Planning your life with your spouse
Marriage is a wonderful time to share with family and friends and it also takes a lot of hard work. Besides the wedding, you will also have to plan for the future on how the family will grow and be managed.
In the mist of all the exciting new marital events such as the wedding, honeymoon, and first home, make sure you give yourself enough time to take care of the pre- and post-wedding finances too.
Planning and budgeting is a continuous effort and as a couple, you should be making some important decisions on issues such as the following:
- Start a personal financial plan to help you reach your goals
- Open a joint savings plan to save for shared short-term goals, like a new home or a trip
- Start planning for your retirement. After you’re married, you can also take advantage of a spousal RRSP
- If you have a life insurance policy already in place, you may want to make your new spouse the beneficiary. You may also want to increase the amount of coverage as needed
- You may want to revisit your benefits plan coverage at work. Does one of you have coverage through a group plan? Can you combine coverage to maximize your benefits? Should you add a spouse to your plan?
- Do you have a pension plan? If you do, you may want to consider adding your new spouse as the beneficiary of this plan.
Have a Best Advice agent help guide you through planning for the years ahead.