March 21, 2014
Loganville, GA – When starting your retirement planning, incorporating sustainable income strategies is imperative to keep up with rising health care costs, inflation and more according to a local financial professional.
“There are several important factors to take into account when assessing your retirement options,” said Damon Ladd-Thomas, Investment Professional of Damon Ladd-Thomas Wealth Management. “Saving enough for retirement is not always the final solution. Creating ways to generate sustainable income when unexpected costs arise is just as important.”
Ladd-Thomas outlines four different issues retirees typically face that their next eggs may not take into account, such as major health care expenses, inflation, withdrawal rates and life expectancy.
“Modern medicine and technology have positively impacted American life expectancy rates,” said Ladd-Thomas. “People are now living longer and too many retirees are outliving their money—a problem we’ve only recently faced.”
Similar to life expectancy, the cost for health care has also seen a steady rise. Some retirees find it difficult to keep up with the cost of medication, long-term care and various other entities they need to maintain their lifestyle. Additionally, simple miscalculation of either withdrawal rates or inflation can cause detrimental harm to retirement savings if used for payment purposes of health care costs.
“Health care expenses, both foreseen and unexpected can wreak havoc on retirement savings,” said Ladd-Thomas. “With health care costs continually under scrutiny and debate, planning is challenging but necessary. Financial advisors throughout the country are here to help people realize and approach a plan that can help ease the worry of unexpected costs during retirement as well as provide guidance for additional income strategies down the line.”
Damon Ladd-Thomas Wealth Management is a local financial practice serving the needs of families, small business owners and retirees. With more than 19 years in the business, Ladd-Thomas is an experienced professional with the skills and knowledge many need to help plan for their financial future.
Securities offered through NEXT Financial Group Inc. Member FINRA/SIPC. Damon Ladd-Thomas Wealth Management is not an affiliate of NEXT Financial Group Inc. Damon Ladd-Thomas Wealth Management is located at 305 Cooper Road Suite# 200; Loganville, GA 30052. P: 404.477.401K .