“We did a plan years ago. We’re set.” Is Your “First Aid” Financial Plan Already Expired?

The other day, Sheri was doing a bit of summer cleaning and found our old first aid kit—one of those plastic boxes with the red cross on the front. From the outside, it looked perfect: neat, organized, and full.

But when she started checking the expiration dates, reality hit.

The antibiotic ointment? Expired in 2021.
The allergy meds? Dry and crumbling.
The cold compress? Hardened and leaking.
Even the bandages had lost their stick.

It had everything you’d expect in a first aid kit—except usefulness. If we’d needed it, it wouldn’t have helped at all.

And that got me thinking… I see the same thing with financial plans. People tell me, “We did a plan years ago. We’re set.” But when we look inside, the numbers are outdated, the assumptions no longer match reality, and life has changed in ways their plan hasn’t kept up with. They believe it’s ready for an emergency—until it’s not.

And the worst time to find out is during a crisis, like:

Career & Income – Job loss, a major pay cut, or a business closure.
Health & Medical – A sudden surgery, chronic illness, or long-term care need.
Family & Relationships – Divorce, supporting aging parents, or caring for a grandchild unexpectedly.
Home & Property – Roof collapse, plumbing disaster, or natural disaster damage.
Market & Financial – A portfolio drop right after retirement, a sudden spike in interest rates, or a surprise tax bill.

That’s why “set it and forget it” isn’t a strategy—it’s a gamble. Financial planning is a living, breathing process that needs regular checkups, just like your health.

So here’s my challenge to you: Pull out your “financial first aid kit.” Check the dates. Are your strategies and assumptions still relevant? Because life doesn’t stand still—and your financial plan shouldn’t either.

And if you’re not sure what you’re looking at, reach out to me, 480-513-1830. I’ll help you see if it’s ready for the life you have now… not the one you had a decade ago.

All the best, Charles

Charles C. Scott AIF®, CDP®

ACCREDITED INVESTMENT FIDUCIARY®CERTIFIED DEMENTIA PRACTITIONER®

**************************************************************************************************************************************

Order a FREE copy of my new book, Protecting Your Assets from Long-Term Care, click here.

Watch, The Five Biggest & Costliest Misconceptions About Long-Term Care, click here.

Download, The 10 Critical Things Seniors Need to Know About Long-Term Care, click here.