Has anyone changed investment strategies based on learning they have prostate cancer?

A wise evaluation I think!

In my case, I did retire (due in substantial part to my medical condition) at the age of 68 - two years ago. But ... my first Dx of PCa was in 2003/2004 while I was 61 ... and while my small business was doing fairly well at that time, I started to think about the volatility and mix of some of my investments, as well as, the beginning of a Roth Sep that was started at about that time.

The treacherous years of 2001/2002 in my Janus Funds and the initial Prostate Cancer Dx shortly after that did change my optimism of the market ... and I headed for 80% safety and 20% high stakes shortly thereafter. Essentially 9-years later, I'm not sorry.....!!!!

There's still a little rush when I see how the Vanguard REIT Index Fund has done nearly every year (or month for that matter) over the past 6-years, but just about everything else is more conservative. It is a pleasure to see everything in a positive growth mode each year - even if not spectacular. And an expected reduction in longevity makes "today" far more important than 10-years from now might be. 

I think it's an attitude of "realism" rather than pessimism! Good luck on your evaluation! 

Once 401K's came along, any hope of a defined-benefit pension for me was over.

Since I am a few years from possible Social Security, and even further from Medicare, I have to focus on stability and preservation. I have always been conservative in that respect.

Nothing really changed for me, other than making sure I max out what I can contribute and get matched for 401K & HSA. 

I got PCa at 40, not at 65. I did fine, but I always wonder what to make of my longevity at this point. My perception of it has certainly changed. Don't worry, JNF, I won't ask you how long I should plan for :)

I did.
I spend it faster than it comes in now.
You can't take it with you, and besides, it's only money.

I am in a place I am working on the theory that my PC is still in the curable stage so I've made no chances to my long term investments or working plan. This PC thing might affect my ability to retire early because I can't really afford medical without a job or medicare.

If chances of a cure fail - well there will be what I set aside for my wife and the rest will go to the party fund. If I time it right, I'll die the day I spend my last dollar.

Andrew

It's a crap shoot for sure. I had my original PCa diagnosis and treatment at age 56. I decided to retire at age 65 1/2 because I figured we could pay off our house from savings and buy two new cars with no tax consequences (thanks to a very small inheritance) and then should be able to live on my and my wife's Social Security plus reasonable withdrawals from our IRA's and 401k's.

In a better world I'd have worked another year or two, but I really hated my job, even though it paid a high-five to low-six figure income based on salary plus bonus. But it was a very high pressure job--many all-nighters on international phones/e-mails etc., and I'd already had two cancers plus salvage treatment for one of them. There comes a point where I -- we -- really need to cut the crap and do some things we really enjoy doing.

So far things have been ok financially. I'd like to have an extra couple of hundred K in our investment accounts. We can live ok on our S.S. plus an additional $15 to $20k or so drawn from our earnings on our investments, based on normal expenses. The harder things are the unexpected expenses -- a sudden large dental bill or home repair bill, beyond budgeted annual maintenance and expenses. If one or both of us lives into our 90s, we might outlive our savings. But then there is also the equity in the paid off house.

But, given the high stress of what I did for a living, I still turn down job offers when they come. I'm sure the offers won't come at all in a while if I continue to turn them down. But I just can't imagine going going back to that world of pretense, made-up titles, and self-inflated egos that is the backbone of corporate life. Screw it! I'm done!

Worst case, if either of us outlives our money, the survivor will sell the (paid for) house and move into subsidized town housing. And I've told my wife that I've lived in barracks with no stress and that if I lose my mind or my physical control I expect and want her to hand me over to the V.A. for storage and maintenance.

Tall Allen... :)

The only thing I have changed, is that I've decided to spend my children's inheritance.

I've also highly encouraged my parents to spend mine and get out and enjoy life. They gave me life, they owe me nothing.

So far, my kids seem to be in total agreement.

Perhaps when I am old enough to take out a reverse mortgage, they may change their minds. ;)

Good thread

Indirectly yes, I have changed my financial plan. I am 52 and really want to get off the merry go round of being a securities attorney and worrying every day about my clients ability to make money. So I want to make a change within the next 5 years and do something else. While my health remains good I want to spend a little of what I have been saving for 30 years. I also need to make sure the nest egg is there for my family when I'm done. All that dictates a more conservative investment allocation. However, given what will likely happen with interest rates in the next 5 years, conservative does not mean investing in fixed income. Ironically, stocks right now are probably a more conservative play than bonds

I kiss my retirement goodbye every morning, well not every morning, but 5 days a week I do.
Only 14 more years to go.

..I am so glad I took that term life insurance when I did because now I do not think I would get the same rate or the policy at all for that matter..

.......Nick........

I'm a financial planner and although I'm not a money manager, I build portfolios for clients that they can manage on their own. Like JNF, having a conversation about longevity is an important part of the decision. Also like JNF, it makes sense to err on the side of longevity--it can be a real drag to be 93 and broke. Given this, the answer is different for everyone depending on their circumstances. At the same time, for most of us (thankfully) our cancer won't be the cause of our demise.

But you also have to consider the non-financial side of the equation and how you feel about money. It was very interesting to read many of the comments here about leaving a job or spending their children's' inheritance. If your cancer changes the way you look at and value money, I think that's a legitimate reason for changing your investment strategy (as well as other aspects of your life).

On a sad note, I have a new client that came to me last month for advice on how to invest a substantial amount of money she inherited. She contacted me yesterday to tell me that our initial plans have changed since she had been diagnosed with lung cancer (she's a non-smoker) and her doctor advised her "to put her affairs in order." She's just the sweetest woman--in her 70s, never married with no children and it just broke my heart. In this case, we certainly need to plan her investment strategy accordingly.

Michael

This is a great question. I have always been an extremely avid/actie investor. I still spend 50-120 minutes per day managing a self-directed IRA account.

My strategy as a young/middle-aged adult was to save money and every few months put slugs of it into assorted mutual funds. Over 35 years, needless to say, it built up. Additionally, I am very active in the options markets. I sell naked puts on stocks that have good options premiums. If put to me, I then sell covered calls. This provides a very nice stream of income.

Additionally, I have invested in assorted bonds that provide additional safety and income.

The PC impact has been tough on me psychologically for the bond portion of my portfolio. I can  no longer look at bonds that have a maturity of even 15 years or longer. My future is cloudy. If I consider buying them, it is for the income with the idea that when it matures my wife will get the money. Now, that's fine, but it is not a happy way of looking at it.

In terms of working, I LOVE my work (I know I seem to be a rarity in that area). I always thought I would work as long as I enjoy it, and not a minute longer. Now, there are all sorts of health issues/uncertainties. But, so far so good as the HT has not impeded me cognitively nor emotionally. But as I said in a different thread, the SE sneak up one you, so I am keeping my fingers crossed.

Mel