Jason Moss is an Independent Financial Adviser at Harvest Associates and writes a regular column for Altrincham Today on pensions, investment planning and making the most of your money.
Most people don't get a warning when life suddenly changes. A serious illness, the loss of a loved one, or something unexpected affecting your ability to work can turn life upside down overnight. Would you know what to do next?
This is what I often refer to as a "lifeboat moment" – when normal life stops and you're forced to navigate a completely different reality.
Planning for a lifeboat moment means having some really difficult conversations. What would happen if you weren't around? If your income stopped tomorrow? If you had to manage the finances on your own?
For many, the biggest challenges are surprisingly practical. Would your partner know how to access your accounts? Could one income realistically support the household? How would the mortgage, bills, or childcare be managed?
It's not just families who need to think this way. For business owners, the questions can be even more complex. Who is responsible for generating revenue? What happens if they're no longer here? Who would inherit the business's shares? Would they have the ability or interest to be involved?
These are not easy things to think about. But addressing them early gives you control, clarity, and peace of mind at a time when it matters most.
The biggest risks are the gaps in planning
In my role as an Independent Financial Adviser, these are conversations I have with clients regularly. It's not just about building wealth or planning for your desired future – it's also about protecting against events you hope never happen. This could mean saving more to help you meet your retirement plans whilst putting measures in place to protect worst-case scenarios like loss of income, ensuring the household can continue if your circumstances change.
Ultimately, good planning isn't just about achieving your goals. It's about making sure you and the people who depend on you are prepared if things don't go to plan.
None of us like to dwell on worst-case scenarios, but having a plan in place can make an incredibly difficult time just that little bit easier to navigate. In my experience, the biggest risks aren't financial – they're the gaps in planning that people don't realise exist. If you'd like to understand what your situation looks like now and in a lifeboat moment, please get in touch and we can help you plan for your future whilst also preparing you for a worst-case scenario.
Get in touch: e. jmoss@harvestassociates.co.uk m. 07703 341 285 w. harvestassociates.co.uk
Harvest Associates is authorised and regulated by the Financial Conduct Authority. FCA registered number is 629749. The above information does not constitute financial advice. The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
