well the thing is - we don't know
the magnetic field is extremely important for life on earth as it protects us from a huge amount of radiation from the sun, so big changes in the field COULD have massive consequences on earth.
however, we know some of the times it has changed previously, and they don't seem to be associated with any mass extinctions.
We also don't really know how quickly it shifts, it could take up to tens of thousands of years, or happen relatively quickly in a few decades.
and we have absolutely no idea when it will happen, other than Organ Morgan's link, who says it is going to happen on Thursday.