SYSTEM FOR PERFORMING A STRESS TEST ON A RETIREMENT PLAN
First Claim
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1. A system for performing a stress test on a retirement plan, 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;
receive one or more parameters associated with financial institution accounts of the user from a distributed network of servers, wherein the one or more parameters comprises at least asset values, liability values, and estimated rates of return associated with assets that provide returns;
determine a user profile associated with the user, the user profile comprising an age of the user;
determine financial behavior of the user, wherein the financial behavior comprises at least one of a spending behavior, investment behavior, and savings behavior;
calculate a retirement score for a retirement plan of a user based on the one or more parameters, wherein the one or more parameters comprise at least asset values, liability values, the user profile, the estimated rates of return associated with assets that provide returns, and a financial behavior of the user, wherein the retirement score indicates the user'"'"'s preparedness for retirement at a future predetermined date, wherein the future predetermined date is selected by the user;
determine one or more life events likely to occur for the user, wherein the one or more life events comprises a life event score;
perform a stress test on the retirement plan of the user based on at least the one or more life events, wherein performing a stress comprises;
calculating an updated retirement score based on at least the one or more life event scores associated with the one or more life events likely to occur for the user;
compare the updated retirement score to a predetermined threshold associated with the retirement score; and
determine whether the retirement plan of the user is capable of withstanding the one or more life events based on at least the comparison; and
provide one or more recommendations to the user based on at least determining that the retirement plan of the user is not capable of withstanding the one or more life events.
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Abstract
Embodiments of the invention are directed to systems, methods, and computer program products for performing a stress test on a retirement plan. The system is configured to calculate a retirement score for a retirement plan of a user based on one or more parameters; determine one or more life events likely to occur for the user; perform a stress test on the retirement plan of the user to determine whether the retirement plan is capable of withstanding the one or more life events; provide recommendations to the user if the retirement plan of the user is not capable of withstanding the one or more life events.
9 Citations
20 Claims
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1. A system for performing a stress test on a retirement plan, the system comprising:
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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; receive one or more parameters associated with financial institution accounts of the user from a distributed network of servers, wherein the one or more parameters comprises at least asset values, liability values, and estimated rates of return associated with assets that provide returns; determine a user profile associated with the user, the user profile comprising an age of the user; determine financial behavior of the user, wherein the financial behavior comprises at least one of a spending behavior, investment behavior, and savings behavior; calculate a retirement score for a retirement plan of a user based on the one or more parameters, wherein the one or more parameters comprise at least asset values, liability values, the user profile, the estimated rates of return associated with assets that provide returns, and a financial behavior of the user, wherein the retirement score indicates the user'"'"'s preparedness for retirement at a future predetermined date, wherein the future predetermined date is selected by the user; determine one or more life events likely to occur for the user, wherein the one or more life events comprises a life event score; perform a stress test on the retirement plan of the user based on at least the one or more life events, wherein performing a stress comprises; calculating an updated retirement score based on at least the one or more life event scores associated with the one or more life events likely to occur for the user; compare the updated retirement score to a predetermined threshold associated with the retirement score; and determine whether the retirement plan of the user is capable of withstanding the one or more life events based on at least the comparison; and provide one or more recommendations to the user based on at least determining that the retirement plan of the user is not capable of withstanding the one or more life events. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A computer program product for performing a stress test on a retirement plan, the computer program product comprising a non-transitory computer-readable medium comprising code causing a first apparatus to:
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receive one or more parameters associated with financial institution accounts of the user from a distributed network of servers, wherein the one or more parameters comprises at least asset values, liability values, and estimated rates of return associated with assets that provide returns; determine a user profile associated with the user, the user profile comprising an age of the user; determine financial behavior of the user, wherein the financial behavior comprises at least one of a spending behavior, investment behavior, and savings behavior; calculate a retirement score for a retirement plan of a user based on the one or more parameters, wherein the one or more parameters comprise at least asset values, liability values, the user profile, the estimated rates of return associated with assets that provide returns, and a financial behavior of the user, wherein the retirement score indicates the user'"'"'s preparedness for retirement at a future predetermined date, wherein the future predetermined date is selected by the user; determine one or more life events likely to occur for the user, wherein the one or more life events comprises a life event score; perform a stress test on the retirement plan of the user based on at least the one or more life events, wherein performing a stress comprises; calculating an updated retirement score based on at least the one or more life event scores associated with the one or more life events likely to occur for the user; compare the updated retirement score to a predetermined threshold associated with the retirement score; and determine whether the retirement plan of the user is capable of withstanding the one or more life events based on at least the comparison; and provide one or more recommendations to the user based on at least determining that the retirement plan of the user is not capable of withstanding the one or more life events. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A computer implemented method for performing a stress test on a retirement plan, the method comprising:
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receiving, using a computing device processor, one or more parameters associated with financial institution accounts of the user from a distributed network of servers, wherein the one or more parameters comprises at least asset values, liability values, and estimated rates of return associated with assets that provide returns; determining, using a computing device processor, a user profile associated with the user, the user profile comprising an age of the user; determining, using a computing device processor, financial behavior of the user, wherein the financial behavior comprises at least one of a spending behavior, investment behavior, and savings behavior; calculating, using a computing device processor, a retirement score for a retirement plan of a user based on the one or more parameters, wherein the one or more parameters comprise at least asset values, liability values, the user profile, the estimated rates of return associated with assets that provide returns, and a financial behavior of the user, wherein the retirement score indicates the user'"'"'s preparedness for retirement at a future predetermined date, wherein the future predetermined date is selected by the user; determining, using a computing device processor, one or more life events likely to occur for the user, wherein the one or more life events comprises a life event score; performing, using a computing device processor, a stress test on the retirement plan of the user based on at least the one or more life events, wherein performing a stress comprises; calculating an updated retirement score based on at least the one or more life event scores associated with the one or more life events likely to occur for the user; compare the updated retirement score to a predetermined threshold associated with the retirement score; and determine whether the retirement plan of the user is capable of withstanding the one or more life events based on at least the comparison; and providing, using a computing device processor, one or more recommendations to the user based on at least determining that the retirement plan of the user is not capable of withstanding the one or more life events. - View Dependent Claims (16, 17, 18, 19, 20)
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Specification