BACKEND SYSTEMS AND METHODS FOR GRAPHICALLY ENABLED RETIREMENT PLANNING
According to some embodiments, supplemental data associated with a user's retirement planning may be received. In addition, a first set of user goals may be received, from the user, as basic expenses along with a second set of user goals as optional expenses. Predictable monthly retirement income and retirement assets associated with the user may then be determined A retirement planning platform may then automatically calculate a financial gap for the user based at least in part on the supplemental data, the first set of user goals, the predictable monthly retirement income, and the retirement assets associated with the user.
This application claims the benefit of U.S. Provisional Patent Application No. 61/493,005 entitled “SYSTEMS AND METHODS FOR GRAPHICALLY ENABLED RETIREMENT PLANNING” and filed Jun. 3, 2011. The entire contents of that application are incorporated herein by reference.
BACKGROUNDA person may be interested in learning about and planning for their financial future, especially as it relates to his or her retirement. For example, a person may have certain goals and/or expenses that may need to be balanced with likely monthly income that will be available after retirement (e.g., from Social Security or a retirement pension) and any assets owned by the person (e.g., a 401(k) savings account). The calculations associated with such a balance can depend on a number of different factors, such as a person's age, date of retirement, predicting inflation rates, etc. Many people may find these types of calculations and decisions associated with their retirement options to be confusing and even intimidating. As a result, some people avoid planning for their retirement.
It would therefore be desirable to provide systems and methods to efficiently and accurately facilitate financial planning associated with retirement goals.
SUMMARY OF THE INVENTIONAccording to some embodiments, systems, methods, apparatus, computer program code and means may be provided to efficiently and accurately facilitate financial planning associated with retirement goals. In some embodiments, supplemental data associated with a user's retirement planning may be received. In addition, a first set of user goals may be received, from the user, as basic expenses along with a second set of user goals as optional expenses. Predictable monthly retirement income and retirement assets associated with the user may then be determined A retirement planning platform may then automatically calculate a financial gap for the user based at least in part on the supplemental data, the first set of user goals, the predictable monthly retirement income, and the retirement assets associated with the user.
Some embodiments comprise: means for receiving supplemental data associated with a user's retirement planning; means for receiving from the user a first set of user goals as basic expenses and a second set of user goals as optional expenses; means for determining predictable monthly retirement income associated with the user; means for determining retirement assets associated with the user; and means for automatically calculating, by a retirement planning platform, a financial gap for the user based at least in part on the supplemental data, the first set of user goals, the predictable monthly retirement income, and the retirement assets associated with the user.
A technical effect of some embodiments of the invention is may be an improved and computerized method of performing financial planning associated with retirement goals. With these and other advantages and features that will become hereinafter apparent, a more complete understanding of the nature of the invention can be obtained by referring to the following detailed description and to the drawings appended hereto.
According to some embodiments, the “automated” retirement planning platform 120 may help a user explore and/or organize retirement goals. As used herein, the term “automated” may refer to, for example, actions that can be performed with little or no human intervention. By way of example only, the retirement planning platform 120 may be associated and/or communicate with a PC, an enterprise server, or a database farm. Moreover, according to some embodiments, a model 122 (e.g., a multi-dimensional and/or weighted model) at the platform 120 may facilitate financial predictions and/or planning.
As used herein, devices, including those associated with the retirement planning platform 120, and any other device described herein may exchange information via any communication network (not illustrated in
Although a single retirement planning platform 120 is shown in
According to some embodiments, the remote user device 110 may be considered a “frontend” through which a user may access the system 100 while the retirement planning platform 120, model 122, retirement planning database 150, internal data 160, and third-party data may be considered a “backend” that may perform calculations and other functions for the user to facilitate his or her retirement planning.
The system 100 of
At S210, supplemental data associated with a user's retirement planning may be received. For example, the system may be associated with an insurance provider and the supplemental data may comprise internal data to the insurance provider, such as (i) a policy holder name, (ii) information about the user's financial accounts, and/or (iii) an insurance policy monetary value. According to some embodiments, the supplemental data comprises third-party data such as, (i) information about the user's financial accounts (e.g., from a bank or credit score source), (ii) an interest rate, and/or (iii) a dynamic governmental interest rate.
At S220, a first set of user goals may be received from the user as basic expenses along with a second set of user goals as optional expenses. At S230, predictable monthly retirement income associated with the user may be determined, and retirement assets associated with the user may be determined at S240. At S250, a financial gap may be automatically determined for the user based at least in part on the supplemental data, the first set of user goals, the predictable monthly retirement income, and the retirement assets associated with the user.
Note that the determinations performed at S230 and S240 may comprise receiving values from the user. According to some embodiments, these determinations may comprise receiving and/or calculating values based on other information. For example, information about the user might be determined from a bookkeeping application, employee records, social media network account information, pre-determined insurance data, or any other source (e.g., to pre-populate one or more fields such as his or her email address). Moreover, according to some embodiments a first item of information may be used to predict a second item of information. For example, a user's ZIP code might be used to predict his or her predictable monthly retirement income (e.g., in those cases where the user has not specifically provided that information).
Moreover, in some cases modeling techniques may be used to predict or generate any of the values discussed herein. For example, one or more predictive models to take into account a large number of parameters associated with retirement planning. The predictive model(s), in various implementation, may include one or more of neural networks, Bayesian networks (such as Hidden Markov models), expert systems, decision trees, collections of decision trees, support vector machines, or other systems known in the art for addressing problems with large numbers of variables. Preferably, the predictive model(s) are trained on prior data and outcomes known to the insurance company or backend system. The specific data and outcomes analyzed vary depending on the desired functionality of the particular predictive model. The particular data parameters selected for analysis in the training process may be determined by using regression analysis and/or other statistical techniques known in the art for identifying relevant variables in multivariable systems. The parameters may be selected from any of the structured data parameters stored in the present system, whether the parameters were input into the system originally in a structured format or whether they were extracted from previously unstructured text, such as from text based data associated with a user.
According to some embodiments, an output may be generated (e.g., for the user) based at least in part on the user's calculated financial gap. The output might be is associated with, for example: (i) facilitating a transfer of information to an insurance agent or agency, or (ii) insurance product recommendations for the user.
Note that embodiments described herein may be performed to facilitate a person's understanding and/or organization of retirement information. Pursuant to some embodiments, a first set of user goals may be categorized as “basic” expenses. These expenses might be considered things that must be provided for in retirement, such as (i) housing expenses, (ii) automobile expenses, (iii) food expenses, (iv) health care expenses, and/or or (v) utility expenses. Similarly, a second set of user goals may be categorized as “optional” expenses. These expenses might be, for example, things that might be “nice to have” in retirement, such as (i) travel expenses, (ii) entertainment expenses, (iii) family expenses, (iv) housing expenses (e.g., associated with a second vacation home), (v) education expenses, and/or (vi) charity expenses.
Moreover, icons associated with the basic expenses may be graphically displayed in a first screen area. Similarly, icons associated with the optional expenses may be displayed in a second screen area. For example, icons associated with basic expenses might be displayed on the left portion of a computer screen while icons associated with optional expenses are displayed on the right portion. One example, of such a display is described herein in connection with
An indication may be received from a remote user that a selected icon is to be associated with one of the first or second areas. For example, the user might click on an icon to “drag and drop” the icon to a different area of the computer screen. A user goal associated with the selected icon may be re-categorized based on the received indication. For example, an expense that was originally categorized as an “optional” expense might be re-categorized as a “basic” expense.
In accordance with the basic and optional expenses, a retirement planning system may interact with the user to help him or her explore various retirement planning options. For example, the system might determine predictable monthly retirement income associated with the user along with retirement assets associated with the user. A financial gap associated with the user might then be calculated representing the different between the income the user may need and the income the user can currently count on. The gap might be based at least in part on, for example, (i) a user age, (ii) a spouse age, (iii) a current income, and/or (iv) a retirement age. The system might also graphically generate a retirement planning report for the user and/or automatically facilitate a posting of retirement information associated with the user to a social media web site.
According to some embodiments, the retirement planning system may interact with a user via an easy to understand Graphical User Interface (“GUI”). For example,
Note that any of the displayed described herein might be provided by a PC or any other device. For example,
The retirement planning display 1400 may let a user submit retirement data to a retirement planning platform. For example, the user may select and/or move expenses from an area 1410 of the display in order to characterize the expenses as a “must-have” or a “nice-to-have” expense (e.g., basic or optional expenses).
The retirement planning display 1400 may let a user submit retirement data to a retirement planning platform. For example, the user may select and/or move expenses from an area 1410 of the display in order to characterize the expenses as a “must-have” or a “nice-to-have” expense (e.g., basic or optional expenses). Similarly,
Note that embodiments described herein may be implemented in any number of different ways. For example,
The processor 1610 also communicates with a storage device 1630. The storage device 1630 may comprise any appropriate information storage device, including combinations of magnetic storage devices (e.g., a hard disk drive), optical storage devices, mobile telephones, vehicle computers, and/or semiconductor memory devices. The storage device 1630 stores a program 1612 and/or retirement planning engine 1614 for controlling the processor 1610. The processor 1610 performs instructions of the programs 1612, 1614, and thereby operates in accordance with any of the embodiments described herein. For example, the processor 1610 may receive supplemental data associated with a user's retirement planning. The processor 1610 may also receive, from the user, a first set of user goals as basic expenses and a second set of user goals as optional expenses. The processor 1610 may determine predictable monthly retirement income and retirement assets associated with the user. The processor 1610 may then automatically calculate a financial gap for the user based at least in part on the supplemental data, the first set of user goals, the predictable monthly retirement income, and the retirement assets associated with the user.
The programs 1612, 1614 may be stored in a compressed, uncompiled and/or encrypted format. The programs 1612, 1614 may furthermore include other program elements, such as an operating system, a database management system, and/or device drivers used by the processor 1610 to interface with peripheral devices.
As used herein, information may be “received” by or “transmitted” to, for example: (i) the retirement planning platform 1600 from another device; or (ii) a software application or module within the retirement planning platform 1600 from another software application, module, or any other source.
In some embodiments (such as shown in
Referring to
The user identifier 1702 may be, for example, a unique alphanumeric code identifying a user who is planning for his or her retirement. The user age 1704 may represent, for example, the user's current age, a predicted retirement age, and/or an age associated with a spouse. The user income sources 1706 may include, for example, predicable sources of income for the user during his or her retirement. The user assets 1708 may represent, for example, bank accounts, real estate, stocks, and/or other assets owned by the user. The user expenses (characterized) 1710 might include, for example, “basic” or “must-have” expenses as well as “optional” or “nice-to-have” expenses. Thus user may have characterized the user expenses, for example, via a graphically display such as the one illustrated in
Although specific examples of information that might be stored in a retirement planning system have been described herein (e.g., in connection with the retirement planning database 1700, the internal database 1660, and/or the third party database 1670), note that many other types of information might be used in addition to, or instead of, the examples provided. For example, debt information, financial modeling information, and/or a user name and/or password associated with a social media web site might also be stored in any of the databases described herein. Moreover, any of the information described herein might be stored to and/or retrieved from a computer network such as one or more “cloud” computing and/or execution environments.
At S1820, icons associated with the basic expenses may be graphically displayed in a first screen area. Similarly, at S1830 icons associated with the optional expenses may be displayed in a second screen area. For example, icons associated with basic expenses might be displayed on the left portion of a computer screen while icons associated with optional expenses are displayed on the right portion.
At S1840, an indication may be received from a remote user that a selected icon is to be associated with one of the first or second areas. For example, the user might click on an icon to “drag and drop” the icon to a different area of the computer screen. At S1850, a user goal associated with the selected icon may be re-categorized based on the received indication. For example, an expense that was originally categorized as an “optional” expense might be re-categorized as a “basic” expense.
The following illustrates various additional embodiments of the invention. These do not constitute a definition of all possible embodiments, and those skilled in the art will understand that the present invention is applicable to many other embodiments. Further, although the following embodiments are briefly described for clarity, those skilled in the art will understand how to make any changes, if necessary, to the above-described apparatus and methods to accommodate these and other embodiments and applications.
Although specific hardware and data configurations have been described herein, note that any number of other configurations may be provided in accordance with embodiments of the present invention (e.g., some of the information associated with the databases described herein may be combined or stored in external systems).
Applicants have discovered that embodiments described herein may be particularly useful in connection with retirement planning. Note, however, that other types of financial planning and related products may also benefit from the invention. For example, embodiments of the present invention may be used to in connection with financial, medical, educational, and other types of information.
The present invention has been described in terms of several embodiments solely for the purpose of illustration. Persons skilled in the art will recognize from this description that the invention is not limited to the embodiments described, but may be practiced with modifications and alterations limited only by the spirit and scope of the appended claims.
Claims
1. A system associated with retirement planning, comprising:
- a data storage device for storing data associated with a user's retirement planning;
- a communication device to receive supplemental data associated with the user's retirement planning;
- a computer processor for executing program instructions and for retrieving said data associated with the user's retirement planning from the data storage device; and
- a memory, coupled to the computer processor, for storing program instructions for execution by the computer processor to: receive from the user a first set of user goals as basic expenses and a second set of user goals as optional expenses, determine predictable monthly retirement income associated with the user, determine retirement assets associated with the user, and calculate a financial gap for the user based at least in part on the supplemental data, the first set of user goals, the predictable monthly retirement income, and the retirement assets associated with the user.
2. The system of claim 1, wherein the system is associated with an insurance provider and the supplemental data comprises internal data to the insurance provider.
3. The system of claim 2, wherein the internal data is associated with at least one of: (i) a policy holder name, (ii) information about the user's financial accounts, or (iii) an insurance policy monetary value.
4. The system of claim 1, wherein the supplemental data comprises third-party data.
5. The system of claim 4, wherein the supplemental data comprises at least one of: (i) information about the user's financial accounts, (ii) an interest rate, or (iii) a dynamic governmental interest rate.
6. The system of claim 1, wherein execution of the program instructions further results in:
- generating an output based at least in part on the calculated financial gap for the user.
7. The system of claim 6, wherein the output is associated with at least one of:
- (i) facilitating a transfer of information to an insurance agent or agency, or (ii) insurance product recommendations for the user.
8. The system of claim 1, wherein the first set of user goals includes goals associated with at least two of: (i) housing expenses, (ii) automobile expenses, (iii) food expenses, (iv) health care expenses, or (v) utility expenses.
9. The system of claim 1, wherein the second set of user goals includes goals associated with at least two of: (i) travel expenses, (ii) entertainment expenses, (iii) family expenses, (iv) housing expenses, (v) education expenses, or (vi) charity expenses.
10. The system of claim 1, wherein execution of the program instructions further results in:
- receiving from the user information associated with at least one of: (i) a user age, (ii) a spouse age, (iii) a current income, or (iv) a retirement age.
11. The system of claim 8, wherein execution of the program instructions further results in:
- automatically facilitating a posting of retirement information associated with the user to a social media web site.
12. A computer-implemented method associated with retirement planning comprising:
- receiving supplemental data associated with a user's retirement planning;
- receiving from the user a first set of user goals as basic expenses and a second set of user goals as optional expenses;
- determining predictable monthly retirement income associated with the user;
- determining retirement assets associated with the user; and
- automatically calculating, by a retirement planning platform, a financial gap for the user based at least in part on the supplemental data, the first set of user goals, the predictable monthly retirement income, and the retirement assets associated with the user.
13. The method of claim 12, wherein the method is associated with an insurance provider and the supplemental data comprises internal data to the insurance provider that is associated with at least one of: (i) a policy holder name, (ii) information about the user's financial accounts, or (iii) an insurance policy monetary value.
14. The method of claim 12, wherein the supplemental data comprises third-party data that is associated with at least one of: (i) information about the user's financial accounts, (ii) an interest rate, or (iii) a dynamic governmental interest rate.
15. The method of claim 12, further comprising:
- generating an output based at least in part on the calculated financial gap for the user, wherein the output is associated with at least one of: (i) facilitating a transfer of information to an insurance agent or agency, or (ii) insurance product recommendations for the user.
16. The method of claim 12, further comprising:
- receiving from the user an indication that a token is moved between a predicable retirement income area of a display and a retirement asset area of the display;
- responsive to said receiving, re-calculating the financial gap; and
- adjusting a graphical display of the financial gap based on the re-calculation.
17. The method of claim 12, further comprising:
- automatically facilitating a posting of retirement information associated with the user to a social media web site.
18. A non-transitory computer-readable medium storing program instructions adapted to be executed by a computer processor to perform a method associated with retirement planning, said method comprising:
- receiving supplemental data associated with a user's retirement planning;
- receiving from the user a first set of user goals as basic expenses and a second set of user goals as optional expenses;
- determining predictable monthly retirement income associated with the user;
- determining retirement assets associated with the user; and
- automatically calculating, by a retirement planning platform, a financial gap for the user based at least in part on the supplemental data, the first set of user goals, the predictable monthly retirement income, and the retirement assets associated with the user.
19. The medium of claim 18, wherein the method is associated with an insurance provider and the supplemental data comprises internal data to the insurance provider that is associated with at least one of: (i) a policy holder name, (ii) information about the user's financial accounts, or (iii) an insurance policy monetary value.
20. The medium of claim 18, wherein the supplemental data comprises third-party data that is associated with at least one of: (i) information about the user's financial accounts, (ii) an interest rate, or (iii) a dynamic governmental interest rate.
21. The medium of claim 18, further comprising:
- generating an output based at least in part on the calculated financial gap for the user, wherein the output is associated with at least one of: (i) facilitating a transfer of information to an insurance agent or agency, or (ii) insurance product recommendations for the user.
Type: Application
Filed: Dec 12, 2011
Publication Date: Dec 6, 2012
Inventors: David A. Calibey (West Hartford, CT), John D. Diehl (Pottstown, PA), Lori A. LaForge (Ellington, CT), Eric F. Truntz (North Granby, CT)
Application Number: 13/323,088
International Classification: G06Q 40/00 (20120101); G06Q 40/08 (20120101);