Some couples may have a little more housekeeping to do before tying the knot, especially if they’re older – as was the case with astronaut Buzz Aldrin, who got married on his 93rd birthday, and his “longtime love.” Retirement Tip of the Week: Before saying “I do,” all couples should have serious conversations about their expectations, their finances and anything else important to them – but older couples in particular should review their assets and what they wish during life and death before getting hitched.
Aldrin, known for being one of the first men to walk on the moon, said in a Facebook post on Jan. 20 he had married his partner Dr. Anca V. Faur in a small private ceremony in Los Angeles. They were “as excited as eloping teenagers,” Aldrin wrote. Faur, who has been in a relationship with Aldrin for almost five years, serves as executive vice president of the astronaut’s company, Buzz Aldrin Ventures.
See: Why getting married later in life can be a big financial mistake The astronaut joins the growing number of older Americans who are married. While younger adults have been pushing off vows until they’re in their late 20s, 30s or beyond, older Americans have seen an uptick in marriage rates – thanks in part to longer life expectancies, according to AARP. Older adults are also more likely to be remarried, the Census Bureau found. Getting married is a big commitment for any couple, but older couples may have a few more considerations given their richer history, potentially larger families and extra time to accumulate assets and belongings. Some advisers suggest creating a prenuptial agreement, especially if they have children or live in community states where property is treated as equally each partner’s, said Wes Shannon, a certified financial planner at SJK Financial Planning. The document can be shredded later, but it can’t be retroactively created, he tells his clients. See: My mother’s husband has two children. What happens to my inheritance if my mother dies first? Will my stepfather’s family inherit money from her estate? Estate planning can be tricky when children from previous relationships exist, said Brad Wright, a certified financial planner at Launch Financial Planning. (Aldrin has been married three times befor …