Falling in Love? Long-Term Planning Could Mean Assisted Living

If you're engaged or newly married, it's time to have the conversation — the one about what's going to happen to the two of you when you get old. People are living longer, and even though they might not really want to talk about it, it's important to decide what you're going to do and how you're going to live in your final years and in declining health. It's not the most thrilling conversation you've ever had, but it will be one of the most important ones to deal with. Talk about it now so you're not trying to make decisions that you're not sure about later, when your loved one is sick and can't answer for themselves.

One of the topics you'll need to cover is assisted living. It's not the same as a nursing home, but it still provides for a level of care that you wouldn't get when living on your own. It can be expensive, but not if you plan for it in advance and check into what insurance options you'll have. It should be part of your financial planning, just like funeral expenses, your child's college, travel, new cars, or anything that's a big purchase and that would be life-altering or have the potential to change things for you and your loved ones.

By talking about things early, you can make decisions together. You'll be prepared when you're older, so you won't have to worry so much about whether you can afford the things you planned on so long ago. You'll also know what you want — and what your spouse wants — which is a great way to offer peace of mind, even during trying times. Falling in love can be easy, but planning for a life together is more complicated. Take the time to do it right.