SYSTEM FOR ASSESSING RETIREMENT SCORE IMPACT BASED ON LINKED USERS

• US 20160364801A1
• Filed: 06/15/2015
• Published: 12/15/2016
• Est. Priority Date: 06/15/2015
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Dintenfass, Katherine, Hanson, Carrie Anne, Nicholson, Daralyn Marie, Wadley, Cameron Darnell
• Application Number:
  US14/739,923
• Publication Number:
  US 20160364801A1
• 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 present invention relate to apparatuses, systems, methods and computer program products for determining impact retirement scores and identifying solutions to aid a user in retirement planning. In one embodiment, a system comprises at least one processing device configured to receive retirement information of a primary user, calculate a retirement score based on a primary user profile, determine relationships of the primary user and hence determine a plurality of secondary users. Further, the at least one processing device is configured to generate user profiles for the secondary users and analyze the user profiles to determine if the secondary users affect the primary user'"'"'s retirement score. The system then determines the impact retirement score for the primary user, wherein the impact retirement score is an estimate of the primary user'"'"'s preparedness for the impact of the secondary users on the primary user'"'"'s retirement.

Claims

1. A system for retirement planning to determine the impact of one or more secondary users on a primary user'"'"'s retirement, the system comprising:

at least one memory device;

at least one communication device connected to a distributed network;

at least one processing device operatively coupled to the at least one memory device; and

a module stored in the at least one memory device comprising executable instructions that when executed by the at least one processing device, cause the at least one processing device to;

receive retirement information of the primary user, wherein the retirement information comprises a primary user profile;

store into a structured database connected to the distributed network, the retirement information of the primary user;

calculate a retirement score based on the primary user profile, wherein the retirement score is an estimate of the primary user'"'"'s preparedness for retirement at a predetermined future date;

analyze the primary user profile to determine one or more relationships of the primary user with the one or more secondary users;

determine which of the one or more secondary users affect the calculated retirement score, wherein determining further comprises;

determining one or more user profiles associated with each of the one or more secondary users;

analyzing the one or more user profiles to determine if the one or more secondary users presently affect the calculated retirement score and/or to identify one or more life events likely to occur at a predetermined date in the one or more secondary users'"'"' future to determine which of the one or more life events affect the primary user'"'"'s retirement score; and

linking the one or more user profiles associated with the one or more secondary users to the primary user profile based on at least determining that one or more secondary users and/or the one or more life events likely to occur at the predetermined date in the one or more secondary users'"'"' future affect the primary user'"'"'s retirement score;

determine an impact retirement score for the primary user based on at least determining that the one or more secondary users and/or the one or more life events likely to occur at the predetermined date in the one or more secondary users'"'"' future affect the primary user'"'"'s retirement score;

determine the impact of the one or more secondary users on the primary user'"'"'s preparedness for retirement, wherein determining further comprises comparing the impact retirement score with a threshold value;

identify one or more options for the primary user to improve the impact retirement score, based on at least determining that the impact retirement score is lesser than the threshold value, wherein identifying the one or more options further comprises determining benefits available to the primary user if the one or more options were implemented; and

transmit control signals configured to cause a user device associated with the primary user to receive the one or more options and the determined benefits available, wherein transmitting control signals further comprises enabling the primary user to activate the one or more options through a retirement planning interface of the user device.

2. The system of claim 1, wherein the module further comprises instructions that cause the at least one processing device to:

determine whether the primary user has activated the one or more options received through the retirement planning interface of the user device;

implement the one or more options based on at least determining that the primary user has activated the one or more options; and

update the impact retirement score based on at least determining that at least one of the one or more options has been implemented, wherein updating the impact retirement score further comprises transmitting control signals configured to cause the user device to receive a notification indicating confirmation of the implementation and the updated impact retirement score.

3. The system of claim 1, wherein the module further comprises instructions that cause the at least one processing device to:

determine whether the primary user has activated the one or more options received through the retirement planning interface of the user device;

initiate a presentation of the one or more identified options on the retirement planning interface of the user device on determination that the primary user has not activated at least one of the one or more options, wherein initiating the presentation further comprises transmitting control signals configured to cause the user device to receive a notification, wherein the notification comprises an audible alert.

4. The system of claim 1, wherein calculating the retirement score based on the primary user profile further comprises:

access assets and liabilities of the primary user over a network of servers, wherein the assets include illiquid assets and liquid assets;

determine asset values and liability values;

determine the primary user profile comprising an age of the primary user, wherein the primary user profile indicates a lifestyle of the primary user;

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;

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

determine financial behavior of the primary user, wherein the financial behavior comprises at least one of a spending behavior, investment behavior, and savings behavior.

5. The system of claim 1, wherein the module further comprises instructions that cause the at least one processing device to:

initiate a presentation on the retirement planning interface of the user device to enable the primary user to customize at least one of the one or more relationships, the one or more secondary users and the one or more life events.

6. The system of claim 1, wherein the module further comprises instructions that cause the at least one processing device to:

determine one or more retirement scores associated with each of the one or more secondary users based on at least linking the one or more profiles associated with the one or more secondary users to the primary user profile.

7. The system of claim 1, wherein the module further comprises instructions that cause the at least one processing device to:

determine a confidence score associated with the impact retirement score, wherein the confidence score indicates the likelihood of occurrence of the one or more life events.

8. The system of claim 1, wherein the module further comprises instructions to cause the at least one processing device to:

compare the impact retirement score with the threshold value to determine that the impact retirement score is equal to or greater than the threshold value;

transmit control signals configured to cause the user device to receive a notification indicating the determined the impact retirement score and that the impact retirement score is optimal, based on at least determining that the impact retirement score is equal to or greater than the threshold value;

identify one or more options for the primary user to further improve the impact retirement score to determine the additional benefits available; and

transmit control signals configured to cause the user device associated with the primary user to receive the one or more options and the determined additional benefits available, wherein transmitting control signals further comprises enabling the primary user to activate the one or more options through a retirement planning interface of the user device.

9. The system of claim 1, wherein the module further comprises instructions to cause the at least one processing device to:

identify one or more available financial products to implement the one or more options;

generate a plurality of scenarios by giving the identified one or more financial products as an input to a recreation scenario system; and

determine whether the one or more financial products improve the impact retirement score to generate a projected impact retirement score that incorporates the one or more financial products, wherein the benefits available is at least the difference between the impact retirement score and the projected impact retirement score.

10. A computer program product for retirement planning to determine the impact of one or more secondary users on a primary user'"'"'s retirement, comprising a non-transitory computer-readable storage medium having computer-executable instructions to:

receive retirement information of the primary user, wherein the retirement information comprises a primary user profile;

store into a structured database connected to the distributed network, the retirement information of the primary user;

calculate a retirement score based on the primary user profile, wherein the retirement score is an estimate of the primary user'"'"'s preparedness for retirement at a predetermined future date;

analyze the primary user profile to determine one or more relationships of the primary user with the one or more secondary users;

determine which of the one or more secondary users affect the calculated retirement score, wherein determining further comprises;

determining one or more user profiles associated with each of the one or more secondary users;

analyzing the one or more user profiles to determine if the one or more secondary users presently affect the calculated retirement score and/or to identify one or more life events likely to occur at a predetermined date in the one or more secondary users'"'"' future to determine which of the one or more life events affect the primary user'"'"'s retirement score; and

linking the one or more user profiles associated with the one or more secondary users to the primary user profile based on at least determining that one or more secondary users and/or the one or more life events likely to occur at the predetermined date in the one or more secondary users'"'"' future affect the primary user'"'"'s retirement score;

determine an impact retirement score for the primary user based on at least determining that the one or more secondary users and/or the one or more life events likely to occur at the predetermined date in the one or more secondary users'"'"' future affect the primary user'"'"'s retirement score;

determine the impact of the one or more secondary users on the primary user'"'"'s preparedness for retirement, wherein determining further comprises comparing the impact retirement score with a threshold value;

identify one or more options for the primary user to improve the impact retirement score, based on at least determining that the impact retirement score is lesser than the threshold value, wherein identifying the one or more options further comprises determining benefits available to the primary user if the one or more options were implemented; and

transmit control signals configured to cause a user device associated with the primary user to receive the one or more options and the determined benefits available, wherein transmitting control signals further comprises enabling the primary user to activate the one or more options through a retirement planning interface of the user device.

11. The computer program product of claim 10, wherein the non-transitory computer-readable storage medium further having computer-executable instructions to:

determine whether the primary user has activated the one or more options received through the retirement planning interface of the user device;

implement the one or more options based on at least determining that the primary user has activated the one or more options; and

update the impact retirement score based on at least determining that at least one of the one or more options has been implemented, wherein updating the impact retirement score further comprises transmitting control signals configured to cause the user device to receive a notification indicating confirmation of the implementation and the updated impact retirement score.

12. The computer program product of claim 10, wherein calculating the retirement score based on the primary user profile further comprises:

access assets and liabilities of the primary user over a network of servers, wherein the assets include illiquid assets and liquid assets;

determine asset values and liability values;

determine the primary user profile comprising an age of the primary user, wherein the primary user profile indicates a lifestyle of the primary user;

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;

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

determine financial behavior of the primary user, wherein the financial behavior comprises at least one of a spending behavior, investment behavior, and savings behavior.

13. The computer program product of claim 10, wherein the non-transitory computer-readable storage medium further having computer-executable instructions to:

initiate a presentation on the retirement planning interface of the user device to enable the primary user to customize at least one of the one or more relationships, the one or more secondary users and the one or more life events.

14. The computer program product of claim 10, wherein the non-transitory computer-readable storage medium further having computer-executable instructions to:

determine a confidence score associated with the impact retirement score, wherein the confidence score indicates the likelihood of occurrence of the one or more life events.

15. The computer program product of claim 10, wherein the non-transitory computer-readable storage medium further having computer-executable instructions to:

identify one or more available financial products to implement the one or more options;

generate a plurality of scenarios by giving the identified one or more financial products as an input to a recreation scenario system; and

determine whether the one or more financial products improve the impact retirement score to generate a projected impact retirement score that incorporates the one or more financial products, wherein the benefits available is at least the difference between the impact retirement score and the projected impact retirement score.

16. A method for retirement planning to determine the impact of one or more secondary users on a primary user'"'"'s retirement, comprising:

receiving, using a computing device processor, retirement information of the primary user, wherein the retirement information comprises a primary user profile;

storing into a structured database connected to the distributed network, using the computing device processor, the retirement information of the primary user;

calculating, using the computing device processor, a retirement score based on the primary user profile, wherein the retirement score is an estimate of the primary user'"'"'s preparedness for retirement at a predetermined future date;

analyzing, using the computing device processor, the primary user profile to determine one or more relationships of the primary user with the one or more secondary users;

determining, using the computing device processor, which of the one or more secondary users affect the calculated retirement score, wherein determining further comprises;

determining one or more user profiles associated with each of the one or more secondary users;

analyzing the one or more user profiles to determine if the one or more secondary users presently affect the calculated retirement score and/or to identify one or more life events likely to occur at a predetermined date in the one or more secondary users'"'"' future to determine which of the one or more life events affect the primary user'"'"'s retirement score; and

linking the one or more user profiles associated with the one or more secondary users to the primary user profile based on at least determining that one or more secondary users and/or the one or more life events likely to occur at the predetermined date in the one or more secondary users'"'"' future affect the primary user'"'"'s retirement score;

determining, using the computing device processor, an impact retirement score for the primary user based on at least determining that the one or more secondary users and/or the one or more life events likely to occur at the predetermined date in the one or more secondary users'"'"' future affect the primary user'"'"'s retirement score;

determining, using the computing device processor, the impact of the one or more secondary users on the primary user'"'"'s preparedness for retirement, wherein determining further comprises comparing the impact retirement score with a threshold value;

identifying, using the computing device processor, one or more options for the primary user to improve the impact retirement score, based on at least determining that the impact retirement score is lesser than the threshold value, wherein identifying the one or more options further comprises determining benefits available to the primary user if the one or more options were implemented; and

transmitting, using the computing device processor, control signals configured to cause a user device associated with the primary user to receive the one or more options and the determined benefits available, wherein transmitting control signals further comprises enabling the primary user to activate the one or more options through a retirement planning interface of the user device.

17. The method of claim 16, further comprising:

determining, using the computing device processor, whether the primary user has activated the one or more options received through the retirement planning interface of the user device;

implementing, using the computing device processor, the one or more options based on at least determining that the primary user has activated the one or more options; and

updating, using the computing device processor, the impact retirement score based on at least determining that at least one of the one or more options has been implemented, wherein updating the impact retirement score further comprises transmitting control signals configured to cause the user device to receive a notification indicating confirmation of the implementation and the updated impact retirement score.

18. The method of claim 16, wherein calculating, using the computing device processor, the retirement score based on the primary user profile further comprises:

accessing assets and liabilities of the primary user over a network of servers, wherein the assets include illiquid assets and liquid assets;

determining asset values and liability values;

determining the primary user profile comprising an age of the primary user, wherein the primary user profile indicates a lifestyle of the primary user;

determining 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;

determining estimated rates of return for the assets that provide returns; and

determining financial behavior of the primary user, wherein the financial behavior comprises at least one of a spending behavior, investment behavior, and savings behavior.

19. The method of claim 16, further comprising:

initiating, using the computing device processor, a presentation on the retirement planning interface of the user device to enable the primary user to customize at least one of the one or more relationships, the one or more secondary users and the one or more life events.

20. The method of claim 16, further comprising:

determining, using the computing device processor a confidence score associated with the impact retirement score, wherein the confidence score indicates the likelihood of occurrence of the one or more life events.