Retirement Income Certified Professional - RICP

AAA

DEFINITION of 'Retirement Income Certified Professional - RICP'

A professional designation for experienced financial professionals who wish to become experts in retirement income planning. A Retirement Income Certified Professional helps retirees and near-retirees develop a plan for managing and using the assets they have accumulated for retirement in order to live within a realistic budget and not run out of money prematurely.

INVESTOPEDIA EXPLAINS 'Retirement Income Certified Professional - RICP'

The RICP program consists of three courses: Retirement Income Process, Strategies and Solutions; Sources of Retirement Income; and Managing the Retirement Income Plan. It is designed for financial professionals who already have a broad-based financial planning credential such as Chartered Financial Consultant, Certified Financial Planner or Chartered Life Underwriter or whose businesses already emphasize retirement income planning. Applicants must have three-plus years of relevant work experience, complete the three courses (which are all administered online), and pass a 100-question exam. RICPs must adhere to a code of ethics and meet continuing education and reporting requirements.

The American College in Bryn Mawr, Pa., a non-profit organization offering financial services education, 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 knowledge required to use that savings to generate a comfortable and lasting income in retirement are two separate entities. While many financial professionals are experienced in advising and helping individuals to accumulate retirement assets, the increasing number of retirees means there is a large demand for expertise in how to manage and use those assets, and fewer advisers have expertise in subjects like how to determine when a client is financially prepared to retire, the rate at which retirement savings should be withdrawn, how an individual’s asset allocation should change during retirement, the best age for an individual to start claiming Social Security benefits, how to pay for health care and nursing home care, late-in-life tax planning, retirement housing and more. RICPs receive specific training to help clients to maintain their customary standard of living throughout retirement, to address income gaps, to create an estate plan and to limit risk. 

RELATED TERMS
  1. Asset Retirement Obligation

    An accounting rule established by Financial Accounting Standards ...
  2. Retirement Planner

    A practicing professional who helps individuals prepare a retirement ...
  3. Phased Retirement

    A broad range of employment arrangements that allow an employee ...
  4. Retirement Readiness

    The state and/or degree of being ready for retirement. Retirement ...
  5. Retirement Planning

    The process of determining retirement income goals and the actions ...
  6. Post-Retirement Risk

    The potential risks to financial security that a retired individual ...
Related Articles
  1. Retirement

    5 Lesser-Known Retirement And Benefit Plans

    These plans aren't widely used, but they fill a specific niche for employees in certain situations.
  2. Taxes

    Will You Pay Taxes During Retirement?

    Income taxes are one of the things that's certain in life. We'll explain the different tax situations when you retire.
  3. Retirement

    Deadlines You Must Meet If You Inherit A Retirement Account

    If you've inherited an IRA or any other retirement account, we tell you what deadlines you need to be aware of.
  4. Retirement

    Retirement Planning In A Changing World

    Retiring at the age of 65 is quickly becoming a thing of the past. So, what is happening to make this change?
  5. Professionals

    Retirement Bliss? Not So fast: When Savings Lag

    Most people aren't saving enough for retirement. Here are some tips savers and financial advisors can use to change that.
  6. Professionals

    What are some examples of common fringe benefits?

    Learn how offering fringe benefits can be a strategic recruitment and retention tool for employers and drastically increase total compensation for employees.
  7. Professionals

    Tips for The Reality of a Working Retirement

    Working during retirement probably doesn’t sound appealing but there are options on how to go about it.
  8. Professionals

    Why Widows Leave Their Advisors

    Many women leave their financial advisors in the wake of their spouse's death. Here's why and what advisors can do about it.
  9. Professionals

    Financial Planning Tips And Resources For Veterans

    Veterans or all kinds have special needs when it comes to financial planning. Here are some tips as well as a comprehensive list of online resources.
  10. Retirement

    Is Miami The Right Retirement City For You?

    Miami has all the attractions of big-city life – plus the beaches – but how good a retirement destination is it really? Here are the pros and cons.

You May Also Like

Hot Definitions
  1. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  2. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
  3. Commercial Paper

    An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories ...
  4. Federal Funds Rate

    The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution ...
  5. Fixed Asset

    A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be ...
  6. Break-Even Analysis

    An analysis to determine the point at which revenue received equals the costs associated with receiving the revenue. Break-even ...
Trading Center