According to the US Census Bureau, about 1 in 5 people over the age of 60 have married at least twice. However, all marriages are not created equal. The Schwab Center for Financial Research lets us know that “Unlike those just starting out in life, many older individuals have adult children, substantial assets, and established financial habits that may not easily mesh with those of another person.” One area that bears particular attention relates to how marriage may affect sources of retirement income, such as Social Security. For example, generally, you can collect 100% of your own benefits or up to 50% of your spouse’s benefits, whichever is greater. However, if you’re already collecting based on an ex-spouse’s work history, getting remarried will likely end that benefit, and future benefits will be based on yours or your new spouse’s work history. If you’re widowed from a previous marriage and planning to collect survivor’s benefits, remarrying before age 60 could eliminate that option. Call us if you’d like help in sorting through your sources of income. We may have some ideas for replacing the income you might lose. We’re always here to help.