What is a Retirement Income Certified Professional? (RICP)
Are you confused about retirement planning? Do you have questions about how you’re going to take the money out of your 401(k) or IRA when you retire? Are you worried about healthcare costs or maybe even running out of money in retirement? Are you wondering if you should take Social Security at age 62, 66, or 70? These are all reasons it’s beneficial to work with a Dallas Retirement Income Certified Professional (RICP).
RICPs are financial professionals with a specialization in retirement income planning. It is a specialized designation that focuses on maximizing retirement income as opposed to a general designation like a CFP or ChFC which focuses on overall financial planning.
The Retirement Income Certified Professional’s job is to consult Dallas retirees and soon to be retirees about how they can utilize their assets in the best possible manner in order to enjoy a stress-free retirement. They cover the areas of retirement income planning, Medicare and health care planning, Social Security maximization, investments and long-term care planning, estate planning, and help clients meet legacy objectives.
Each and every person saving for retirement wants to live his or her post-career life doing all the things that they had envisioned. Sometimes that’s travel, spending time with family, possibly starting a new career, or just simply relaxing and enjoying each other’s company. That said, it’s only possible to have that kind of lifestyle when you have a proper plan in place and that’s exactly what a Retirement Income Certified Professional helps you do.
Most people don’t have the detailed knowledge to take their retirement savings and ensure that they last a lifetime. Most of what people are taught is what is considered the “accumulation phase” of retirement and that’s the process of saving and investing while you’re working. But it’s once you step into your 60s and 70s that you need to call upon those assets to provide income for life, and knowing how to do that so that you don’t make a critical mistake requires specific and detailed knowledge about many areas of finance, healthcare, and federal law.
RICPs acquire their designation via a strict program that is designed for experienced financial planners only. The program focuses on the overall retirement income process, strategies and solutions to maximize income and minimize taxes, the best sources to use for retirement income, and managing the retirement plan until the estate transfers.
Advantages of Hiring a Retirement Income Certified Professional
Hiring a retirement planning expert like an RICP can benefit you in many ways. Here are some of the major advantages:
One of the major reasons why people prefer to work with an RICP is because they have specialization in the field of retirement income planning. Being that they serve primarily those who are age 50 and older, they are very familiar with all the desires, struggles, issues, and needs of those nearing retirement and those already in retirement. They also have a deep understanding of the various risks in retirement and exactly how to minimize or eliminate those risks.
2. They may be able to help you retire early
When a prepared plan is followed properly, you may be able to achieve your retirement goal early. The important thing is to have the right plan and proper guidance of an experienced professional who specializes in what you’re wanting to accomplish.
3. Get detailed information about your retirement plan
With the help of an RICP you don’t have to worry about researching various retirement strategies by yourself, nor do you have to worry about the multitude of tax laws and ever-changing estate planning statutes. A Retirement Income Certified Professional is required to stay up to date with changing policies and will typically educate and co-create a plan with you based on your specific needs.
Not every retirement is the same and it’s important to not only understand the strategies that an advisor is suggesting but to also have a detailed, written plan outlining exactly what to do.
4. Assistance with more than just income
RICPs don’t just focus on investments and retirement income, they also assist with tax minimization, healthcare and long-term care planning, estate planning (which includes wills and trusts), and ensuring that legacy passes to not just surviving spouses but surviving heirs as well.
Whether retirement is just on the horizon, or whether you still have many years to go, working with an RICP will benefit you from the standpoint of making the right decisions for one of the most important times of your life.
If you’re interested in working with an RICP, please reach out to us via the Contact form or feel free to watch one of our live webinars to get an idea of how a Retirement Income Certified Professional plans for retirement.