SYSTEM FOR ASSESSING IMPACT OF FUND TRANSFERS ON RETIREMENT PLANNING

• US 20160253757A1
• Filed: 02/19/2015
• Published: 09/01/2016
• Est. Priority Date: 02/19/2015
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Connolly, Jeanne Ferullo, Dintenfass, Katherine, Hsieh, Matthew, Hanson, Carrie Anne, Hunt, Dariane Katinka
• Application Number:
  US14/626,775
• Publication Number:
  US 20160253757A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

Embodiments of the invention comprise systems, computer program products, and methods for retirement planning. The financial institution accesses the values of assets and liabilities of users over a network from various servers, systems, and devices that store asset and liability information of the users. The financial institution determines estimated inflows and outflows from past inflows and outflows and any other significant future events over the network from various servers, systems, and devices that store transaction information. The financial institution calculates an available fund amount that a user can spend over a period of time, and an age parameter indicating the age at which the user'"'"'s inflows and assets will not be able to cover the user'"'"'s outflows. The financial institution displays the information in an interactive interface over the network that allows the user to make adjustments to the available fund amount and/or the age parameter to adjust retirement planning.

Claims

1. A system for accessing and analyzing assets and liabilities for retirement planning, the system comprising:

one or more memory devices; and

one or more processing devices operatively coupled to the one or more memory devices, wherein the one or more processing devices are configured to execute computer-readable program code to;

access the assets and the liabilities of a user over a network of servers from asset and liability systems of one or more financial institutions, wherein the assets include illiquid assets and liquid assets;

determine asset values and liability values;

determine user information, including at least a user age;

determine fund in-flows and fund out-flows for the assets and the liabilities over a past time period by analyzing transactions for the assets and the liabilities;

calculate estimated future fund in-flows and estimated future fund out-flows over a future time period from at least the fund in-flows and the fund out-flows;

determine estimated rates of return for the assets that provide returns;

calculate an available fund amount for one or more time periods and an age parameter, wherein the available fund amount indicates estimated funds the user may spend above the estimated out-flows over the time period while maintaining enough funds to cover the estimated out-flows until the age parameter is reached, wherein the age parameter indicates an estimated age when asset values of the liquid assets will be depleted, and wherein the available fund amount for the time period and the age parameter are based at least in part on transforming the asset values, the liability values, the estimated rates of return, the estimated future fund in-flows and the estimated future fund out-flows into the available fund amount and the age parameter;

determine the user has lifetime inflows associated with the assets;

calculate recommended estimated outflows for the lifetime inflows after the age parameter is met;

calculate a second available fund amount and a second age parameter, wherein the second available fund amount illustrates an amount the user may spend after the user reaches the age parameter based on the recommended estimated outflow and the lifetime inflows, and wherein the second age parameter illustrates the age at which the lifetime inflows will no longer cover the user'"'"'s recommended estimated outflows;

display the age parameter and the available funds for the time period, and the second age parameter and second available fund amount, on a retirement planning interface on a user device, wherein the retirement interface allows the user to dynamically adjust the available fund amount and/or the age parameter in real-time or near real time and recalculate a new available fund amount or a new age parameter, and a new second age parameter and a new second available fund amount for display on the retirement planning interface on the user device;

receive a desired age parameter selected by the user through the retirement planning interface through the user device, wherein the desired age parameter is different than the age parameter;

recalculate the new available fund amount for the time period and the second age parameter and second available fund amount based on the desired age parameter; and

display the new available fund amount and the desired age parameter, and the new second age parameter and the new second available fund amount on the retirement planning interface of the user device.

3. The system of claim 1, wherein the one or more processing devices are configured to execute computer-readable program code to:

receive a desired available fund amount from the user through the retirement planning interface;

recalculate the new age parameter based on the desired available fund amount; and

display the new age parameter and the desired available fund amount on the retirement planning interface of the user device.

4. The system of claim 1, wherein the one or more processing devices are configured to execute computer-readable program code to:

optimize the available fund amount and/or the age parameter based on user information and peer information for the user'"'"'s peers.

5. The system of claim 1, wherein the one or more processing devices are configured to execute computer-readable program code to:

receive a one-time expense from the user through the retirement planning interface, wherein the one-time expense is a expense that the user would like to factor into the user'"'"'s retirement planning and which was not previously used by the financial institution;

recalculate the new available fund amount and the new age parameter based on the one-time expense received from the user; and

display the new available fund amount and the new age parameter on the retirement planning interface of the user device.

6. The system of claim 1, wherein the one or more processing devices are configured to execute computer-readable program code to:

receive a selection of a life event to use in the user'"'"'s retirement planning;

determine cost estimate for the life event by accessing servers of one or more third-parties that store the cost estimates for the life event;

recalculate the new available fund amount and the new age parameter based on the cost estimates for the life event selected by the user; and

display the new available fund amount and the new age parameter on the retirement planning interface of the user device.

8. The system of claim 1, wherein the one or more processing devices are configured to execute computer-readable program code to:

calculate the available fund amount for a current time period and future time periods, wherein the available fund amount for the current time period and the one or more future time periods change; and

display the available fund amount for the current time period and the one or more future time periods in the retirement planning interface on the user device.

9. The system of claim 1, wherein the one or more processing devices are configured to execute computer-readable program code to:

display the fund-inflows and fund-outflows for the time period in the retirement planning interface, wherein the fund-inflows illustrate from which financial accounts the fund-inflows are being received and an inflow amount of the fund-inflows, and wherein the fund-outflows illustrate from which financial accounts the fund-outflows are being made and an outflow amount of the fund-outflows.

2. (canceled)

7. (canceled)

10. A computer program product for accessing and analyzing financial accounts for retirement planning, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:

an executable portion configured to access the assets and the liabilities of a user over a network of servers from asset and liability systems of one or more financial institutions, wherein the assets include illiquid assets and liquid assets;

an executable portion configured to determine asset values and liability values;

an executable portion configured to determine user information, including at least a user age;

an executable portion configured to determine fund in-flows and fund out-flows for the assets and the liabilities over a past time period by analyzing transactions for the assets and the liabilities;

an executable portion configured to calculate estimated future fund in-flows and estimated future fund out-flows over a future time period from at least the fund in-flows and the fund out-flows;

an executable portion configured to determine estimated rates of return for the assets that provide returns;

an executable portion configured to calculate an available fund amount for one or more time periods and an age parameter, wherein the available fund amount indicates estimated funds the user may spend above the estimated out-flows over the time period while maintaining enough funds to cover the estimated out-flows until the age parameter is reached, wherein the age parameter indicates an estimated age when asset values of the liquid assets will be depleted, and wherein the available fund amount for the time period and the age parameter are based at least in part on transforming the asset values, the liability values, the estimated rates of return, the estimated future fund in-flows and the estimated future fund out-flows into the available fund amount and the age parameter;

an executable portion configured to determine the user has lifetime inflows associated with the assets;

an executable portion configured to calculate recommended estimated outflows for the lifetime inflows after the age parameter is met;

an executable portion configured to calculate a second available fund amount and a second age parameter, wherein the second available fund amount illustrates an amount the user may spend after the user reaches the age parameter based on the recommended estimated outflow and the lifetime inflows, and wherein the second age parameter illustrates the age at which the lifetime inflows will no longer cover the user'"'"'s recommended estimated outflows;

an executable portion configured to display the age parameter and the available funds for the time period, and the second age parameter and second available fund amount, on a retirement planning interface on a user device, wherein the retirement planning interface allows the user to dynamically adjust the available fund amount and/or the age parameter in real-time or near real time and recalculate a new available fund amount or a new age parameter, and a new second age parameter and a new second available fund amount for display on the retirement planning interface on the user device;

an executable portion configured to receive a desired age parameter selected by the user through the retirement planning interface through the user device, wherein the desired age parameter is different than the age parameter;

an executable portion configured to recalculate the new available fund amount for the time period and the second age parameter and second available fund amount based on the desired age parameter; and

an executable portion configured to display the new available fund amount and the desired age parameter on the retirement planning interface of the user device, and the new second age parameter and the new second available fund amount.

12. The computer program product of claim 10, wherein the computer-readable program code portions further comprise:

an executable portion configured to receive a desired available fund amount from the user through the retirement planning interface;

an executable portion configured to recalculate the new age parameter based on the desired available fund amount; and

an executable portion configured to display the new age parameter and the desired available fund amount on the retirement planning interface of the user device.

13. The computer program product of claim 10, wherein the computer-readable program code portions further comprise:

an executable portion configured to optimize the available fund amount and/or the age parameter based on user information and peer information for the user'"'"'s peers.

14. The computer program product of claim 10, wherein the computer-readable program code portions further comprise:

an executable portion configured to receive a one-time expense from the user through the retirement planning interface, wherein the one-time expense is a expense that the user would like to factor into the user'"'"'s retirement planning and which was not previously used by the financial institution;

an executable portion configured to recalculate the new available fund amount and the new age parameter based on the one-time expense received from the user; and

an executable portion configured to display the new available fund amount and the new age parameter on the retirement planning interface of the user device.

15. The computer program product of claim 10, wherein the computer-readable program code portions further comprise:

an executable portion configured to receive a selection of a life event to use in the user'"'"'s retirement planning;

an executable portion configured to determine cost estimate for the life event by accessing servers of one or more third-parties that store the cost estimates for the life event;

an executable portion configured to recalculate the new available fund amount and the new age parameter based on the cost estimates for the life event selected by the user; and

an executable portion configured to display the new available fund amount and the new age parameter on the retirement planning interface of the user device.

17. The computer program product of claim 10, wherein the computer-readable program code portions further comprise:

an executable portion configured to calculate the available fund amount for a current time period and future time periods, wherein the available fund amount for the current time period and the one or more future time periods change; and

an executable portion configured to display the available fund amount for the current time period and the one or more future time periods in the retirement planning interface on the user device.

18. The computer program product of claim 10, wherein the computer-readable program code portions further comprise:

an executable portion configured to display the fund-inflows and fund-outflows for the time period in the retirement planning interface, wherein the fund-inflows illustrate from which financial accounts the fund-inflows are being received and an inflow amount of the fund-inflows, and wherein the fund-outflows illustrate from which financial accounts the fund-outflows are being made and an outflow amount of the fund-outflows.

11. (canceled)

16. (canceled)

19. A method for accessing and analyzing financial accounts for retirement planning, the method comprising:

accessing, by one or more processors, the assets and the liabilities of a user over a network of servers from asset and liability systems of one or more financial institutions, wherein the assets include illiquid assets and liquid assets;

determining, by the one or more processors, asset values and liability values;

determining, by the one or more processors, user information, including at least a user age;

determining, by the one or more processors, fund in-flows and fund out-flows for the assets and the liabilities over a past time period by analyzing transactions for the assets and the liabilities;

calculating, by the one or more processors, estimated future fund in-flows and estimated future fund out-flows over a future time period from at least the fund in-flows and the fund out-flows;

determining, by the one or more processors, estimated rates of return for the assets that provide returns;

calculating, by the one or more processors, an available fund amount for one or more time periods and an age parameter, wherein the available fund amount indicates estimated funds the user may spend above the estimated out-flows over the time period while maintaining enough funds to cover the estimated out-flows until the age parameter is reached, wherein the age parameter indicates an estimated age when asset values of the liquid assets will be depleted, and wherein the available fund amount for the time period and the age parameter are based at least in part on transforming the asset values, the liability values, the estimated rates of return, the estimated future fund in-flows and the estimated future fund out-flows into the available fund amount and the age parameter;

determining, by the one or more processors, the user has lifetime inflows associated with the assets;

calculating, by the one or more processors, recommended estimated outflows for the lifetime inflows after the age parameter is met;

calculating, by the one or more processors, a second available fund amount and a second age parameter, wherein the second available fund amount illustrates an amount the user may spend after the user reaches the age parameter based on the recommended estimated outflow and the lifetime inflows, and wherein the second age parameter illustrates the age at which the lifetime inflows will no longer cover the user'"'"'s recommended estimated outflows;

displaying, by the one or more processors, the age parameter and the available funds for the time period, and the second age parameter and second available fund amount, on a retirement planning interface on a user device, wherein the user retirement interface allows the user to dynamically adjust the available fund amount and/or the age parameter in real-time or near real time and recalculate a new available fund amount or a new age parameter, and a new second age parameter and a new second available fund amount for display on the retirement planning interface on the user device;

receiving, by the one or more processors, a desired age parameter selected by the user through the retirement planning interface through the user device, wherein the desired age parameter is different than the age parameter;

recalculating, by the one or more processors, the new available fund amount for the time period and the second age parameter and second available fund amount based on the desired age parameter; and

displaying, by the one or more processors, the new available fund amount and the desired age parameter, and the new second age parameter and the new second available fund amount on the retirement planning interface of the user device.

21. The method of claim 19, further comprising:

receiving, by the one or more processors, a desired available fund amount from the user through the retirement planning interface;

recalculating, by the one or more processors, the new age parameter based on the desired available fund amount; and

displaying, by the one or more processors, the new age parameter and the desired available fund amount on the retirement planning interface of the user device.

20. (canceled)