4 Reasons to Focus on Income Planning


Throughout the year, I travel around the country to visit advisors. Regardless of when or where I am, there is always an inclination that our industry will be replaced by technology.

Many firms have established some type of robo-advisor platform to attract the younger generation of investors. But we have to look at the future in terms of our clients’ needs – which goes beyond access to technology.  

I feel confident and bullish in our industry. And I believe we need a reinvestment in people to help overcome the challenges that so many Americans face during retirement. Below are just a few reasons:


  1. 10,000 Americans retire every day.1 This number will not decrease significantly until after 2030. There is nearly an endless flow of prospective clients for our industry to help. In fact, I would argue that we are underserving the majority of retirees because we don’t have enough advisors in our industry today.
  2. Social Security continues to be misused. Even with all the education that our industry has provided over the past decade, less than 5 percent of retirees maximize Social Security and defer the income to age 70.2 Case study after case study show the benefits of the primary wage earner delaying income.
  3. We continue to live longer. According to the CDC, Americans are living 2.5 years longer for every decade since 1900.3 But we have saved less money than any time in American history. The combination of these facts means that we will have to provide more income for a longer period of time with fewer assets than any planners before us.
  4. Annuities are one of three vehicles to protect against longevity. Defined benefit plans continue to be removed from employees’ benefits. Social Security provides longevity and inflation protection to some extent. However, annuities are the only vehicle that Americans can put their hard-earned assets into and gain mortality credits that help offset longevity.


All of these reasons mean the need for income planning will continue to increase for the next 10-15 years. If you are looking for a new concentration, look at retirement income planning. I am confident that you will help thousands of Americans and find a pool of prospective clients for many years.


Winning Strategy

Implement retirement income planning into your practice. There are plenty of prospective clients and an abundance of need.


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About the Author

Mike McGlothlin is a team leader, retirement industry activist and disciple of Indiana Hoosier basketball. In addition to being EVP of retirement at Ash Brokerage, he is a sought-after writer and speaker. His web series, “Winning Strategies,” provides insight and motivation for financial advisors in many forms – blogs, books, videos, podcasts and more. His latest book, “Free Throw for Financial Professionals,” is available now – learn more at


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1Pew Research Center, “Baby Boomers Approach 65 – Glumly,” December 2010:

2The Motley Fool, “When Does the Average American Start Collecting Social Security?” April 2016:

3Duke University, “People are living longer and healthier: Now what?” March 2010:

Retirement Income Planning robo-advisor