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 retirement income professionals once qualified ricps advise retirees and near retirees as to the best way to use the assets they have accumulated for retirement to live comfortably within a realistic budget and not run out of money prematurely understanding retirement income certified professionals 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 chartered life underwriter clu insurance specialty program the first financial designation program offered by the school since 1927 to the more recent ricp 1the 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 to use that savings to generate a comfortable and lasting income in retirement is considered two separate traits the growing number of retirees is creating demand for financial professionals who can guide people in the optimal use of their assets during retirement not just how to save for retirement as they age the ricp is designed for financial professionals who already have a broad based financial planning credential such as chartered financial consultant 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 undergraduate or graduate degree is the equivalent of one year s worth of experience to take the ricp program applicants must already be financial professionals such as a chartered financial consultant a certified financial planner or a chartered life underwriter designed as a self study program the ricp curriculum consists of three online courses that students must complete they are as follows 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 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 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 code of ethics and reporting requirements individuals with the ricp designation must also update their credentials with 15 hours of continuing education that they must complete every two years special considerationswhile 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 but fewer advisers have expertise in subjects such as how to determine the following the ricp program aims to fill the gap in the financial industry 