A New Chapter: When Health Takes the Lead

Marcus, a 56-year-old architect from Miami, is at a crossroads. He’s built a solid financial foundation, with a net worth of $2. 4 million and only a $150, 000 mortgage left. But life has thrown him a curveball—a serious health diagnosis that could return within two years. Now, he’s grappling with a tough question: Should he keep working and leading his nonprofit, or step back to enjoy life? Money isn’t the issue here. Marcus has done well—living below his means, saving, and investing wisely. He’s debt-free and financially secure. But when health takes center stage, priorities shift. It’s not about accumulating more wealth; it’s about making the most of the time he has. First things first: Marcus needs to secure his health coverage. He should understand his insurance plan, including deductibles, copays, and out-of-pocket maximums. If eligible, he can use a Health Savings Account to manage medical costs tax-free. Long-term care insurance is also something to consider, as extended medical care can quickly drain savings. His family’s financial security is another priority. He should update his will, trust, powers of attorney, and beneficiary designations. Reviewing life and disability insurance policies is crucial to ensure his loved ones are protected. At this point, Marcus doesn’t need to retire; he needs to redefine his goals. He’s financially independent, which means he can design his life on his terms. But what’s most valuable to him now—impact, experience, or peace? If impact still drives him, he can scale back his work instead of quitting. He could become an advisor at his nonprofit, training the next generation to carry on his mission. This way, he can keep his legacy alive while freeing up time to rest and recharge. If experience is his new priority, it’s time to use his money for meaningful experiences. Travel, reconnect with loved ones, and revisit dreams that got pushed aside. He’s earned that freedom. Spending wisely is key. It’s tempting to throw caution to the wind when facing a health crisis, but the same financial habits that built his wealth can now sustain his peace of mind. He should outsource tasks that drain him, invest in his health, and create memories that matter. Paying off his mortgage is a smart move. It’s one less bill and one less headache. The peace of mind that comes with being debt-free is priceless. Marcus should create a purpose budget—one that aligns his money with what matters most. He can safely draw 4 percent from his investments, which is about $96, 000 a year. This should be enough to maintain his lifestyle, fund meaningful experiences, and continue his mission. Protecting his loved ones is crucial. He should ensure all financial accounts have joint ownership or clear beneficiaries. If he has a life insurance policy, he should explore whether it includes “accelerated benefits, ” which can provide access to funds for care while he’s still alive. In the end, wealth isn’t about numbers—it’s about living with purpose while you still can. Marcus’ story reminds us all: protect what you’ve built, cherish who you love, and spend your time—and your money—on what truly matters. That’s real wealth. That’s real life.