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Have You Gotten a Second Opinion for Your Long-Term Financial Health?

Financial Health

Photo Credit: Flickr/401(K) 2012

We are so accustomed to seeking a second opinion for our physical health, yet how many people seek a second opinion when it comes to long-term financial health? In my experience, not many do.

Financial health is second only to our physical health as we age.

If you have great physical health your financial needs may be required to extend well beyond your income producing years. Currently, the average life expectancy for men and women in the U.S. has reached the mid-80s and the Social Security Administration estimates that one in four 65-year-olds will live into his or her 90s.

If, on the other hand, you have unlimited means and poor health, you may not be quite so concerned. However, that is more the exception than the rule.

So, what constitutes a second opinion in the financial health arena? Typically, a second opinion will:

•Validate your current strategies.
•Provide another perspective on your strategies.
•Find any innocent mistake.
•Check for any outdated beneficiary designations.
•Check for tax strategies and exposure to recent changes.
•Uncover any simple paperwork errors.
•Evaluate any fees you are subject to – hidden or not.

Second opinions have been known to save lives in the medical field. You may find the same to be true when you seek a second opinion on your long-term financial health strategy. The sooner you get your second opinion, the sooner you’ll be able to put the potentially life-saving or life-changing strategies to work for you.