Who is Wade Pfau?

About. Wade D. Pfau, PhD, is Professor of Retirement Income in the PhD in Financial and Retirement Planning program, Co-Director of the American College Center for Retirement Income, and RICP® program director at The American College of Financial Services. Pfau is a co-editor of the Journal of Personal Finance.

How Old Is Wade Pfau?

Pfau, 44 years old, is already playing around with spreadsheets to analyze his own retirement plan.

What is a Ricp designation?

RICP® stands for Retirement Income Certified Professional®. It means that someone is qualified to assist with planning and executing retirement strategies.

What is the new 4% rule?

One frequently used rule of thumb for retirement spending is known as the 4% rule. It’s relatively simple: You add up all of your investments, and withdraw 4% of that total during your first year of retirement. In subsequent years, you adjust the dollar amount you withdraw to account for inflation.

Does the 4 percent rule still work?

Experts say the 4% rule, a popular retirement income strategy, is outdated. The 4% rule, a popular strategy to gauge withdrawals from one’s retirement portfolio, won’t work as well in coming decades due to lower projected stock and bond returns, according to a Morningstar paper published Thursday.

What is the difference between a CFP and a Ricp?

Q. So, how is that different from the CFP designation? A. Unlike a general financial planning program like the CFP or ChFC, the RICP delves much more deeply into the specific area of retirement income planning.

How long does it take to get Ricp designation?

Each course takes students about 40 to 60 hours to work through at their own pace. His expectation is that each course will take 3-4 months to complete, so the designation can be earned within one year. Exams are offered at local testing centers throughout the country when students have finished each of the courses.

How much does Ricp cost?

Tuition for all three courses is $2,450, although students can purchase courses individually for $950. The fees cover all required study materials, the exams, and access to on-demand online learning tools. RICP holders pay the college an annual $125 fee and must retain good standing in their field.

What is the difference between a Ricp and a CFP?

Unlike a general financial planning program like the CFP or ChFC, the RICP delves much more deeply into the specific area of retirement income planning.

How long does it take to complete the Ricp?

Each course takes students about 40 to 60 hours to work through at their own pace. His expectation is that each course will take 3-4 months to complete, so the designation can be earned within one year.