METHOD AND SYSTEM FOR DETERMINING AN OPTIMUM PLAN FOR RETIREMENT INCOME

• US 20150095265A1
• Filed: 10/02/2014
• Published: 04/02/2015
• Est. Priority Date: 10/02/2013
• Status: Active Grant

• Current Assignee: RetireUp, LLC
• Original Assignee: RetireUp, LLC
• Inventors: Feinendegen, Jeffrey P., Santner, Daniel
• Granted Patent: US 9,830,659 B2
• Time in Patent Office: Days
• US Class Current: 705/36.R
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

The method, system, and computer-readable medium generate and adjust retirement plans. Client information and projection parameters are received from a user and used to generate a first retirement plan. Default values for some information may be presented to verification based upon previously entered information. The first retirement plan is presented to the user simultaneously with a plurality of options to adjust the parameters, which are presented such that the user may adjust the parameters without obscuring the retirement plan information. Upon selection of an option by the user, the retirement plan is adjusted and presented in real-time, which may be implemented by the user'"'"'s computer without communication with another computer. A reallocation option may be included to request quotes from additional parties, receive the quotes, and reallocate part or all of the value of a client asset to a different type of asset based upon the quotes.

Claims

1. A computer-implemented method for generating and adjusting retirement plans for a client, comprising:

receiving, at one or more processors, client information, including information related to at least a plurality of parameters for projecting future values associated with the retirement plans;

determining, by one or more processors, a first retirement plan based upon the received client information;

presenting, by a display, information regarding the first retirement plan to a user;

presenting, by the display, a plurality of options to change at least a portion of the plurality of parameters, wherein the plurality of options are displayed to the user simultaneously with the information regarding the first retirement plan;

receiving, by one or more processors, an indication of a parameter change, wherein the parameter change includes a selection of at least one of the plurality of options to change at least a portion of the plurality of parameters;

determining, by one or more processors, a second retirement plan based upon the client information and the indication of the parameter change; and

presenting, by the display, information regarding the second retirement plan to the user simultaneously with a second plurality of options to change at least a portion of the plurality of parameters.

2. The computer-implemented method of claim 1, wherein each of the information regarding the first retirement plan and the information regarding the second retirement plan include a projection of at least one of the following:

retirement income from one or more sources during retirement, expenses during retirement, retirement age, rate of return on investments, rate of return on other assets, length of client life, healthcare expenses, recurring expenses, nonrecurring expenses.

3. The computer-implemented method of claim 1, wherein the client information includes a first item of client information and a second item of client information, and wherein the second item is prepopulated with a default value based at least in part upon the received value of the first item.

4. The computer-implemented method of claim 1, wherein determining the second retirement plan includes determining, by a processor of a computing device operated by the user, the second retirement plan without receiving additional information from any additional computing devices communicatively connected to the computing device after receiving the indication of the parameter change.

5. The computer-implemented method of claim 1, wherein:

the plurality of options to change at least a portion of the plurality of parameters include a stress test option, wherein selection of the stress test option may cause the second retirement plan to adjust one or more of the parameters to simulate one or more of the following market events;

a single-year reduction in the rate of return on at least one asset, a multi-year reduction in the rate of return on at least one asset, a single-year reduction in the value of at least one asset, a multi-year reduction in the value of at least one asset, or a multi-year series of changes to the rate of return that includes at least one increase in the value of at least one asset and at least one decrease in the value of at least one asset; and

the plurality of options to change at least a portion of the plurality of parameters further includes an option to adjust the timing of the occurrence of the one or more market events.

6. The computer-implemented method of claim 1, wherein receiving the indication of the parameter change comprises receiving a selection of a reallocation option to reallocate part or all of at least one asset of the assets of the client to a different type of asset in the second retirement plan.

7. The computer-implemented method of claim 6, wherein:

receiving the selection of the reallocation option includes receiving a selection to reallocate part or all of the at least one asset of the client to an annuity;

the computer-implemented method further comprises;

transmitting, via a network, a request for one or more quotes for the annuity to one or more parties, and receiving, via the network, one or more quotes from the one or more parties; and

the second retirement plan is determined based at least in part upon the received one or more quotes from the one or more parties.

8. The computer-implemented method of claim 1, wherein the plurality of options to change at least a portion of the plurality of parameters includes a drawdown option, wherein selection of the drawdown option causes the second retirement plan to include a sufficient withdrawal of an asset in each period following the client'"'"'s retirement to meet the client'"'"'s retirement income goals in each of one or more periods following the client'"'"'s retirement until the asset is depleted.

9. The computer-implemented method of claim 1, wherein the plurality of options to change at least a portion of the plurality of parameters includes at least one optimization option associated with one or more of the plurality of parameters, wherein selection of the optimization option causes an adjustment to the associated one or more parameters in the second retirement plan such that the difference between the client'"'"'s retirement income goal and projected retirement income is minimized.

10. The computer-implemented method of claim 1, wherein presenting the first retirement plan to the user and presenting the second retirement plan to the user each include presenting a presentation option to the user, and further comprising:

receiving, by one or more processors, a selection of the presentation option;

determining, by one or more processors, at least one slide based upon a retirement plan associated with the selected presentation option; and

generating, by one or more processors, a slide presentation include the one or more determined slides.

11. A computer system for generating and adjusting retirement plans for a client, comprising:

one or more processors;

a non-transitory program memory storing executable instructions that when executed by the one or more processors cause the computer system to;

receive client information, including information related to at least a plurality of parameters for projecting future values associated with the retirement plans;

determine a first retirement plan based upon the received client information;

present information regarding the first retirement plan to a user;

present a plurality of options to change at least a portion of the plurality of parameters, wherein the plurality of options are displayed to the user simultaneously with the information regarding the first retirement plan;

receive an indication of a parameter change, wherein the parameter change includes a selection of at least one of the plurality of options to change at least a portion of the plurality of parameters;

determine a second retirement plan based upon the client information and the indication of the parameter change; and

present information regarding the second retirement plan to the user simultaneously with a second plurality of options to change at least a portion of the plurality of parameters.

12. The computer system of claim 11, wherein the client information includes a first item of client information and a second item of client information, and wherein the second item is prepopulated with a default value based at least in part upon the received value of the first item.

13. The computer system of claim 11, wherein:

the one or more processors are disposed within a computing device operated by the user; and

the executable instructions that when executed by the one or more processors cause the computer system to determine the second retirement plan further cause the computing device to determine the second retirement plan without receiving additional information from any additional computing devices communicatively connected to the computing device after receiving the indication of the parameter change.

14. The computer system of claim 11, wherein:

the plurality of options to change at least a portion of the plurality of parameters include a stress test option, wherein selection of the stress test option may cause the second retirement plan to adjust one or more of the parameters to simulate one or more of the following market events;

a single-year reduction in the rate of return on at least one asset, a multi-year reduction in the rate of return on at least one asset, a single-year reduction in the value of at least one asset, a multi-year reduction in the value of at least one asset, or a multi-year series of changes to the rate of return that includes at least one increase in the value of at least one asset and at least one decrease in the value of at least one asset; and

the plurality of options to change at least a portion of the plurality of parameters further includes an option to adjust the timing of the occurrence of the one or more market events.

15. The computer system of claim 11, wherein:

the indication of the parameter change includes a reallocation option to reallocate part or all of at least one asset of the assets of the client to an annuity in the second retirement plan;

the computer system further comprises one or more servers communicatively connected to the one or more processors through a network;

the executable instructions further comprise executable instructions that when executed by the one or more processors cause the computer system to transmit to the one or more servers a request for one or more quotes for the annuity and receive from the one or more servers one or more quotes; and

the second retirement plan is determined based at least in part upon the received one or more quotes.

16. A tangible, non-transitory computer-readable medium storing executable instructions for generating and adjusting retirement plans for a client, which executable instructions, when executed by one or more processors of a computer system, cause the computer system to:

receive client information, including information related to at least a plurality of parameters for projecting future values associated with the retirement plans;

determine a first retirement plan based upon the received client information;

present information regarding the first retirement plan to a user;

present a plurality of options to change at least a portion of the plurality of parameters, wherein the plurality of options are displayed to the user simultaneously with the information regarding the first retirement plan;

receive an indication of a parameter change, wherein the parameter change includes a selection of at least one of the plurality of options to change at least a portion of the plurality of parameters;

determine a second retirement plan based upon the client information and the indication of the parameter change; and

present information regarding the second retirement plan to the user simultaneously with a second plurality of options to change at least a portion of the plurality of parameters.

17. The tangible, non-transitory computer-readable medium of claim 16, wherein the client information includes a first item of client information and a second item of client information, and wherein the second item is prepopulated with a default value based at least in part upon the received value of the first item.

18. The tangible, non-transitory computer-readable medium of claim 16, wherein the executable instructions cause the computer system to determine the second retirement plan further cause the computer system to determine the second retirement plan without requesting additional information from any additional computing devices communicatively connected to the computer system after receiving the indication of the parameter change.

19. The tangible, non-transitory computer-readable medium of claim 16, wherein:

the plurality of options to change at least a portion of the plurality of parameters include a stress test option, wherein selection of the stress test option may cause the second retirement plan to adjust one or more of the parameters to simulate one or more of the following market events;

a single-year reduction in the rate of return on at least one asset, a multi-year reduction in the rate of return on at least one asset, a single-year reduction in the value of at least one asset, a multi-year reduction in the value of at least one asset, or a multi-year series of changes to the rate of return that includes at least one increase in the value of at least one asset and at least one decrease in the value of at least one asset; and

the plurality of options to change at least a portion of the plurality of parameters further includes an option to adjust the timing of the occurrence of the one or more market events.

20. The tangible, non-transitory computer-readable medium of claim 16, wherein:

the indication of the parameter change includes a reallocation option to reallocate part or all of at least one asset of the assets of the client to an annuity in the second retirement plan;

the executable instructions further cause the computer system to transmit a request for one or more quotes for the annuity to one or more parties, and

receive one or more quotes from the one or more parties; and

the second retirement plan is determined based at least in part upon the received one or more quotes from the one or more parties.