Marrying Later: Say “I Do” with Financial Resilience

Statistics show that in many countries, people are choosing to marry later1in life. This trend is no different in Singapore. Richard Ong, Senior Group Director of Richard Ong Group, SG Alliance Pte Ltd, shares three must-dos for couples considering to delay matrimony to achieve financial resilience.

Love and Money are two of the most sought-after life goals, yet money troubles are consistently the root of relationship stress and breakdown. On the other hand, research2 also supports that married couples build more monetary wealth over their lifetime than those who are single. When two people decide to spend their lives together, it is important to get to know each other’s vision not just as life partners but also as a financial team.

Regardless of the age you plan to marry, discussing your financial goals as a couple is a critical part of the conversation on your shared life goals. The discussion is even more crucial when you marry beyond your mid-30s, when you are effectively half way to your retirement age.

If you have a financial consultant, get them into the picture about your couple goals. In the meantime, here are my thoughts on the top three things to do ahead of the most important day of your life.

Show All Your Cards

When you are in your 30s and beyond, you are likely already more confident of who you are and the life you want. You have likely gone through experiences that make you wiser at managing your treasured relationships, approaching touchy topics and having hard conversations. For many, marrying later also means having more time to achieve stability in career and finances. On the other hand, you might also have had more time to accumulate more debt and heftier financial commitments.

Discuss it all with your intended. Strong relationships and indeed, the binding bond of marriage, are built on trust and transparency. No person is perfect, and when you start your life with all your cards on the table, you are buffering your union from the shocks that can chip away at the foundation of your marriage.

Plan As A Team

Marrying later in life also means you have likely established your own financial roadmap. From your savings plans to your investments, insurance policies and even your retirement nest-egg, marriage is a good opportunity to be more strategic in your wealth planning as a couple. Having a holistic view of your individual resources combined might reveal not only opportunities but also gaps in your strategies and plans.

Get The Edge As You Age

Developing a comprehensive financial strategy is critical for older marrying couples because you don’t just want to grow old together, you want to age gracefully in good health. Technically, you might be disadvantaged with the shorter runway to secure a financial future that you both hope to enjoy. The key topics to discuss with your financial consultant should include dependent protection, critical illness coverage, disability and long-term care, retirement planning and legacy planning. Your financial consultant might also be able to refer professionals to you for will writing and lasting power of attorney (LPA).

Financial stability and a resilient relationship go hand in hand. For couples getting hitched later, there are unique considerations in financial planning that a professional financial consultant can shed light on.

A trained eye and an experienced hand will be invaluable in getting a deeper understanding of the similarities, differences, and interdependencies between the couple. This will go a long way in increasing the stability of the union. As an experienced financial consultant who has helped many happily married couples grow their financial and family dreams, my team and I at SG Alliance are happy to help you and your partner grow stronger together.

1Source: Our World in Data,
2Source: APSE,

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