When life changes, should your financial goals change too?
After a health scare, Marcus and Fleur reassessed their financial goals, seeking a balance between living now and securing their future with tailored advice from their financial adviser.
Marcus and Fleur, both in their 40s, led active, healthy lives with two teenage kids. Their financial plan was straightforward: work hard until their mid-50s, then retire at 60 and travel the world. That all changed one weekend.
While heading to their kids’ sports event, Marcus suddenly felt unwell—dizzy, pale, and struggling to catch his breath. A coach with first-aid training noticed something was wrong and called an ambulance. Marcus was rushed to the hospital, where he was diagnosed with a pulmonary embolism (a blood clot blocking his lungs). Despite being young and fit, Marcus faced a life-threatening condition. He spent a week in the hospital and was prescribed lifelong blood thinners.
During his recovery, Marcus had time to reflect. He realised that while their financial plan was solid, it was built around the assumption that they’d always have time. His health scare forced him to reconsider what was most important now — spending time with family and enjoying life, not just waiting for retirement.
Reassessing financial priorities
Their key priority was clear: they didn’t want to sacrifice the future, but they also didn’t want to miss out on life now. As a financial adviser, we often help families and individuals reassess their financial goals when life changes. In instances such as Marcus and Fleur’s, we can help make some strategic adjustments to accommodate these new priorities.
Key strategies could include:
- Reviewing their investment portfolio: Shifting the focus from purely long-term growth investments to a more balanced approach, allowing for both future security and flexibility in the short term.
- Revising their savings and spending: By refining their savings strategy and reallocating some of their spending towards experiences they value, like family travel, to enable more enjoyment now, without jeopardising retirement goals.
- Building in flexibility
Financial Planning for Life’s Unexpected Turns
This experience reinforced that life can change in an instant. As financial advisers, we encourage our clients to review their financial plans regularly, especially after major life events.
You don’t have to choose between living for today and planning for tomorrow—you just need the right advice and a tailored plan.
Financial advisers can help navigate life’s uncertainties, offering solutions that allow you to enjoy life now while ensuring a secure future.
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