What is a Retirement Income Certified Professional (RICP)? (2024)

While reaching retirement is an exciting milestone, it can also be very nerve-racking, especially if you’re unsure of whether your nest egg will last. Fortunately, a Retirement Income Certified Professional (RICP) who is an expert in retirement income planning can help you out.

RICPs work with retirees and people nearing retirement to make the best use of the assets they’ve accumulated over the years. Let’s take a closer look at what this designation is, what it takes to earn the RICP designation and how you may benefit from working with a RICP.

What is a Retirement Income Certified Professional (RICP)?

Retirement Income Certified Professionals are essentially financial advisors who help people ensure all of the money they saved for retirement lasts a lifetime. RICPs can help you create steady retirement income out of your savings, figure out the optimal time to claim Social Security and company retirement benefits and plan for healthcare as well as long-term care.

The goal of an RICP is to support their clients in maintaining the standard of living they’re used to during their retirement years. They’re also there to address any income gaps that may exist, design estate plans, and reduce risk as much as possible.

You can think of RICPs as financial experts for those in retirement. While many retirement advisors focus on how to save for retirement, RICPs are concerned with how to help those who are already retired or close to retiring stretch their savings as much as possible.

Find a Retirement Income Certified Professional on Wealthtender

📍 Click on a pin in the map view below for a preview of Retirement Income Certified Professionals who can help you reach your money goals with a personalized plan. Or choose the grid view to search our directory of RICPs with additional filtering options.

Should You Hire an RICP?

An RICP can benefit a variety of individuals. With an RICP’s guidance, you can:

• Enjoy Financial Peace During Retirement: You’ve worked hard to save for retirement and owe it to yourself to enjoy it as much as possible. An RICP can help you do so without worrying about whether you’ll run out of savings. They’ll work with you to make sure you live comfortably and make smart financial decisions throughout your retirement.
• Navigate Social Security and Company Retirement Benefits: Social Security and company retirement benefits can be complicated. You may be unsure of when to claim them and get the most bang for your buck. With an RICP, you can determine the ideal time to do so.
• Plan for Potential Issues: In a perfect world, your retirement would go as planned. The reality is that a financial roadblock is bound to pop up at some point in time. An RICP may identify roadblocks before they occur so you’re well-prepared and less stressed when you experience them.

Whether you’re already retired or have plans to retire in the near future, an RICP can give you some much needed peace of mind. With their experience and expertise, you can live a fulfilling life in retirement while avoiding common financial pitfalls.

Ask the Expert: What are the primary benefits of hiring a financial advisor who has earned the Retirement Income Certified Professional (RICP) Designation?

Brandon Renfro, CFP®, Ph.D., RICP®, EA

Belonging Wealth Management

“An advisor that holds the Retirement Income Certified Professional designation has developed specific expertise for creating an effective retirement income plan. They will be able to help you navigate the issues surrounding your transition into retirement and effectively coordinate your withdrawal strategy, Social Security, Medicare, taxes, and investments.

They can help you identify the risks to your retirement income, present strategies for dealing with those risks, and help you weigh the pros and cons of different approaches.

See Also

Retirement Income Planning | Definition, Types, Pros, & Cons

An RICP can also monitor your plan going forward and help you identify small tweaks you can make along the way to avoid potentially bigger problems in the future.”

What Does it Take to Earn and Maintain the RICP?

Those who hope to earn their RICP designation must fulfill certain requirements set forth by the American College of Financial Services, a private institution in Pennsylvania with a focus on training for financial practitioners. Here’s an overview of the requirements:

Education and Experienceto Earn the RICP Designation

The American College of Financial Services requires that all candidates have at least three years of business experience in insurance and healthcare, financial services and employee benefits, or another related field.

An undergraduate or graduate degree from an accredited institution constitutes as one year of business experience. Those with part-time experience may meet this requirement with 2,000 hours.

In addition, candidates must complete a robust, multi-course program that covers a variety of topics including retirement income process, strategies, and solutions, sources of retirement income, and managing the retirement income plan. Each course takes about 45 to 60 hours.

RICP Exam

Once they fulfill their education requirements, candidates must pass a 100-question, closed-book, proctored exam at the end of each course.

RICP Continuing Education

After a financial professional passes the RICP, they’ll need to complete three hours of approved continuing education every two years. They must also adhere to The American College Code of Ethics and Procedures.

FAQs

About the Author

About the Author

Brian Thorp

Brian is CEO and founder of Wealthtender and Editor-in-Chief. He and his wife live in Austin, Texas. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress. Learn More about Brian