Retirement Income Certified Professional (RICP)
What Is a Retirement Income Certified Professional (RICP)?
The term Retirement Income Certified Professional (RICP) alludes to a financial professional who specializes in retirement income planning. Financial professionals earn the RICP assignment subsequent to following the program for retirement income professionals. Once qualified, RICPs prompt retired people and close retired people regarding the best method for utilizing the assets they have accumulated for retirement to live easily inside a sensible budget and not run out of money rashly.
Understanding Retirement Income Certified Professionals (RICPs)
As indicated by its website, the American College of Financial Services gives financial professionals access to the education they need to accomplish their career objectives. Financial programs range from the chartered life underwriter (CLU) insurance specialty program — the principal financial assignment program offered by the school beginning around 1927 — to the later RICP.
The not-for-profit college situated in Bryn Mawr, Pennsylvania, made the RICP assignment to serve the financial planning needs of America's rising population of retired people and close retired people. The information required to collect retirement savings and the ability to utilize that savings to generate an agreeable and enduring income in retirement is viewed as two separate traits.
The developing number of retired people is spurring interest for financial professionals who can direct individuals in the optimal utilization of their assets during retirement — not just how to put something aside for retirement as they age.
The RICP is intended for financial professionals who as of now have a broad-based financial planning certification, for example, chartered financial consultant, certified financial planner, or CLU, or whose businesses as of now underscore retirement income planning. Candidates must have three years of business experience to be considered for the program. As indicated by the website, an undergraduate or graduate degree is the equivalent of one year's worth of experience.
To take the RICP program, candidates must currently be financial professionals like a chartered financial consultant, a certified financial planner, or a chartered life underwriter.
Planned as a self-concentrate on program, the RICP educational plan comprises of three online courses that understudies must complete. They are as per the following:
- Retirement Income Process, Strategies, and Solutions
- Wellsprings of Retirement Income
- Dealing with a Retirement Income Plan
The program gives understudies a series of best works on going from points like Social Security, risks in retirement financial planning, Medicare and other health insurance options, long-term care needs, as well as tax and estate planning. These arm RICPs with the instruments they need to assist their clients with keeping up with their customary standard of living all through retirement, address income gaps, make a estate plan, and limit risk.
Understudies must pass a shut book 100-question exam toward the finish of each course. RICPs must stick to a code of ethics and reporting requirements. Individuals with the RICP assignment must likewise refresh their credentials with 15 hours of continuing education that they must complete at regular intervals.
Special Considerations
While numerous financial professionals are experienced in encouraging and assisting individuals with collecting retirement assets, the rising number of retired people means there is a large demand for expertise in how to manage and utilize those assets. Be that as it may, less advisers have expertise in subjects, for example, how to determine the accompanying:
- At the point when a client is financially prepared to resign
- The rate at which retirement savings ought to be removed
- How an individual's asset allocation ought to change during retirement
- The best age for an individual to begin claiming Social Security benefits
- Instructions to pay for medical services and [nursing home care](/talented nursing-office)
- Late-in-life tax planning
- Retirement lodging
The RICP program means to fill the gap in the financial industry.
Features
- A retirement income certified professional specializes in retirement income planning.
- RICPs assist retired people and close retired folks with utilizing the assets they have accumulated for retirement reasonably.
- RICP candidates must have three years' worth of business experience.
- The assignment is given to professionals who complete the RICP training program offered by the American College of Financial Professionals.
- Understudies take three courses and must finish an exam for each.
