As we’ve seen with the recent TV commercials about The Golden Bachelor, dating isn’t just for 20-somethings. Many people find themselves single and seeking companionship later in life due to the loss of a partner, divorce (gray divorce is on the rise, learn more about it here) or other reasons.
While the dating scene may have changed since your last go round, many things remain the same and dating later in life can be a rich and rewarding experience. It’s important to find the right fit for your next companion but with new technology and scams on the rise, you want to stay safe and be careful about how you handle finances and a new partner.
We’ve got nine tips, to help you navigate:
Trust Your Instincts:
Gut feelings are often accurate. If something doesn’t feel right, don’t ignore it. Your life experience is significant so if you sense a red flag listen to it.
Maintain Financial Independence:
While sharing expenses and assets can be a part of a relationship, maintaining your financial independence is important as you navigate a fledgling relationship. Keep separate bank accounts and retain control over your financial decisions.
Beware of Scams:
Unfortunately, scammers often target older adults in dating scenarios. You may have heard the term “catfish” before…there’s even a whole show about being catfished where you meet someone online but they aren’t who they say they are. Be cautious if someone quickly professes their love and financial struggles as this could be a tactic to not only prey on your emotions but also your bank account.
Avoid Sharing Sensitive Information:
Protect your personal and financial information. Avoid sharing details like your phone or computer logins, social security number, bank account numbers or credit card information with someone you’ve just met.
Verify Before Investing Emotionally or Financially:
If a potential partner discusses financial matters or investments, take the time to verify their claims. Consult financial advisors or experts before committing funds or making significant financial decisions.
Plan Joint Expenses Carefully:
If you decide to share expenses, create a clear plan for how these will be managed. A written agreement can help prevent misunderstandings if you’re going on a trip together or sharing a significant cost item.
Protect Your Credit:
Regularly monitor your credit reports and scores to ensure your financial well-being remains intact.
Be Wary of Co-Signing:
Think twice before co-signing loans or financial agreements for someone you’re dating. Co-signing can have long-term negative consequences on your credit and financial stability so be smart and don’t let emotion or newfound love cloud your rational thinking.
Stay informed about financial matters, investments and scams which often target older adults. Knowledge is power against potential financial pitfalls.
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