Combining a retirement income management account with a retirement income plan

• US 20060095351A1
• Filed: 10/29/2004
• Published: 05/04/2006
• Est. Priority Date: 10/29/2004
• Status: Abandoned Application

• Current Assignee: FMR LLC
• Original Assignee: FMR LLC
• Inventors: Cady, Ed, Berman, Charles, Hoxie, Paul, Benersani, Joe, Gershenfeld, Shari
• Application Number:
  US10/977,353
• Publication Number:
  US 20060095351A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 10/02 Reservations, e.g. for tickets, services or events
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

Described are methods and apparatus, including computer program products, for combining a retirement income management account with a retirement income plan. A first set of data is obtained from a retirement income plan associated with a user. The first set of data includes a projected withdrawal from a retirement asset account. A second set of data is obtained from a retirement income management account associated with the user. An actual withdrawal from the retirement asset account is determined based on the second set of data. A display is generated showing the projected withdrawal compared to the actual withdrawal.

Claims

1. A computerized method for combining a retirement income management account with a retirement income plan, the method comprising:

obtaining a first set of data from a retirement income plan associated with a user, the first set of data including a projected withdrawal from a retirement asset account;

obtaining a second set of data from a retirement income management account associated with the user;

determining an actual withdrawal from the retirement asset account based on the second set of data; and

generating a display showing the projected withdrawal compared to the actual withdrawal.

2. The method of claim 1, further comprising:

calculating a variance between the actual withdrawal and the projected withdrawal; and

generating the display showing the variance.

3. The method of claim 2, wherein the variance is displayed as a percentage.

4. The method of claim 1, wherein the projected withdrawal and the actual withdrawal are represented as percentages.

5. The method of claim 1, wherein the projected withdrawal and the actual withdrawal are represented as dollar amounts.

6. The method of claim 1, wherein the projected withdrawal and the actual withdrawal are represented over a period of one month.

7. The method of claim 6, wherein the projected withdrawal and the actual withdrawal are represented using an average over twelve months.

8. The method of claim 1, wherein the first set of data includes a target asset allocation for the retirement asset account and the second set of data includes an actual asset allocation for the retirement asset account, the method further comprising:

calculating a variance between the actual asset allocation and the target asset allocation; and

generating the display showing the variance.

9. The method of claim 8, further comprising:

including a hyperlink associated with the variance; and

enabling the user to navigate to the retirement asset account using the hyperlink.

10. The method of claim 8, further comprising transmitting an electronic alert message when the variance exceeds a predefined threshold.

11. The method of claim 1, further comprising providing a user interface enabling the user to access the retirement income plan and the retirement income management account.

12. The method of claim 11, further comprising transmitting an electronic alert message when the user has not accessed the retirement income plan for a period greater than a predefined threshold.

13. The method of claim 1, further comprising transmitting an alert message to the user when a predetermined condition is met.

14. The method of claim 1, further comprising providing a user interface enabling a user to select one or more alert messages.

15. The method of claim 14, wherein the one or more alert messages comprise a social security deposit confirmed message, a social security deposit not received message, a pension deposit confirmed message, an annuity deposit confirmed message, a spending money low message, an insufficient funds for transfer message, an estimated quarterly tax payment due message, a minimum required distribution (MRD) deadline upcoming message, a current asset allocation off target message or a plan not visited recently message.

16. The method of claim 14, wherein the user interface enables the user to select a channel of delivery for at least one alert message.

17. The method of claim 16, wherein the channel of delivery comprises an electronic message or a phone.

18. The method of claim 1, further comprising updating the retirement income plan based on the second set of data.

19. The method of claim 1, further comprising calculating a projected period of time remaining until the retirement asset account is depleted based on the second set of data.

20. The method of claim 1, wherein the retirement asset account includes a 401K account.

21. The method of claim 1, wherein the retirement asset account includes an individual retirement account (IRA) account.

22. The method of claim 1, wherein the retirement asset account includes a portion of funds being held as equities.

23. The method of claim 1, further comprising representing the first set of data using XML.

24. A computerized method for combining a retirement income management account with a retirement income plan, the method comprising:

obtaining a first set of data, represented using XML, from a retirement income plan associated with a user, the first set of data including a projected withdrawal from a retirement asset account;

obtaining a second set of data from a retirement income management account associated with the user;

determining an actual withdrawal from the retirement asset account based on the second set of data;

determining whether a predefined alert condition has been met using the first set of data or the second set of data; and

generating a display showing the projected withdrawal compared to the actual withdrawal.

25. A computer program product, tangibly embodied in an information carrier, for combining a retirement income management account with a retirement income plan, the computer program product including instructions being operable to cause data processing apparatus to:

obtain a first set of data from a retirement income plan associated with a user, the first set of data including a projected withdrawal from a retirement asset account;

obtain a second set of data from a retirement income management account associated with the user;

determine an actual withdrawal from the retirement asset account based on the second set of data; and

generate a display showing the projected withdrawal compared to the actual withdrawal.

26. A system for combining a retirement income management account with a retirement income plan, the system comprising:

a financial planning platform to enable a user to create a retirement income plan;

a cash management and brokerage platform to enable the user to manage retirement income and retirement asset accounts, the cash management and brokerage platform being in communication with the financial planning platform using an XML interface; and

a consumer interface layer to enable the user to access the retirement income plan and the retirement income and retirement asset accounts, the consumer interface layer being in communication with the financial planning platform and the cash management and brokerage platform.

27. A system for combining a retirement income management account with a retirement income plan, the system comprising:

a first means for obtaining from a retirement income plan a projected withdrawal from a retirement asset account;

a second means for obtaining from a retirement income management account an actual withdrawal from the retirement asset account; and

a third means for generating a display showing the projected withdrawal compared to the actual withdrawal.