Jim and Sharon, a couple in their 40s with two teenage children, were living an active and healthy lifestyle. Their financial plan was straightforward: work hard into their mid-50s, then retire at 60 to travel the world. But one weekend turned their plans upside down.
On the way to a kids’ sports event, Jim suddenly felt unwell—dizzy, pale, and short of breath. A first-aid-trained coach noticed and called an ambulance. At the hospital, Jim was diagnosed with a pulmonary embolism—a life-threatening condition caused by a blood clot in his lungs. Though young and fit, Jim now faces lifelong treatment.
During his recovery, Jim reflected on their financial goals. Their plan assumed they’d have ample time, but this health scare shifted his priorities. He realized the importance of enjoying life now—spending quality time with family, rather than just planning for retirement.
Reassessing Financial Priorities
Jim and Sharon decided that while securing their future remains important, they also want to live fully in the present. As financial advisers, we often help families adjust their goals to adapt to life changes like these. Here are some key strategies that can support such a shift in focus:
- Reviewing Investments: Moving from long-term growth to a more balanced approach to ensure both future security and short-term flexibility.
- Revising Savings and Spending: Tweaking their savings strategy and reallocating funds towards meaningful experiences, like family travel, to enjoy life now without compromising retirement.
- Building in Flexibility: Creating a plan that allows adjustments for unexpected life changes.
Financial Planning for Life’s Unexpected Turns
This experience is a reminder that life can change in an instant. As financial advisers, we recommend reviewing financial plans regularly, especially after significant life events. With the right advice and a tailored plan, you don’t have to choose between living for today and planning for tomorrow.
A good financial plan should help you enjoy the present while ensuring a secure future.
The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.