Even the best-laid retirement plans can be threatened when Cupid’s arrow strikes. As you navigate this new love, be sure to consider the following seven key planning areas.

Finding love in later years brings joy and new financial considerations. As Baby Boomers surge into the Peak 65® Zone, turning 65 in record numbers, 42 percent of those women are single, divorced, separated or widowed.

Many are dating again with higher stakes than in their youth. Both men and women need to understand the financial implications of new relationships on their independence, lifestyle and family benefits.

1. DEBT

Understand that financial obligations are crucial when entering a new relationship. If one partner has significant debt, like a mortgage or credit-card balances, a prenuptial agreement can help protect the other’s assets.

While you won’t be responsible for debts incurred before marriage, it’s wise to clarify financial responsibilities and who will be paying for what. Discussing liabilities openly can prevent future surprises and ensure both partners are on the same page about their finances.

2. RETIREMENT INCOME AND INVESTMENTS

Late-life relationships bring big decisions when it comes to marriage and whether to combine finances. Joining accounts can lower fees but may affect tax strategies and personal autonomy.

However, one partner may bring significantly higher assets to the relationship and may not wish to merge accounts, an important factor that must be addressed. Take time to map out where income is coming from, separate and combined, including Social Security, pensions, annuities and rental income.

These decisions come down to what’s important to both of you financially and emotionally. If maintaining financial independence is a dealbreaker, keeping assets separate might be best. A compromise could be to open a joint account for common expenses while keeping individual accounts separate.

3. SOCIAL SECURITY

Social Security plays a critical role in some older couples’ plans to remarry.

Be mindful that if one of you is divorced and claiming benefits from a former spouse, those payments will cease with remarriage. This is meaningful for a nonworking female spouse of a high earner who marries someone with a lower or no Social Security paycheck.

If you both have high career earnings, claiming benefits at age 70 can significantly increase your monthly payments vs. taking them right at age 62. A common strategy among couples is for one to claim benefits sooner, while the other begins at 70, providing immediate income while maximizing future benefits.

Consider factors like life expectancy, current income needs and the potential for spousal benefits. Reviewing your Social Security statements and running some claiming scenarios with a financial professional can help you decide the best time to claim benefits and ensure you get the most out of that income.

4. HEALTH CARE

Planning for health care costs in retirement is vital and will bring to light a few things you may not have considered when you were younger, such as: Medicare; and long-term care and cognitive decline.

Medicare options, such as Medicare Advantage plans and Medigap policies, need careful consideration, whether single or married. Each partner needs to evaluate the costs and benefits of available plans, especially if you plan to travel or move, because some policies limit coverage geographically.

Another factor to consider is that Medicare Part B premiums may increase based on joint income. If one of you is still working at Medicare’s enrollment age of 65 and eligible for your employer plan, you are not required to apply for Medicare; however, the employer’s plan must include drug benefits that Medicare recognizes as meeting their requirements.

According to Jae W. Oh, an education fellow at the Retirement Income Institute at the Alliance for Lifetime Income, many working individuals and their spouses opt to enroll in Medicare Part A (Hospital), which is free, and can be coordinated alongside an employer-sponsored health insurance plan. There are conditions that must be met, so be sure to check in with the Social Security Administration and your Human Resource department.

Medicare doesn’t cover long-term care, so it can be wise to evaluate long-term care insurance options to protect your assets. And, while unpleasant, you’ll want to give some thought to the possibility of cognitive decline and how you can best prepare.

According to a study by the Alliance for Lifetime Income, 42 percent of individuals over age 65 worry about it, yet more than one-third don’t know what to do about it. Discussing this with your doctor, family and financial professional can help you and your partner plan for potential needs.

Disclaimer: The views, statements and opinions expressed herein are those of the adviser and not necessarily of Foundations or their affiliates. The content provided is for educational purposes only and include information and statistical data obtained from third-party sources that Foundations deems reliable but in no way guarantees its accuracy or completeness. All third-party information and statistical data contained herein is subject to change without notice. No investment, legal or tax advice is provided. Always consult with a professional.