Statistics show that about half of marriages end in divorce. Ed and Liz are ending theirs and are concerned about changes that will have to be made to their financial and estate plans. Some considerations, also in common-law relationships, are:

Life Insurance - The first thing that needs to be done is review beneficiary designations. If there are children, they may be the new beneficiaries. Trustees will be needed if they are minors. This affects both personal plans and group benefits. When one parent is responsible for child support payments, new life insurance may be needed to cover this obligation.

On May 25, 2009 Finance Canada announced some proposed changes to how Canada Pension Plan will work.

If approved, the changes will take effect over a period of time from
2011 to 2016, so they will affect anyone planning to retire after 2010.

Many believe that if they need long term care, either in their home or in a facility, that the cost will be covered by provincial health care or other government agencies. While there are certain programs available, a significant portion of these costs are the responsibility of the patient.

Ted and Martha had been retired for about ten years when Martha developed a cognitive impairment. Ted was able to look after her for a little over a year, but then Martha had to be moved to an extended care facility. The monthly cost of $2,500 meant Ted had to draw an additional $46,000 per year, before taxes, from his RRIF. Less than five years later, Ted's RRIF ran dry.