What Is a Retirement Income Certified Professional 🎉(RICP)?

The term Retirement Income Certified Professional (RICP) refers to a financial professional who specializes in retirement income planning. Financial professionals earn the RICP designation after following the program for 澳洲幸运5开奖号码历史查询:retirement income professionals. Once qualified, RICPs advise retirees and near-retirees as to the best way to use the assets the🐬y have accumulated for retirement to live comfortably within a realistic budget and not run out of money prematurely.

Understanding Retirement Income Certified P⛄rofessionals (RICPs)

According to its website, the American College of Financial Services gives financial professionals access to the education they need to achieve their career goals. Financial programs range from the 澳洲幸运5开奖号码历史查询:chartered life underwriter (CLU) 澳洲幸运5开奖号码历史查询:insurance specialty program—the first financial designation program offered by the school since 1927—to the more recent RICP.

The 澳洲幸运5开奖号码历史查询:not-for-profit college located in Bryn Mawr, Pennsylvania, created the RICP designation to serve the financial planning needs of America’s increasing population of retirees and near-retirees. The knowledge required to accumulate retirement savings and the ability t꧅o use that savings to generate a comfortable and lasting income in retirement🌞 is considered two separate traits.

The RICP is designed for financial professionals who already have a broad-based financial planning credential, such as chartered financial consultant, 澳洲幸运5开奖号码历史查询:certified financial planner, or CLU, or whose businesses already emphasize retirement income planning. Applicants must have three years of business experience in order to be considered for the program. According to the website, an undergra🔯duate or graduate degree is the equivalent of one year's worth of experience.ꦺ

Designed as a self-study program, the RICP curriculum consists🐼 of three online courses that students must complete. They are as follows:

• Retirement Income Process, Strategies, and Solutions
• Sources of Retirement Income
• Managing a Retirement Income Plan

The program provides students with a series of best practices ranging from topics such as Social Security, risks in retirement financial planning, Medicare and other 澳洲幸运5开奖号码历史查询:health insurance options, long-term care needs, as well as tax and estate planning. These arm RICPs with the tools they need to help their clients maintain their customary standard of living throughout retirement, address income gaps, create an 澳洲幸运5开奖号码历史查询:estate plan, and limit risk.

Students must pass a closed-book 100-question exam at the end of each course. RICPs must adhere to a 澳洲幸运5开奖号码历史查询:code of ethics and reporting requirements. Individuals with the RICP designation must also update their credentials with 15 hours of continuing educat🌺ion that they must complete every two years.

Special Considerations

While many financial professionals are experienced in advising and helping individuals to accumulate retirement assets, the increasing number of ret✤irees means there is a larg𒈔e demand for expertise in how to manage and use those assets. But fewer advisers have expertise in subjects such as how to determine the following:

• When a client is financially prepared to retire
• The rate at which retirement savings should be withdrawn
• How an individual’s asset allocation should change during retirement
• The best age for an individual to start claiming 澳洲幸运5开奖号码历史查询:Social Security benefits
• How to pay for health care and 澳洲幸运5开奖号码历史查询:nursing home care
• Late-in-life tax planning
• Retirement housing

The RICP program aims to fill the gap in the financial industry.