you need it most. A smarter play is to explore hybrid policies that combine life insurance with LTC benefits; those can lock in a level premium and pass unused death benefits to heirs. It’s an extra legwork move now, but one that could save your nest egg from being devoured by care costs decades later.
5. Required Minimum Distributions Might Shift
Once you hit 73, RMDs from IRAs and 401(k)s kick in. According to Kiplinger, combining your balances with your spouse’s can push you into higher RMD buckets—meaning larger mandatory withdrawals and bigger tax bills.
On top of that, those forced distributions don’t care if your markets just tanked or if you’d rather keep your cash invested. Too much RMD cash can drag you into unwanted Medicare surcharges or bump you into a bubble-bursting tax bracket. Strategic Roth conversions in the low-income years can help shave down your IRA balances before those RMDs arrive—just be mindful of the conversion’s immediate tax hit. Ideally, you’ll map out a multi-year plan that tames those distributions, so your golden years aren’t overshadowed by April’s paperwork and unexpected tax dues.
6. Beneficiary Updates—And Family Feuds
Don’t assume that your new “til death do us part” overrides old beneficiary designations. Life insurance policies and retirement accounts tend to pay out to whomever is named on the form—no matter what your will says. If you forget to update, ex-spouses or estranged kids could get that check instead of your new spouse.
Even if you both swear there are no skeletons hiding in your financial closets, mismatched designations can ignite probate battles that drag on for months—and cost a fortune in legal fees. Picture your loved ones squabbling over a life insurance payout because grandpa never changed the paperwork after his first marriage. A quick beneficiary audit should be your top priority once you’ve said “I do”—no cake required, just a few signatures and peace of mind for everyone involved.
7. Estate-Planning Fees Double Down
Drafting wills, trusts, powers of attorney and living wills for two may cost significantly more than for one. Lawyers often price bundle discounts for single clients, but once you become a couple, you’re back to full rates—or worse, paying for duplicative documents.
It’s worth shopping around: some firms offer special “marital packages,” but if you’ve got kids from previous relationships or unique assets, you’ll probably need custom clauses—think QTIP trusts or step-child provisions. Before you pick up the pen, compare a few quotes and ask about flat-fee options; you might find a boutique estate planner who’ll give you both a break on the sticker shock without skimping on the legal protection.
8. Medicaid Spousal Impoverishment Rules
If one spouse enters a nursing facility, Medicaid rules look at both partners’ incomes and assets. The “Community Spouse Resource Allowance” can protect only a portion of assets—often less than half your joint net worth. Anything above the cap must be spent down.
That means your healthy partner might see the shared nest egg dwindle to Medicaid minimums before your loved one even gets admitted. You could be forced to tap into savings earmarked for travel, grandkid weddings, or that dream cabin in the woods. Plan ahead by consulting an elder-law attorney or exploring Medicaid “buy-in” trusts, so you don’t end up with nothing but memories when you thought you were safeguarding a future together.
9. Higher Mortgage Rates for Two
Refinancing or taking out a new mortgage as a couple means both credit scores and incomes factor in. If one spouse has a lower score, it can nudge your rate up, costing tens of thousands over a 15- or 30-year loan.
And if you’re juggling other debts—like lingering student loans or a finance-company boat payment—your combined debt-to-income ratio might sink your chances at prime rates altogether. Before you sign any refinancing paperwork, get “pre-qualified” both individually and jointly to see which option gives you the best deal. Sometimes keeping separate mortgages for a little longer can save more than you’d expect.
10. Insurance Premium Surprises
Auto, home, umbrella—even pet insurance—often offers married discounts. But if one spouse has a history of tickets, claims, or a poor driving record, joint policies can skyrocket.
The same goes for homeowners: if your new spouse’s past claims or credit-based score flags them as high-risk, your homeowner’s premium could jump by hundreds a year. Always run quotes both ways—together and separately—before consolidating. And don’t forget to ask about loyalty discounts, bundling perks, or accident-forgiveness riders that could help offset any unwelcome rate hikes.
11. Credit Card Rewards Confusion
Rolling two credit cards into one joint account can double signup bonuses—but also means sharing responsibility for any late fees or interest charges.
If your spouse slips up on a payment or carries a balance, your credit score feels the pinch right alongside theirs. Shared rewards programs look shiny on the surface—think two welcome bonuses, extra points on travel and dining—but the downside is real: missed payments, unexpected APRs, and potential damage to your credit histories. Keep a calendar alert for due dates or set up automated payments so your shared points haul doesn’t turn into a shared headache.
12. Lifestyle Inflation in Retirement
Merging households often leads to joint bucket-list spending: family vacations, second homes, gifting to grandkids.
Before you know it, your “we’ll live off dividends” retirement plan morphs into “let’s buy the RV and see every national park.” That’s amazing—until you realize those big-ticket experiences can gobble down income streams faster than you can say “road trip.” Sit down with your financial advisor to run scenarios: if you tack on that European river cruise or lakeside chalet, how long will your funds actually last? A fun spreadsheet now beats a mid-life panic later.
13. Alimony and Child Support Impact
If either spouse is paying—or receiving—alimony or child support, getting married can trigger modifications or termination of those obligations.
Courts often view remarriage as a “changed circumstance,” meaning your ex’s alimony check could vanish the day you walk down the aisle. If you’re the recipient, congrats on the big day—but brace for that monthly boost to disappear. And if you’re the payer, marrying could mean retroactive credit or even back-owed support recalculations. Always loop in your family-law attorney before saying “I do” to understand exactly how marriage will reshape those legal financial commitments.