Social Security, Retirement Funds and 3 More Financial Concerns Boomers Should Discuss Before Getting Married
Written by
Chris Adam
Edited by
Jenna Klaverweiden
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Marriage at any age can come with lots of financial considerations. When you’re basically combining two budgets and financial lives into one, there are bound to be issues that arise.
This can be especially true when boomers tie the knot. From Social Security to retirement funds and much more, here are what some experts told GOBankingRates boomers should discuss before getting married.
Social Security
Social Security should be a major consideration before getting married.
“When boomers get married later in life, Social Security decisions can have a huge impact,” said Shanli Liu, founder of FreedomFolio. “I always tell clients to think carefully about the timing of their benefits, sometimes it makes sense for one spouse to claim early while the other waits to maximize lifetime income.”
Retirement Accounts and Pensions
Liu encourages couples to review all retirement accounts and pensions together before tying the knot.
“Questions like whether to merge accounts or keep them separate, and how much income each will provide, are essential,” Liu said. “Aligning expectations early builds trust and keeps long-term finances on track. It also allows for smarter, joint decision-making about future investments.”
Survivor Benefits
Per Liu, spousal and survivor benefits are often overlooked, but small decisions here can add up to big money over time.
“Talking this through before marriage removes guesswork and avoids surprises,” Liu said. “It also protects both partners’ financial futures. Starting this conversation early gives peace of mind and sets the stage for a secure retirement together.”
Taxes
According to Christopher Stroup, founder and president of Silicon Beach Financial, married filing jointly can lower overall taxes but may also push income into higher brackets.
“Review withholdings and estimated payments to avoid surprises,” Stroup said. “Strategic planning like charitable contributions or Roth conversions can help reduce your joint tax burden while aligning with retirement goals.”
Healthcare and Long-Term Care
Healthcare and long-term care costs are often underestimated, but they can create major stress later, according to Liu.
“I always advise couples to discuss whose insurance they’ll use and how to cover out-of-pocket expenses,” Liu said. “Planning for long-term care, even with small dedicated funds or supplemental insurance, can prevent huge headaches down the road.”
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