The CFP® program was created back in 1972 and was designed to prepare and train financial advisors on topics such as general financial planning, college planning, risk management, insurance planning, retirement savings and income planning, and estate planning.  While this designation has merit and these are all important topics, the CFP® designation was created to be a general financial planning program for financial advisors.  Much has changed in regard to retirement since 1972, and unlike the CFP®’s general financial planning designation, the RICP® delves much more deeply into the specific areas of retirement income planning exclusively.  For example:

• When is a client financially prepared to retire.
• The rate at which retirement savings should be withdrawn in order not to run out of money.
• How an individual’s asset allocation should change when nearing retirement
• The best age for an individual and or their spouse to start claiming Social Security benefits.
• How to pay for health care and potential nursing home care.  
• Which tax vehicles should an individual withdraw money from first in retirement? A Roth IRA, Traditional IRA, 401(k), taxable brokerage account, or savings?
• Late-in-life tax / estate planning.