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Old 09-05-2017, 01:19 PM   #2
Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta

This is difficult because its a really broad question. In general though you definitely should look at your beneficiaries for things like RRSPs, life insurance and you company pension plans and insurance through the company. I had a client earlier this year who passed away and they hadn't looked at all of these. They were married for many years, and still had their parents as beneficiary for an RRSP. That is a significant disadvantage because the RRSP would otherwise transfer over to the spouse with no tax...but they have to be the named beneficiary.

As far as planning goes you will want to have some discussions on a few topics. Retirement is perhaps many years away, but laying the groundwork in your early 30's is good because you can ensure being able to retire closer to when you want and with the income you would like. I do understand that with it being a few decades away that it's not the top priority though and these targets and such tend to change with the rest of your life. Another topic that you might want to review is personal insurance. Often when people are single with no dependents they might have very little for insurance needs. While this doesn't mean you have an enormous need all of a sudden, quite a few people want to consider looking after their partner if they become ill or disabled, or of course making sure they can live a similar lifestyle if they were to pass away. Insurance is the best way to look after those risks.

If this isn't quite what you're after, or you have any other questions just fire away, or send me a message if you prefer to keep it confidential.
Slava is offline