If there's a big age difference between you and your spouse, you face a few challenges. Some of those challenges are more benign, like not understanding each other's cultural references. Some are more hurtful, like dealing with social stigma and judgement from friends or family.
But perhaps one of the most significant challenges is around finances.
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At some point, they may find themselves at different life stages: one is ready to retire, while the other is still building their career. And, from a financial standpoint, that can get complicated.
"You're not planning one retirement, you're planning two timelines with one balance sheet," Jon Ulin, a financial planner in Boca Raton, Fla., told MarketWatch.
Age-gap relationships make retirement much more complicated. Here's what you need to know.
Health and health insurance
In about 7% of opposite-sex relationships — or 5.1 million couples — the man is at least 10 years or older, while in 2% of relationships (1.3 million couples) the woman is 10 or more years older, according to the U.S. Census Bureau.
And in almost a quarter (23%) of relationships, the man is four to nine years older. So the issue is more common than one might realize.
In age-gap relationships where one spouse is nearing retirement, the younger spouse may not want to retire. Even if both spouses want to retire at the same time, whether they can afford to is another matter.
And one of the biggest cost considerations is health. At 65, the older spouse is eligible for Medicare. But if the younger spouse is 55, they'll need to bridge the gap for a decade.
The retiring spouse could see if their employer offers spousal coverage extensions, but extensions are typically 18 to 36 months — so it's not a permanent solution (but helpful for couples who are retiring a year or so apart).
That likely means purchasing individual coverage through the Health Insurance Marketplace, which averages around $540 per member, per month, according to the Peterson-KFF Health System Tracker.
"The alternative is having the younger spouse work another 10 years, which often sounds better on a spreadsheet than it does across the kitchen table," Ulin told MarketWatch.
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