Postgres 14

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CREATE TABLE tableA(
    id          INT,
    column_a    VARCHAR(20)
);
INSERT INTO tableA VALUES
(1, 'conserve'      ), 
(2, 'balance'       ), 
(3, 'balance growth'), 
(4, 'aggressive'    ); 
4 rows affected

SELECT * FROM tableA


id
column_a


1
conserve

2
balance

3
balance growth

4
aggressive


UPDATE tableA
SET
  column_a = CASE WHEN column_a = 'conserve'       THEN 'fixed'
                  WHEN column_a = 'balance'        THEN 'moderate'
                  WHEN column_a = 'balance growth' THEN 'moderate growth'  
                  WHEN column_a = 'aggressive'     THEN 'moderate/agressive'
             END;
4 rows affected

SELECT * FROM tableA


id
column_a


1
fixed

2
moderate

3
moderate growth

4
moderate/agressive