Retirement Planning Insights
Retirement Planning Strategies for a Changing Landscape
In times of uncertainty, it’s vital that advisors can deliver versatile retirement planning strategies to meet the ever-evolving needs of their clients.
According to our 2023 Retirement Income Literacy Survey, individuals who work with advisors often have higher retirement literacy and experience better outcomes than those who don’t. However, the average literacy score was just 31%, revealing a widespread lack of understanding of key retirement topics. This underscores the critical need for expert guidance — especially among those in or nearing retirement.
With today’s uncertain markets and increasing life expectancy unearthing fears of outliving savings or becoming a burden on loved ones, the demand for professional retirement planning is at an all-time high. To help ensure retirement income security for clients in unpredictable times, advisors need retirement planning strategies that are both sound and flexible.
Ensuring Stability Through Smart Adjustments
Market uncertainty can upend traditional retirement longevity planning approaches, demanding quick thinking and flexibility from an industry built on long-term stability. Yet even small shifts in strategy can make all the difference.
In a recent discussion, Retirement Income Certified Professional® (RICP®) Program Director Eric Ludwig, PhD, CFP® and CEO of Bryn Mawr Capital Management Jamie Hopkins, Esq., LLM, CFP®, ChFC®, CLU®, RICP® identified two key strategies for stability in retirement planning.
The first tactic Ludwig and Hopkins discussed was diversifying your clients’ income streams through a “bucketing” approach. Rather than treating assets as a single, unified pool of money, you can categorize them into separate “buckets” based on when they might need the funds. By aligning their assets with time-specific goals, like short-term investments, savings, and growth, you can prevent panic and instead provide peace of mind.
Another powerful strategy they offered was implementing spending guardrails based on market conditions. Rather than sticking to a fixed annual spending amount, you can help clients adjust their spending based on predefined thresholds. If the market performs well and their portfolio grows beyond a certain point, they can increase their spending into an “upper guardrail.” If their investments drop past the “lower guardrail,” then they can reduce their spending accordingly. By focusing on the probability of portfolio adjustment rather than success or failure, this dynamic approach helps preserve retirement income security and longevity without sacrificing lifestyle.
These adaptive approaches ensure your clients’ investments match their time horizon and keep their spending in check, creating a flexible, resilient retirement plan that can weather market volatility.
Getting Ahead of Long-Term Care Costs
As people live longer and healthcare costs climb, the likelihood of needing some form of long-term care grows, making it a crucial element of retirement longevity planning. In a workshop session at Horizons 2025, Director of College Research Kaylee Ranck, PhD, and Managing Director of the American College Center for Special Needs Joellen Meckley, JD, MHS, ChSNC® delved into this topic.
Ranck and Meckley revealed that projections show 70% of people aged 65 or older will at some point require long-term care, and the costs can be substantial and unpredictable.1 Without a plan in place, long-term care costs can drain retirement funds quickly, threatening financial independence and potentially placing an emotional burden on family or caregivers. This possibility causes anxiety among the majority of individuals in or nearing retirement, with 77% saying becoming a burden is their main longevity concern.2
Couple rising longevity with current market uncertainty, and it becomes more and more apparent that proactive planning — rather than waiting for a caregiving-related crisis to hit — is not just a wise decision, but an imperative one. By helping clients plan ahead through long-term care insurance, hybrid life insurance policies, or even Health Savings Accounts (HSAs), you can protect their portfolios from large, sudden losses during market downturns.
Having a long-term care plan in place ensures your clients have greater choice and control over their futures — and in uncertain times, that stability makes all the difference.
Utilizing Historical Context and Behavioral Finance
One of the most effective tools in an advisor’s toolkit is historical context, said Professor of Practice Steve Parrish, JD, RICP®, CLU®, ChFC®, AEP® in a recent Shares episode. Market downturns, while undeniably uncomfortable, are not new. These downturns often trigger strong emotional responses — fear, anxiety, and the impulse to act quickly. Reminding clients of the market’s long history of recovery after major crashes can help combat reactionary decisions that might derail long-term goals.
However, historical perspective alone isn’t enough. According to Hopkins, the quality of client service is critical, especially in uncertain times. Understanding your client’s personal financial journey — their past experiences with economic downturns, job loss, or caregiving responsibilities — adds a layer of behavioral finance insight that purely technical strategies can’t.
Ultimately, the financial services industry is just that: service. During uncertain times, making clients feel heard and understood is more than just a best practice, it’s a fundamental part of building retirement plans that endure.
More on Retirement Income Planning
- See more takeaways from our Retirement Income Literacy Study
- Give your clients the gift of knowledge with a free education program, The Retirement Course™
- Become a retirement expert with our Retirement Income Certified Professional® (RICP®) Program
Learn more about the RICP® program
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Practice Management Insights
Preparing for the CFP Exam
For many financial professionals getting started in the industry, the CFP® certification serves as the first major milestone in their career. With over 100,000 active CFP® professionals in the United States, the credential is one of the most widely recognized symbols of competency among financial planners.1
Earning this respected credential acts as a signpost to potential clients, letting them know that a professional has dedicated themselves to education beyond the basics and has a strong understanding of the core competencies needed to perform the necessary functions of a financial advisor.
However, there are several factors to consider aside from whether or not the CFP® is a good fit for you — and perhaps the most important item that any prospective CFP® professional must plan for is the CFP® exam.
What Does the CFP® Exam Look Like?
The CFP® exam is held three times annually: March, July, and November. Testing consists of an eight-day window during which hopeful CFP® professionals must earn a passing grade to earn the credential.
The exam consists of 170 questions covering a variety of topics broken up into sections. These sections address the following categories:
- professional conduct and regulations
- general financial planning principles
- risk management and insurance planning
- investment planning
- tax planning
- retirement savings and income planning
- estate planning
- psychology of financial planning
The exam is graded on a pass or fail basis and the CFP Board does not disclose the minimum score required to pass the exam. Needless to say, the exam is not easy. According to the results of the latest round of exams, the CFP Board announced a 65% pass rate for first-time test takers. However, with the appropriate preparations, steps can be taken to improve your odds of passing.
Preparing for the CFP® Exam
The first step in preparing for the CFP® exam is registration. Registration for any given exam window typically opens about five months prior and costs $925, with $100 discounts or additional fees possible for those who register during the respective early bird or late windows.
Once registration is complete, the logical next step is to study. When asked about the process of preparing for the exam, our CFP® Certification Education Program Director Chet Bennets, CFP®, ChFC®, CLU®, RICP®, CLF® said, “The CFP® exam is rigorous, and success requires disciplined, strategic preparation. Candidates who consistently perform best typically have a structured study plan, use comprehensive review courses, and engage in frequent practice exams to build both competence and confidence.”
Fortunately, with the CFP® being one of the most commonly held credentials across the financial services industry, there are a variety of resources available to help study for the exam. Practice exams are readily available in a litany of locations across the internet, ranging from the full-length practice exam featured on the CFP Board’s website to smaller tests that give prospective test takers a feel for the type of questions that will be included in each section of the exam.
Education for the CFP® Exam
Additionally, there are many options for more robust study plans. Our CFP® Certification Education Program offers seven courses covering topics critical to the CFP® exam and provides learners with strong context to help them comprehend the materials, resulting in 72% of those who learned with The College passing their exam, well above the national average.2 Similar programs may vary from one institution to another, but they can also offer access to additional practice exams, study groups, and other resources that help those enrolled in the program build confidence about passing the exam and build a strong understanding of the material.
As Bennets states when talking about the best preparation methods, “Understanding not only the material but how it applies practically to client scenarios is key. The goal is to master the content, not just memorize it.”
Ultimately, registering for the CFP® exam is one of the most important steps an early-career financial professional can take. As such, it is critically important to take the necessary steps to prepare for this exam and maximize your chances of passing.
More From The College
Learn more about our CFP® Certification Education Program
About The College From The President Insights
Memorial Day and Military Appreciation Month 2025
Memorial Day calls us to honor those who gave their lives in service to our nation. Military Appreciation Month calls us to honor and support those still serving, those who have served, and their families, helping them build new futures.
These occasions invite moments of solemn gratitude. I want to say a sincere thank you to anyone whose life has been shaped by military service. I appreciate every member of the military community and their family members. My heart goes out to those families who lost loved ones in military service. Surely, many of you share my strong belief that we should remember the service and sacrifice given selflessly to our country.
Even if we haven’t shared military experience ourselves, we can commemorate those who do. The power of remembrance is unifying.
Remembrance — and the feelings of grief, respect, comfort, and shared values it evokes — transcends ideologies, uniting us beyond political and cultural divides. Remembrance calls to mind our shared humanity. To remember is not merely to reflect; it is to gather, to honor, and to celebrate what connects us.
While attending a memorial service earlier this month, I witnessed once again, as I’m sure you have, how heartening it is to see many individuals from all walks of life come together to pay tribute to one beloved person. Together, we shared tears and laughter, because we shared affection for that singular individual, regardless of any differences. We shared in his loss, because we shared in his life. Not everyone has had military experience and not everyone has mourned the loss of a service member. But we can relate to sacrifice and grief. I have felt the experience of losing someone and know it to be among the most impactful moments in life. Often, more memorable than loss is the memory of the person we mourn.
Often unity is one of the gifts that comes from profound loss. Uniting with others in a moment of remembrance gives us hope for the future and assures us that we will be okay.
This month, at memorials, parades, and other gatherings across the country, Americans of all backgrounds stand shoulder to shoulder, remembering together. And often, something transformative happens: appreciation. We begin by honoring the fallen, and we leave with a deeper appreciation for the living. For their families. For their fellow service members. For one another. Each flag placed, each name read, each family comforted is a reminder that we are bound by something greater than ourselves.
Today, more than 1.3 million Americans serve in uniform. Millions more have served or supported a loved one who has. And with every life lost in service, we are reminded that remembrance is more than ceremony. It is an ethical act.
Remembrance and appreciation foster unity. These fibers form the fabric that connects us. The College is proud to convene individuals across generations, industries, and communities to foster shared learning and ethical practices. In the same way, financial services as a profession thrives when it welcomes people of all backgrounds.
In my experience, we are inclined to do more to serve those who have served in the military and their families. This is a personal and collective response sparked by gratitude.
Unity is not only a patriotic ideal; it is a professional imperative. Simply put, it’s the right thing to do. To grow, to innovate, and to serve, our field must continue to include veterans, military spouses, and individuals from every walk of life. These are the leaders and changemakers who will carry forward the legacy of service in the next mission to benefit society.
As a profession built on trust, service, and impact, the financial services industry has a responsibility to lead with respect for military service members, veterans, and their families. But we shouldn’t stop there. So many current and future leaders who belong in financial services are also proud members of the military community. To those who are, I say, thank you. And to everyone else, let’s each take a moment to engage with someone whose life has been shaped by military service. Learn their story. Share our gratitude.
We grieve together. We remember together. We move forward together. And we are stronger together.
To support veterans and military families who are in career transition or preparing to take on their next mission in the financial services profession, please visit the American College Center for Military and Veterans Affairs. Together, we can turn remembrance into action.
More From The College
- Visit the American College Center for Military and Veterans Affairs
- Learn and support The College’s mission
Retirement Planning Insights
Determining Your Client Retirement Style
Professor of Practice Wade Pfau, PhD, CFA, RICP® breaks down how to choose the right retirement approach for your client at Horizons 2025, The College’s flagship retirement planning event. Climbing the mountain, Pfau warns, is just the start of the retirement income planning journey.
Beginning with a discussion of the retirement longevity risk, Pfau says that longer lifespan, inflation, market volatility, and personal spending are all core factors for retirement advisors and clients alike to consider when determining a retirement plan. To address these concerns, he explains, there are four broad retirement income planning approaches to consider: total return, time segmentation, income protection, and risk wrap. These four core approaches to retirement, discussed in even greater detail in the Retirement Income Certified Professional® (RICP®) curriculum, are all viable strategies that depend on the client’s preferences.
Following an extensive overview of retirement risks and styles, Pfau dives into the methodology and results of his institutional research collaborations. The findings of these nationally representative studies identify six relevant factors that impact retirement style decision-making.
Two of the six factors Pfau identifies are considered primary factors:
- Probability vs. Safety-First
- Optionality vs. Commitment
The remaining four factors are considered secondary factors, including:
- Time-Based vs. Perpetuity Income Floors
- Accumulation vs. Distribution
- Front-Loading vs. Backloading Retirement Income
- True vs. Technical Liquidity
Pfau concludes the presentation with an examination of how the correlations between the six retirement income planning factors and the four core factors to approaching retirement above can help optimize retirement planning. To best serve clients’ needs, retirement advisors must be able to understand the implications of these factors and build unique retirement plans with them.
More From The College
Retirement Planning Research
Addressing Longevity Concerns in Retirement Planning
The Nationwide Retirement Institute’s new “Century Club Insights Report,” based on a survey of 1,200 U.S. consumers, reveals how Americans think and feel about living to 100 and how prepared they are to do so. The report is part of the Nationwide Retirement Institute’s Century Club campaign.
Considering the projection that the number of Americans living to age 100 or older could quadruple by 2054, the campaign aims to identify and examine the implications of increasing life expectancy on retirement risk. The report helps to address how understanding clients’ perception of aging — specifically, their physical and financial ability to support themselves in their later years — is crucial in helping them plan for longevity. As reflected in the findings from our 2023 Retirement Income Literacy Study, many clients are unprepared for or even unaware of the financial demands of rising longevity.
Kaylee Ranck, PhD, our director of College research shared her key takeaways from the study.
Planning for Longer Time Horizons
Financial security is often top of mind for individuals in or nearing retirement, but awareness alone is only half the battle. While 72% of working adults aged 55 to 65 cite retirement income as their leading concern when making investment decisions, only 56% say they consider how long they’re likely to live, according to the Nationwide survey. This gap reflects a crucial disconnect, with many clients underestimating how long their income actually needs to last. As Ranck explains, this overlooked time horizon can create significant issues if not addressed — making it imperative for advisors to step in and align income strategies with realistic life expectancy.
This disconnect extends to safety nets intended to support retirement longevity. While 35% of older workers see long-term care insurance as a valuable planning tool and 58% express interest in guaranteed lifetime income options through employer plans, widespread adoption of these resources is limited. Most Americans agree these systems are insufficient, creating anxiety about extended life spans. The lack of access to or understanding of financial safety nets leaves many pre-retirees uneasy about the future.
“For many approaching retirement, extended longevity raises serious concerns about financial sufficiency,” says Ranck. That concern is well-founded: only 33% of working adults aged 55 to 65 feel confident they could financially support themselves if they lived to age 100, and 55% admit they lack confidence altogether.
With social and financial safety nets lacking and life expectancy climbing, it’s up to advisors to help clients understand what longevity means today and build retirement plans that can go the distance.
The Emotional Cost of Longevity
Also important, says Ranck, are clients' concerns about the impact their increased life expectancy will have on their loved ones. Despite advances in healthcare and life expectancy, only 23% of adult workers aged 55 to 65 say they want to live to 100, and just 11% believe they actually will. This outlook is often rooted in fear; most associate extreme longevity not with opportunity, but with becoming a burden.
Among those reluctant about a longer life, 77% point to the potential strain on family or caregivers as their main concern, while only 54% cite outliving their savings. This reveals a critical gap: clients are often more worried about their future impact on loved ones than on their financial solvency. As an advisor, recognizing and addressing these concerns is essential. Many clients are unaware of how comprehensive retirement planning can support not only financial stability but also independence, dignity, and quality of life in later years, says Ranck.
“Emotional and caregiving concerns play a central role in how people perceive aging often more than financial fears alone,” explains Ranck. “When people imagine a longer life, they tend to focus on personal well-being, suggesting that financial planning is often secondary to health and connection in longevity-related thinking.”
The good news? Advisors are uniquely positioned to shift this narrative, says Ranck. Through education and empathetic guidance, you can help clients feel more confident about longer life spans by strengthening their retirement plans. When you help your clients navigate both the financial and emotional sides of retirement, they won’t just be prepared for a longer future — they’ll be excited by it.
More From The College
- Read our companion report, “Planning for a Century of Living”
- See more takeaways from our Retirement Income Literacy Study
- Give your clients the gift of knowledge with a free education program, The Retirement Course™
About The College Tax Planning Insights
Celebrating the First TPCP Class
Launching TPCP®
Last year, we shared several key findings that spoke to the importance of tax planning at The American Institute of CPAs (AICPA) Engage conference. Included amongst this data were several key points that highlighted Americans’ demand for tax planning services.
One such statistic, found in a survey conducted by Orion in 2021 stated that 80% of investors believe their advisors should be focused on minimizing their tax obligations.1 Another data point shared during this presentation originated in a 2023 Herbers & Company Service Market Growth Study and stated that more than 7 in 10 consumers with at least $250,000 in investable assets want help with tax and retirement planning.2
This research set the table for a monumental announcement: the introduction of a new professional certification that would allow advisors to address this need for tax planning services — the TPCP®, which would launch in January 2025.
Within months, the TPCP® buzz was palpable. ThinkAdvisor’s article “What to Expect From American College’s New Tax Certification” became their most-read article in years. Additionally, when Professor of Practice Jeffrey Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF, BFA™, MSA offered a live demonstration detailing the components included in the program, the number of registrants exceeded Zoom capacity, requiring an upgrade to accommodate the large crowd of eager viewers.
The program opened for enrollment in November of 2024. Since then, 800 students have enrolled in the program and many trailblazers have already completed it, becoming the first to earn this exciting new certification.
Honoring the Inaugural TPCP® Class
Included among this group of pioneers are 26 financial professionals from a variety of backgrounds. Several spoke about the importance of tax planning and what earning the TPCP® could do for them and other financial professionals looking to advance their careers.
“The program was excellent. The concepts and strategies taught in the TPCP® courses were immediately applicable to many current client and prospective client situations. If I was looking for a financial advisor, I would only work with one that focuses on tax planning.”
- Gregory J. Harris, JD, MBA, TPCP®
“TPCP™ is a fantastic program. I have been a CFP® Professional for many years, yet I learned so much from the information presented. This program really focuses on the nuances of the tax law and provides excellent guidance on how to apply the tax code in specific client situations. Well worth the time, energy, and money spent.”
- Clark Randall, CFP®, MJur, TPCP®
“The TPCP™ Program is fantastic, broadening my knowledge on the accumulation and distribution aspects of comprehensive retirement planning. The course moves along and provides up-to-date content, staying relevant with current rules and regulations.”
- John Knoll, CFP®, ChFC®, RICP®, TPCP®
These testimonials shine a light on one of the most important aspects of the TPCP® program that makes the certification particularly useful for those looking to acquire a professional credential: tax planning is more important than ever.
Bringing Value in Times of Volatility
With updates to tax laws and regulations ongoing, economic uncertainty is the current reality many are attempting to deal with as they work to plan their financial futures. According to the director of the TPCP® program, Sophia Duffy, JD, CPA, AEP®, the education provided in the program serves as a huge boon for anyone looking to navigate these updates: “The recent tax proposals mean big changes could be implemented in the near future, and staying up-to-date allows you to jump quickly on opportunities to improve tax outcomes for your clients.”
Fortunately for the inaugural class of TPCP® holders, this could spell opportunity, as tax planning is especially critical during times like these.
According to Aaron Hall, JD, in an article titled “The Importance of Tax Planning in Crisis Situations,” tax planning is a “vital part of survival strategy” for businesses during times of economic uncertainty. Minimizing tax liabilities can be crucial during times of volatility, as aggressive tax collections can make a precarious situation even more challenging, according to Hall.
The Kenan Institute of Private Enterprise also espouses the importance of tax planning in their article, “Building Business Resilience to Tax Complexity and Uncertainty.” As stated in this article, “... taxation is somewhat predictable, and businesses build resiliency by reducing uncertainty about how much they owe, this year and in the future. Tax knowledge is therefore foundational for resilience to taxation.” The importance of tax planning to small businesses was corroborated by The College’s 2024 Advisory Services Survey, which found that advisors were lacking in the necessary tax planning knowledge to serve business owners.
By making the appropriate preparations through tax planning, businesses and individuals can reduce the amount of uncertainty they contend with during times of market volatility and establish a resilience that will offer them better odds of meeting their financial goals moving forward.
Why the TPCP® is Important
As the initial class of TPCP™ holders know and others soon will learn, a strong understanding of tax policy and regulations can improve all aspects of financial planning. From retirement planning or special needs planning to legacy and estate planning, tax planning touches all components of a client’s comprehensive financial planning.
When asked about the importance of the TPCP®, Jared Trexler, our senior vice president and chief marketing and strategy officer, said, “Tax planning is financial planning. The interconnectedness of holistic, comprehensive advice and tax consequences has never been more clear. The public today wants their advisor to provide tax advice. And those who don't are at risk of losing out to those that do. This applied program provides immediate value to an advisor's business and client service model.”
The First TPCPs®
The names below comprise the trailblazers that make up the first-ever holders of the TPCP® designation:
- Robert Alderfer, JD, CFP®, MSFS, WMCP®, QPFC, CAIA®, TPCP®
- Michael Bins, CFP®, RICP®, TPCP®
- Kay Blunck, CFP®, CAP®, CRPC®, ChFC®, AEP®, TPCP®
- Kathleen Cashatt, CFP®, CPA, PFS, TPCP®
- Jonathan Davis, CFA®, CFP®, CTFA™, ChFC®, TPCP®
- Harris Doobrow, CFP®, TPCP™, RICP®, ChFC®, MBA
- Wendy Dudley, ChFC®, TPCP®
- Cole Ferrier, MSFP, ChFC®, RICP®, TPCP®
- Nolin Frias, CFP®, CPWA®, TPCP®, CIMA®, CSRIC
- Gregory Harris, JD, MBA, TPCP®
- Stuart Hunsicker, CFF®, ChFEBCSM, CEPA®, ASBC®, TPCP®, NSSA®, IRMAACP
- Steven Kibbel, CFP®, ChFC®, RICP®, CLU®, TPCP®
- John Knoll, CFP®, ChFC®, RICP®, TPCP®
- Abduhl Mashhoon, CFP®, TPCP®, CEPA®, CRPSSM
- Brian McKinney, CFP®, RICP®, TPCP®
- Brad Pistole, RICP®, TPCP®, CFF®, CAS®, IRMAACP
- Clark Randall, CFP®, MJur, AIF, CRPC®, CLU®, AEP®, RSSA®, TPCP®
- Christopher Reddick, CFP®, RICP®, TPCP®
- Robert Smith, TPCP®
- Christopher Sparks, CLU®, ChFC®, RICP®, CRPC®, TPCP®
- Louis Spence, CFP®, RICP®, TPCP®
- William Spencer, CFP®, TPCP®, CFT™, FBS®
- Sima Tamaddon, CFP®, ChFC®, RICP®, TPCP™
- Benjamin Wacek, CFP®, CKA, TPCP™
- Rock Wang, TPCP®
- Todd Yeiter, CFP®, CASL®, CEPA®, ChFC®, CLU®, TPCP®
Others can get started on earning their TPCP™ certification by exploring the exciting new program.