Financial professionals achieving retirement plan designations are an incredible testament to their expertise. Their clients trust them with planning options for their golden years. Broker-dealers may certify an advisor took an afternoon course before being eligible for this specialist title; industry leading organizations require substantial experience, demonstration of expertise and rigorous continuing education before being granted this title.
Retirement plans are savings and investment accounts offered by employers to their employees in order to help them prepare for retirement. Some plans provide guaranteed income throughout retirement; other allow retirees more control in selecting how they’d like their benefits distributed. Types of plans often include 401(k), defined benefit plans and individual retirement accounts.
Retirement plan designations are vitally important, as they determine who will inherit your retirement assets upon your death. Assets could go to either your heirs, estate taxes or debts or in certain cases charity; beneficiary designation forms can help make these determinations.
Beneficiary designation forms generally provide a check box that allows the user to name beneficiaries, with options of per stirpes or by right of representation available if an original beneficiary passes before their owner of a retirement account; in such an instance, any additional beneficiaries listed will inherit. A person should carefully consider how their choice impacts each option before selecting it on the form.
Most retirement plans also require that plan owners complete a Statement of Understanding outlining the terms and conditions. This document explains how your plan works, including what happens if you leave your employer or pass away, as well as any regulations surrounding vesting of retirement accounts.
Some retirement plans may require you to wait an established number of years before being eligible to claim all their benefits, depending on their type and rules. You can learn more by consulting your plan document and contacting its administrator.
The American College of Financial Services provides the Certified Retirement Planning Counselor(SM) or CRPC(SM) designation program. This certification program aims to advance financial professionals who already hold CFP(tm) or CRPC(SM). This course’s curriculum centers around creating an individual-specific retirement planning strategy and requires participants to consider both tax and estate issues associated with retirement. Additionally, the CRPS program includes a course geared specifically to meeting the retirement planning needs of government and military personnel. Available both online and classroom settings with exams at the conclusion of each course, participants should enroll before reaching retirement age.