Since its launch, The Retirement Income Store® has been making strides in helping Americans reduce their exposure to stock market risk, while establishing ongoing streams of income for retirement. Although my firm, Sound Income Strategies, LLC launched The Retirement Income Store® earlier this year, its origins go back much further. In 1999, while many on Wall Street believed the sky was the limit for the stock market, I believed something completely different. My research indicated that there was a possibility for a major correction—and that we were about to enter a long-term secular bear market cycle that would likely produce two more major drops in the decades to come. It was at that time that I changed my business model from one focused on the stock market to one based primarily on non-stock market, income-generating investments. Although I knew making the switch would be in my clients’ best interests, I wasn’t sure how it would impact my practice. Fortunately, after making the switch, I realized a lot of people wanted to learn about Investing for Income. It wasn’t just because it was less risky than the stock market alternative; it was because the idea of protecting their principal and using it to establish ongoing streams of income for retirement made sense to them. They’d just never been taught how it works.

I believe a big reason for this lack of education is because many advisors simply don’t have the specialized knowledge required to properly handle and talk about fixed income investing. Since many Baby Boomers, and their advisors, first got serious about investing during the 80s and 90s, in what was the best stock market in U.S. history, they become accustomed to the easy gains that became the norm. As a result, these advisors ended up becoming stock market specialists. Although it might’ve been possible for Baby Boomers to meet their retirement income needs by investing in the stock market at that time, it was still a risk. Today, I believe it’s an even greater risk. Here’s why. Following the two major market crashes we’ve experienced since 2000, we’ve entered an era of increased economic uncertainty—thanks to the reckless use of quantitative easing by the world’s central banks. I believe that these “economic steroids” have helped postpone that third major crash that stock market history suggests is overdue. That’s why I’ve made it my mission to educate as many Baby Boomers as possible about what I believe is a better and safer way to achieve their retirement goals—Investing for Income. To learn more about how you can make the shift to Investing for Income, visit TheRetirementIncomeStore.com.

Income Specialist of the Month

 SCOTT McLEAN, Founder, McLean Advisory Group

Each month we profile one Retirement Income Store®-affiliated financial advisor who specializes in income-based strategies. This month we present…Scott McLean!

A long-time resident of Ocean County, New Jersey, Scott McLean has nearly four decades of experience in the financial services industry. He founded McLean Advisory Group in 2008. Since then, McLean Advisory Group has become known for helping individuals and families in the Jersey Shore area achieve their long-term financial goals.
Although Scott and his firm are not official members of The Retirement Income Store®, they are part of the national network of like-minded advisors who make up our sister company, Advisors’ Academy.
Scott’s passion for community service and his family’s history of service in the armed forces inspired him to establish the McLean Veteran Benefit Advisory Group, a non-profit group dedicated to helping veterans with long-term care benefits.
A big proponent of financial education, Scott regularly conducts educational workshops in his community. He is also the host of the weekly radio show, Financial Insanity, on WBNJ. Scott recently finished writing his first book, Three Blind Mice: How Today’s Financial Planning Process Leads Your Money to a Mousetrap. Set to publish in February 2020, the book addresses an important problem facing many Americans. For instance, you receive investment advice from a financial advisor, have your taxes prepared by an accountant, and your estate plan
written by an attorney. However, when  was  the  last  time  these  three key consultants got together to discuss your overall financial game plan? You’ve taken all the right steps, yet the mouse trap has been set. You’re basically working with three blind mice. Three Blind Mice provides the understanding you need to keep your key consultants connected and operating off the same financial game plan. To learn more about Scott and his firm, visit
www.mcleantaxadvisory.com

Jumpstart Your Retirement Savings

PREPARING FOR YOUR RETIREMENT

by David J. Scranton, Founder of The Retirement Income Store®

Each year we see some scary statistics about how little some Baby Boomers have saved for retirement. Hopefully, you don’t find yourself in this situation, but even if you do, there are steps you can take to improve your current situation.
This is a topic that I recently addressed on The Income Generation Show. As we get ready to enter the Holiday Season, I thought it would be good to share some tips on how to become a better saver.
First, let’s address some of the reasons why many Americans’ retirement savings might need a jump-start.
Not surprisingly, the most common reason people give for not saving more is that their day-to-day expenses eat up any extra money they could invest for retirement. The truth is, plenty of people earn enough to save, yet they simply don’t make it a priority.
Another common hurdle is that some people hear talk in the media about some magic number you need to have saved for retirement and think: “I’ll never make it to that, so why bother trying?”
No matter your current financial situation, there are steps you can take to make improve-ments. The key is to get started, ASAP.
The best place to start is with a budget. To re-ally get a handle on your expenses and have any chance of earmarking money to set aside for retirement, you must do a monthly budget. Seeking the guidance of a financial advisor early in the process of retirement planning is another must—but not just any advisor will do. You should work with an advisor who is familiar with navigating the complexities of planning and saving for retirement.
Do you have a rainy-day fund? If not, estab-lishing one is essential. Ideally, you should have about six months’ worth of living ex-penses on hand in a retirement savings or money market account you could tap into if needed.
Not having a rainy-day fund increases the odds you’ll turn to credit cards or other forms of debt when an emergency arises. With that

in mind, make paying down your debt a prior-ity as well. As you pay down your credit card balances, it’s important not to incur new debt in the process.
For example, during the Holidays, some of us might feel pressure to spend a certain amount on gifts for friends and family. By making it a priority to create a budget and not overextend yourself this Holiday Season, you can still en-joy the pleasure of gift giving without accumu-lating debt you’ll later regret.
That said, it’s important to note that you should not defer building up your retirement savings until your debt is paid off. The two need to go hand in hand.
These are just a few tips I shared in the
“Jumpstart Your Retirement Savings” episode of The Income Generation Show—where I also shared 10 Essential Steps to Prepare for Retirement.
If you missed it, you can find that episode, and others, on The Income Generation Show’s YouTube channel.

Retirement Income Store® Media Center

DEE CARTER, Founder/ President of the Carter Financial Group and an Income Specialist with The Retirement Income Store®.

Media Center

Each month, we recommend a book or other educational resource to The Retirement Income Store® Newsletter subscribers. This month’s selection is… It’s Now or Never by Dee Carter.

Chock-full of wisdom and financial tips, It’s Now or Never: How to Enjoy Your Life and Not Let Your Investments Own You presents a fun way to learn important lessons about planning and saving for retirement.

Using captivating stories, Dee Carter shares time-tested insights that can help readers avoid costly mistakes that so many people make when planning for retirement.

Dee Carter is the founder and President of Carter Financial Group in Midland, Texas and is also an Income Specialist with The Retirement Income Store®. Dee is a recipient of the Lifetime Achievement Award from the National Association of Insurance and Financial Advisors-Texas.

It’s Now or Never provides valuable insights and direction for both prospective retirees and financial advisors. Explaining that there’s much more to financial planning than numbers on a sheet of paper, the book questions why advisors are still being trained the same way Dee Carter was back in 1976. The world has changed so much since then, and the industry needs to adapt.

In the book, Dee explains that during his years in financial industry, he’s seen way too many people end up woefully unprepared for retirement because they are hesitant to sit down with a financial advisor and ask for help.

The book shares Dee’s personal experiences and insights to help readers avoid making the same mistakes he’s seen over the years. He also provides directives at the end of each chapter to help readers find an advisor that is right for them.

Born in Abilene, Texas, Carter played basketball at Abilene Christian University where he earned his B.A. and M.A. in Bible and New Testament. After serving as a youth minister for six years, he discovered his calling in the insurance and financial services industry.

Check out Dee Carter’s recent interview on The Income Generation Show with David Scranton.

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© 2019 The Retirement Income Store/ Sound Income Strategies

All written content on this document is for information purposes only. Opinions expressed herein are solely those of the Retirement Income Store and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual advisor prior to implementation. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. This document shall in no way be construed or interpreted as a solicitation to sell or offer to sell Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business.