What Is a Certified Retirement Counselor (CRC)?

A financial advisor can help you create a retirement plan that reflects your needs, goals and desired lifestyle. An advisor who is a certified retirement counselor (CRC) can bring valuable expertise and knowledge to the table. Financial advisors with this certification are experts in retirement planning and retirement income management, among other related areas. If you want a financial advisor to help with your retirement plans, consider using SmartAsset’s free advisor matching tool.

What Is a Certified Retirement Counselor (CRC)?

A certified retirement counselor (CRC) is a financial professional who has specialized knowledge in retirement planning and has met the requirements to earn this designation.

The CRC certification, established by the International Foundation for Retirement Education (InFRE) in 1997, is awarded by a nonprofit organization committed to promoting high standards of service and ethics in the financial sector. InFRE emphasizes the importance of this work, especially as millions of baby boomers approach retirement, with many unprepared for the transition.

To earn a CRC credential, advisors must do the following:

Pass an in-person, proctored exam consisting of 200 multiple choice questions
Complete 15 credit hours of continuing education (CE) annually, including at least two hours of ethics CE every two years
Complete a Certificate Holder’s Statement agreeing to uphold the CRC code of ethics

The CRC exam fee is $575, with a $275 fee for retakes. InFRE offers stand-alone study materials for $540, or candidates may purchase the materials and pay the exam fee together for $1,015.

Who Can Become a Certified Retirement Counselor?

InFRE sets modest education and work experience prerequisites for earning a CRC. Candidates must:

Have a bachelor’s degree or equivalent and a minimum of two years of relevant professional experience within the past five years, OR
Have a high school diploma or GED and a minimum of five years of relevant professional experience within the past seven years

Any criminal activity or professional misconduct must be disclosed on an initial statement. But otherwise, candidates are not required to hold other designations, such as a CFP® mark, or have a specific securities license to qualify.

Admittance standards are not absolute and InFRE can modify the selection criteria in certain situations. But in general, this certification is more suitable for professionals with an established skill set than beginners.

Who Can Become a Certified Retirement Counselor?

InFRE sets modest education and work experience prerequisites for earning a CRC. A bachelor’s degree in any subject from an accredited college or university, combined with work experience, is the standard, although a high school diploma or GED will suffice with more experience.

Candidates need a minimum of two years of relevant, retirement related experience within the past five years, or five years of experience in the last seven. Any criminal activity or professional misconduct must be disclosed on an initial statement.

What Do CRC Candidates Learn?

A client meets with their Certified Retirement Counselor.

InFRE wants CRC candidates to know about more than just the financial realities of retirement. They also should understand the process of accumulating a retirement nest egg and to be advocates for long-term financial planning. Additionally, InFRE advises candidates that they may be tested on the latest retirement plan contribution limits and income thresholds.

As we state above, there is no specific course of study necessary to earn this certification. Theoretically, a financial advisor could pass an exam on the strength of their existing professional knowledge.

For those who need study materials, InFRE’s course offerings cover five general areas spanning the fundamentals of:

Retirement planning
Investments
Retirement plan design
Retirement income management
Principles of retirement counseling and education

InFRE also updates its exam every five years to keep pace with changes within the financial advisory industry. Once the candidate is ready, they can take the four-hour, 200 question exam on four different dates during the year.

Established CRCs can meet the continuing education requirements through a variety of sources, including employer-sponsored education sessions, workshops and even review of InFRE study guides. InFRE also supplies CRCs with a handbook that includes an extensive list of topics that can become the basis for continuing education.

What Services Can CRCs Offer Clients

CRCs help build retirement income plans that are tailored to their clients’ needs. You might look to a CRC if you need advice on how to:

Determine a safe withdrawal rate for retirement
Manage multiple income sources, including Social Security benefits, pensions, annuities and withdrawals from investment accounts
Navigate required minimum distributions (RMDs)
Minimize the tax consequences of retirement plan withdrawals
Identify contribution gaps in tax-advantaged plans, such as a 401(k) or IRA
Manage your asset allocation to balance risk and reward
Roll over an employer-sponsored plan into an IRA
Maximize employer matching contributions
Minimize or avoid early withdrawal penalties

CRCs guide clients on retirement risks that extend beyond investment returns. This includes planning for healthcare costs, estimating the impact of inflation on future expenses and managing longevity risk through products like lifetime income annuities. They also address the financial impact of early retirement, part-time work, or phased retirement arrangements.

They provide counseling on behavioral and lifestyle aspects of retirement. CRCs are trained to discuss budgeting for post-career life, setting realistic expectations for spending, and aligning financial decisions with personal goals. This mix of technical and counseling services is what differentiates a CRC from advisors who only focus on investment performance.

Should You Work With a CRC Instead of Another Expert?

Retirement experts may have a virtual alphabet soup’s worth of credentials. Are some more impressive than others? Almost certainly. Some credentials require very little in the way of study or professional standards. In contrast, a professional with the CRC credential probably invested significant time earning it and must live up to InFRE’s code of ethics and continuous education to keep it.

That said, you may want an advisor to have even more rigorous training. Compare the credentials of a personal financial specialist (PFS), a certification offered by the American Institute of Certified Public Accountants (AICPA). CPAs are the only financial professionals eligible for the PFS. They must be in good standing in their field, submit recommendations and have the equivalent of 3,000 hours of professional or teaching experience.

PFS certification allows CPAs to broaden the range of services they can provide clients. Although CPAs may have knowledge of many aspects of business, typically they focus on taxes and accounting. But a CPA/PFS can branch into retirement planning and wealth management and compete more directly with CRCs.

Both PFS and CRC certifications require initial fees in the hundreds of dollars, exam fees and ongoing education. From a professional’s perspective, the investments of time and money are roughly equal. The combination of CPA and PFS certification may carry a little more authority for clients who want deep financial expertise. That said, some clients may prefer to work with an advisor with a less specialized background or one that focuses exclusively on retirement issues, as a CRC may well do.

Bottom Line

A woman after meeting with her Certified Retirement Counselor.

A CRC certification can demonstrate that a financial professional has specialized knowledge around funding and managing retirement. While there are many financial certifications that address some areas of retirement planning, the CRC covers most of the territory. For professionals, it can be a valuable differentiator if their client base is close to retirement age or running behind in their planning. Affiliation with the nonprofit InFRE, which focuses on education rather than selling products, is another asset.

Retirement Tips

You may find it worthwhile to research a few financial certifications to get a sense of of the expertise you might want your advisor to have. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
It’s never too soon to start thinking about the future. SmartAsset’s retirement guide has resources, including a retirement calculator, that can help you understand how investing and smart planning can start today.