Method And Tool For Retirement Income Management
First Claim
1. A method of monitoring and managing retirement income through use of a retirement income planning tool that facilitates the generation of a retirement income plan in response to processing projected assets and retirement compensation levels, the method comprising the steps of:
- in a computer system;
(a) inputting into the income planning tool financial data representative of a customer'"'"'s desired retirement income, assets and retirement compensation;
(b) allocating said assets into at least one investment vehicle in response to data input by said customer, wherein said at least one investment vehicle is comprised of an asset performance projection module configured to project the performance of an investment strategy using the customer'"'"'s investment assets in a plurality of alternative scenarios, wherein each investment scenario is representative of potential future market conditions;
(c) generating a retirement income plan comprised of at least data representative of projected retirement compensation, projected asset levels and projected asset withdrawals, wherein said projected assets are comprised of data representative of the projected performance of said assets processed by said performance projection module; and
(d) comparing said retirement income plan to said desired retirement income levels in order to identify periods in which said retirement income plan projects income levels to be lower than said customer'"'"'s desired income levels, and when periods are identified in which said retirement income plan projects income levels to be lower than said customer'"'"'s desired income levels, facilitating modification of said retirement financial data input into the income planning tool in order to generate an updated retirement income plan.
1 Assignment
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Accused Products
Abstract
The present invention is a method of monitoring a retirement income plan and managing retirement income through use of a retirement income planning tool. The retirement income planning tool is comprised of modules working together in order to facilitate planning, monitoring, management and generation of a retirement income plan. The projected assets are generated in response to the processing of financial data input into the retirement income planning tool in view of potential investment performance scenarios. The financial data input into the retirement income planning tool includes at least a customer'"'"'s desired retirement income levels, assets level and retirement compensation levels. The retirement income plan is comprised of at least data representative of projected retirement compensation, asset levels and projected asset withdrawals. The retirement income planning tool compares a client'"'"'s retirement compensation to the comprehensive retirement income levels desired in order to determine the level of asset withdrawals necessary to achieve the comprehensive retirement income levels. The method of monitoring includes guidelines for dynamic management and monitoring of retirement asset withdrawals and investments in order to facilitate retirement asset utilization over the life of the retirement income plan.
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Citations
14 Claims
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1. A method of monitoring and managing retirement income through use of a retirement income planning tool that facilitates the generation of a retirement income plan in response to processing projected assets and retirement compensation levels, the method comprising the steps of:
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in a computer system; (a) inputting into the income planning tool financial data representative of a customer'"'"'s desired retirement income, assets and retirement compensation; (b) allocating said assets into at least one investment vehicle in response to data input by said customer, wherein said at least one investment vehicle is comprised of an asset performance projection module configured to project the performance of an investment strategy using the customer'"'"'s investment assets in a plurality of alternative scenarios, wherein each investment scenario is representative of potential future market conditions; (c) generating a retirement income plan comprised of at least data representative of projected retirement compensation, projected asset levels and projected asset withdrawals, wherein said projected assets are comprised of data representative of the projected performance of said assets processed by said performance projection module; and (d) comparing said retirement income plan to said desired retirement income levels in order to identify periods in which said retirement income plan projects income levels to be lower than said customer'"'"'s desired income levels, and when periods are identified in which said retirement income plan projects income levels to be lower than said customer'"'"'s desired income levels, facilitating modification of said retirement financial data input into the income planning tool in order to generate an updated retirement income plan. - View Dependent Claims (2, 3, 4, 5)
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6. A method of monitoring and managing retirement income in response to changes in retirement compensation and in the value of retirement assets, the method comprising the steps of:
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in a computer system; (a) inputting retirement financial data into a retirement income planning tool, wherein said retirement financial data is representative of a customer'"'"'s desired retirement income, retirement compensation and retirement assets; (b) allocating said retirement assets into at least one investment vehicle comprised of an asset performance projection module configured to project the performance of an investment strategy using the customer'"'"'s investment assets in a plurality of alternative scenarios, wherein each investment scenario is representative of potential future market conditions and said at least one investment vehicle is selected based upon a risk level, to which said customer is comfortable, and rate of growth necessary for said retirement assets to reach a level needed to achieve said customer'"'"'s desired retirement income; (c) generating data representative of a retirement income plan, wherein said retirement income plan is comprised of said customer'"'"'s retirement compensation and projected withdrawals from said retirement assets; (d) comparing said retirement income plan to said desired retirement income in order to identify periods in which said retirement income plan projects said retirement income to be lower than said customer'"'"'s desired retirement income; and
;(e) when periods are identified in which said retirement income plan projects retirement income to be lower than said customer'"'"'s desired retirement income in response to changes in the value of said retirement assets, modifying said retirement income plan by changing the level of withdrawals from said retirement assets. - View Dependent Claims (7, 8, 9, 10, 11, 12, 13)
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14-20. -20. (canceled)
Specification