BACKEND SYSTEMS AND METHODS FOR GRAPHICALLY ENABLED RETIREMENT PLANNING

• US 20120310677A1
• Filed: 12/12/2011
• Published: 12/06/2012
• Est. Priority Date: 06/03/2011
• Status: Abandoned Application

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Calibey, David A., Diehl, John D., LaForge, Lori A., Truntz, Eric F.
• Application Number:
  US13/323,088
• Publication Number:
  US 20120310677A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06F 3/04817 using icons graphical or visual programming using iconic symbols G06F8/34
• CPC Class Codes: G06F 3/0482 Interaction with lists of selectable items, e.g. menus
• CPC Class Codes: G06F 3/04845 for image manipulation, e.g. dragging, rotation, expansion or change of colour
• CPC Class Codes: G06F 3/0486 Drag-and-drop
• CPC Class Codes: G06F 3/14 Digital output to display device ; Cooperation and interconnection of the display device with other functional units
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

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.

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.