Generating a Savings Plan

• US 20090192947A1
• Filed: 01/24/2008
• Published: 07/30/2009
• Est. Priority Date: 01/24/2008
• Status: Abandoned Application

• Current Assignee: FMR LLC
• Original Assignee: FMR LLC
• Inventors: Mehta, Ashish, Kenigsberg, Matthew B., Larsen, Glenn
• Application Number:
  US12/019,201
• Publication Number:
  US 20090192947A1
• Time in Patent Office: Days
• US Class Current: 705/36.00R
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A user utilizing a user interface inputs debt information, income information and savings information. The user also inputs retirement information which includes aspects of the user'"'"'s retirement plans (e.g., age of retirement, current age, etc.). The debt information, the income information, and the savings information are assigned to categories. The categories are prioritized to generate a savings plan that includes a savings prioritization (e.g., save into these types of accounts in this order) and/or a spending prioritization (e.g., spend from these types of accounts in this order). The savings plan and/or a quantified benefit of its use is displayed to the user.

Claims

1. A computerized method for generating a savings plan, the method comprising:

receiving debt information, income information, and savings information;

receiving retirement information, the retirement information comprising an age, a retirement age, investment criteria, insurance information, or any combination thereof;

assigning the debt information, the income information, and the savings information to a plurality of categories; and

automatically generating the savings plan by prioritizing the assigned plurality of categories based on the debt information, the income information, the savings information, the retirement information, or any combination thereof.

2. The method of claim 1, further comprising providing a user interface to enable a user to enter information.

3. The method of claim 1, further comprising generating a display which comprises the savings plan.

4. The method of claim 1, further comprising:

determining a current plan of the assigned plurality of categories based on the debt information, the income information, the savings information, or any combination thereof; and

determining a savings optimization based on the savings plan and the current plan.

5. The method of claim 4, further comprising generating a display which comprises the savings optimization.

6. The method of claim 4, wherein the savings optimization comprises a time interval, an amount, or both.

7. The method of claim 1, further comprising associating a plurality of accounts with the debt information, the income information, the savings information, or any combination thereof.

8. The method of claim 7, further comprising assigning the plurality of accounts to the plurality of categories.

9. The method of claim 8, further comprising, in each category which comprises a plurality of accounts, prioritizing the plurality of accounts within the category.

10. The method of claim 8, wherein a priority for each account in a first category are identical.

11. The method of claim 8, wherein a priority for each account in a first category are different.

12. The method of claim 1, further comprising determining an optimal prioritization of the assigned plurality of categories based on a selection criteria.

13. The method of claim 12, further comprising determining the selection criteria based on retirement income amount, portfolio longevity in retirement, portfolio value at retirement, or any combination thereof.

14. The method of claim 1, wherein the automatically generating comprises prioritizing the assigned plurality of categories based on the debt information, the income information, the savings information, or any combination thereof and relationships between financial properties of the assigned plurality of categories.

15. The method of claim 1, wherein the automatically generating comprises prioritizing the assigned plurality of categories based on the debt information, the income information, the savings information, the tax information, or any combination thereof and a set of savings plans.

16. The method of claim 15, further comprising determining the set of savings plans by utilizing one or more business rules with the debt information, the income information, the savings information, or any combination thereof, each savings plan in the set of savings plans comprises a prioritization, which is different from prioritizations of other savings plans in the set of savings plans, and the set of savings plans comprises fewer prioritizations then possible for the assigned plurality of categories.

17. The method of claim 15, further comprising determining the set of savings plans based on a client category.

18. The method of claim 17, further comprising determining the client category by prioritizing one or more client parameters associated with the debt information, the income information, the savings information, or any combination thereof.

19. The method of claim 1, wherein the prioritizing the debt information, the income information, and the savings information based on the assigned plurality of categories further comprises prioritizing the debt information, the income information, and the savings information in each assigned category independently from other categories in the assigned plurality of categories based on the assigned plurality of categories.

20. The method of claim 1, wherein the plurality of categories comprises income, taxable savings, pre-tax deferred matched savings, unsecured debt, pre-tax exempt matched savings, pre-tax exempt non-matched savings, pre-tax deferred non-matched savings, post-tax exempt savings, post-tax deferred savings, secured floating non-deductible debt, secured fixed non-deductible debt, fixed rate deductible debt, or any combination thereof.

21. The method of claim 1, wherein the debt information comprises a credit account, a loan account, a non-secured debt account, a secured fixed non-deductible debt account, a secured floating non-deductible debt account, a fixed deductible debt account, a floating deductible debt account, or any combination thereof.

22. The method of claim 1, wherein the savings information comprises a retirement account, an investment account, a pre-tax deferred savings account, a post-tax deferred savings account, a post-tax exempt savings account, a pre-tax exempt savings account, or any combination thereof.

23. The method of claim 1, further comprising receiving tax information, the tax information comprising a tax bracket, a deduction, an effective tax rate, or any combination thereof.

26. The system of claim 22, further comprising:

an information storage module configured to store the retirement information, the debt information, the income information, and the savings information.

24. A computer program product, tangibly embodied in an information carrier, the computer program product including instructions being operable to cause a data processing apparatus to:

receive debt information, income information, and savings information;

receive retirement information, the retirement information comprising an age, a retirement age, investment criteria, insurance information, or any combination thereof;

assign the debt information, the income information, and the savings information to a plurality of categories; and

automatically generate the savings plan by prioritizing the assigned plurality of categories based on the debt information, the income information, the savings information, the tax information, the retirement information, or any combination thereof.

25. A system for generating a savings plan, the system comprising:

a savings plan module configured to;

receive debt information, income information, savings information, and receive retirement information, the retirement information comprising an age, a retirement age, investment criteria, insurance information, or any combination thereof,

assign the debt information, the income information, and the savings information to a plurality of categories, and

automatically generate the savings plan by prioritizing the assigned plurality of categories based on the debt information, the income information, the savings information, or any combination thereof.

27. A system for generating a savings plan, the system comprising:

a means for receiving debt information, income information, savings information, tax information, and receive retirement information, the retirement information comprising an age, a retirement age, investment criteria, insurance information, or any combination thereof,

a means for assigning the debt information, the income information, and the savings information to a plurality of categories, and

a means for automatically generating the savings plan by prioritizing the assigned plurality of categories based on the debt information, the income information, the savings information, the tax information, or any combination thereof.