Retirement Income Certified Professional (RICP) — Overview
The Retirement Income Certified Professional (RICP) is a specialized credential for financial professionals who focus on retirement income planning. RICPs help retirees and near-retirees convert accumulated assets into sustainable income, preserve standards of living, address income gaps, manage risks, and support tax and estate planning decisions.
Who the RICP Is For (Prerequisites)
- Intended for financial professionals who already hold a broad-based credential (for example, CFP®, Chartered Financial Consultant, or CLU).
- Applicants must have at least three years of business experience; an undergraduate or graduate degree may count as one year of experience.
- The program is designed for advisers whose practices emphasize retirement income planning.
Program Structure and Requirements
- Offered by The American College of Financial Services as a self‑study, online program.
- Consists of three courses:
- Retirement Income Process, Strategies, and Solutions
- Sources of Retirement Income
- Managing a Retirement Income Plan
- Students must pass a closed-book, 100-question exam at the end of each course.
- Designees must adhere to a code of ethics and complete continuing education: 15 hours every two years.
Core Topics Covered
- Retirement income strategies and withdrawal rates
- Social Security claiming strategies
- Medicare and other health insurance options
- Long‑term care financing and planning
- Tax planning for retirees and late‑in‑life tax issues
- Estate planning and beneficiary strategies
- Asset allocation adjustments for retirement
- Determining retirement readiness and retirement cash flow management
- Retirement housing considerations and other lifestyle factors
How RICPs Help Clients
- Create realistic, sustainable income plans so retirees can maintain their standard of living.
- Identify and close income gaps using a mix of assets and income sources.
- Recommend optimal Social Security claiming ages and health‑care financing strategies.
- Integrate tax and estate planning into retirement distributions and legacy goals.
- Manage longevity, market, and inflation risks to reduce the chance of running out of money.
Why the Credential Matters
With an aging population, demand is growing for advisers who are skilled not just in accumulating retirement savings but in converting those assets into reliable lifelong income. The RICP credential targets this gap by training advisers on the practical, technical, and behavioral aspects of retirement income planning.
Key Takeaways
- RICP is a focused professional designation for retirement income planning.
- Requires prior financial credentials and business experience.
- Three-course, exam-based, self-study curriculum with ongoing CE requirements.
- Emphasizes practical solutions for Social Security, health care, withdrawal strategies, taxes, and estate issues in retirement.