DEAR STEEL ADVICE: Should you get married if you are in your 70s?
-- THINKING ABOUT IT
DEAR THINKING: Love and romance do not come to a screeching halt when you hit the 70 mark. Older lovers embrace each day with the realization that their time together is special and precious. Seniors who choose to marry adhere to traditional values. Many view living together only acceptable if they are married. "Till death do us part" can be a long road, however, if a spouse quickly becomes the new mate's caregiver. Adult children of the couple are often supportive of their parent's later-in-life marriage because it relieves them of the responsibility and burden of caring for their aging parent. "Aren't they darling," is another way of saying "You married him/her. So now you go to the doctor appointments."
Many older couples prefer to date, travel together and have a physical relationship without the benefit of marriage. They may or may not share a residence. These seniors view their unmarried arrangement as less complicated and the better decision. Losing control of finances and the fear of being an instant caregiver are often driving forces for seniors who are very much in love to choose to maintain their independence. Prenuptial or not, avoiding the knot is the right decision for them.
DEAR STEEL ADVICE: Recently I had a solicitation to purchase long-term care insurance. I am age 52 and in good health. The arguments for the insurance seemed to make sense, but I am not otherwise familiar with this type of insurance and to the best of my knowledge I don't know anyone who bought such a policy. Is buying this type of insurance considered a reasonable thing to do at my age?
-- CONCERNED CUSTOMER
DEAR CONCERNED CUSTOMER: Long-term care insurance is a great product for some people and a waste of money and a mistake for others. Educate yourself to the pros and cons of this type of insurance before you make any purchase. The more informed you become, the more confident you will be when you make your decision. Insurance products as part of your overall financial plan should be coordinated with your assets, income and other family responsibilities. Consider evaluating your decision with a fee-based financial adviser who can give you an unbiased opinion and who is not selling a product. The long-term insurance shoe does not fit everyone.
Need some Steel Advice? Email questions to: firstname.lastname@example.org or write to Mary Ann Wellener, Steel Advice Column, c/o Pittsburgh Post-Gazette, 34 Blvd. of the Allies, Pittsburgh, PA 15222. Follow Mary Ann on Twitter at @PGSteelAdvice. First Published October 1, 2013 4:00 AM