Fears that baby boomers havent saved enough for retirement are constantly dominating headlines, but theres also the flipside of that problem that can also be a financial disaster: outliving our savings.

According to a recent study by Ernst & Young, almost three out of five new middle-class retirees will outlive their financial assets if they attempt to maintain their pre-retirement standard of living. Finding the right spending balance and developing a financial plan leading up to and in retirement is an arduous process and often requires assistance from a professional.

When choosing a financial expert, its important to check their credentialsbut where do we begin looking? To help boomers find a pro to help evaluate and plan their retirement picture, The American College launched The Retirement Income Certified Professional (RICP) credential will help advisors master retirement income planning. I had a chance to speak with Director of the New York Life Center for Retirement Income at The American College David Littell, who is in charge of designing the program curriculum. Here is what he had to say:

Boomer: What is the Retirement Income Certified Professional (RICP) credential and how will it help advisors with retirement income planning?

Littell: The RICP is an advanced professional designation for financial advisors who assist clients with retirement income planning. It helps advisors address the specific tasks, such as when to retire, choosing a claiming age for Social Security benefits, how to elect company sponsored retirement benefits and how to convert assets into sustainable income during retirement. The program provides advisors with a comprehensive planning process, to help them create customized plans to meet their clients specific retirement goals.

Boomer. Whats included in the coursework consist and who is getting this designation?

Littell: Students are required to take three, college-level courses. The courses are online, self-study courses, followed by completion of a final exam at a testing center.

The first course (HS 353 Retirement Income Process, Strategies and Solutions) focuses on how to build a retirement income planwhat has to be considered, what steps are involved and what are some of the strategies and solutions to solve client problems. This course addresses new retirement risks like tax and legal issues that can undermine a plan, and some of the common approaches being used to generate income from assets.

The second course (HS 354 Sources of Retirement Income) reviews things like the Social Security claiming issue, distribution options from retirement plans, annuity products used in retirement income planning and building a retirement portfolio. The third course, (HS 355 Managing the Retirement Income Plan) begins with important retirement decisions including choosing appropriate Medicare and other health insurance options, addressing long-term-care needs and housing decisions. It also addresses retirement portfolio management and issues that arise as clients age.

To earn the designation students must also satisfy a three-year experience requirement, ongoing CE requirements and abide by the Colleges ethic pledge.

The rest is here:
Why Planning for Retirement is So Hard, and What to Do About It