Location: Iowa
I (25) am trying to plan for my partner’s (59) retirement as well as my own. We live a simple life, financially, and have no intentions to change that. My concern is surrounding my partner’s lack of retirement savings. My partner is an alcoholic 12 years sober. As a result they had debt when they got sober and worked to pay it off. They are now debt free but has absolutely nothing in retirement funds.
I work in banking and have room for my career to progress significantly as time passes, but I’m concerned that if I must foot the bill for their retirement expenses, I may not be able to retire myself when the time comes.
My partner and I would like to be married, but we are concerned that entangling our finances might negatively impact our individual finances in the future.
Should my partner and I get married on paper or should we just stay together without a formal marriage?
What can they do in the mean time to help prepare?
How would our marriage and the age gap affect things if they were to pass before me (since this is likely)?
Any insight would be helpful, thanks in advance.
Comments
Will and trust attorney for this the legal aspects. Without a trust attorneys input no one shd be advising u here. These questions are legal and then personal.
Will ans trust attorney for the both of you as well as a financial advisor for him and both of you.