Method and apparatus for retirement income planning
First Claim
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1. A method for planning an income stream, the method comprising:
- receiving personal data relating to an individual, the personal data including a value of a projected total future income of the individual and a value of projected total future expenses of the individual;
electronically calculating on a computer an estimated difference between the projected total future expenses and the projected total future income on a year-by-year basis for a defined period of time, the estimated difference being calculated before the estimated difference actually occurs, wherein the calculating comprises;
identifying a first year, the first year being a year within the defined period of time within which a positive difference between the projected total future expenses and the projected total future income is first expected to occur;
designating a period of time between the first year and a final year of the defined period of time as a shortfall period, the final year being estimated based on a life expectancy of the individual; and
determining a sum of money required to offset the difference between the projected total future expenses and the projected total future income during the shortfall period;
outputting the sum of money to one or more annuity providers;
receiving a plurality of annuity quotes from at least one of the one or more annuity providers, the plurality of annuity quotes being presented in an auction-style format; and
purchasing an annuity from among the plurality of annuity quotes, the annuity providing a sum to offset the estimated difference.
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Abstract
Embodiments of the invention generally provide a method and apparatus for retirement income planning. One embodiment of a method for planning an income stream includes receiving personal data relating to an individual, where the personal data includes the value of the individual'"'"'s projected income and the value of the individual'"'"'s projected expenses. The difference between the projected expenses and the projected income is then calculated, and an annuity is purchased in substantially real time from among a plurality of annuities presented in an auction-style format, where the annuity provides a sum to offset the calculated difference.
49 Citations
31 Claims
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1. A method for planning an income stream, the method comprising:
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receiving personal data relating to an individual, the personal data including a value of a projected total future income of the individual and a value of projected total future expenses of the individual; electronically calculating on a computer an estimated difference between the projected total future expenses and the projected total future income on a year-by-year basis for a defined period of time, the estimated difference being calculated before the estimated difference actually occurs, wherein the calculating comprises; identifying a first year, the first year being a year within the defined period of time within which a positive difference between the projected total future expenses and the projected total future income is first expected to occur; designating a period of time between the first year and a final year of the defined period of time as a shortfall period, the final year being estimated based on a life expectancy of the individual; and determining a sum of money required to offset the difference between the projected total future expenses and the projected total future income during the shortfall period; outputting the sum of money to one or more annuity providers; receiving a plurality of annuity quotes from at least one of the one or more annuity providers, the plurality of annuity quotes being presented in an auction-style format; and purchasing an annuity from among the plurality of annuity quotes, the annuity providing a sum to offset the estimated difference. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer readable medium containing an executable program for planning an income stream, where the program performs the steps of:
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receiving personal data relating to an individual, the personal data including a value of a projected total future income of the individual and a value of projected total future expenses of the individual; calculating an estimated difference between the projected total future expenses and the projected total future income on a year-by-year basis for a defined period of time, the estimated difference being calculated before the estimated difference actually occurs, wherein the calculating comprises; identifying a first year, the first year being a year within the defined period of time within which a positive difference between the projected total future expenses and the projected total future income is first expected to occur; designating a period of time between the first year and a final year of the defined period of time as a shortfall period, the final year being estimated based on a life expectancy of the individual; and determining a sum of money required to offset the difference between the projected total future expenses and the projected total future income during the shortfall period; outputting the sum of money to one or more annuity providers; receiving a plurality of annuity quotes from at least one of the one or more annuity providers, the plurality of annuity quotes being presented in an auction-style format; and purchasing an annuity from among the plurality of annuity quotes, the annuity providing a sum to offset the estimated difference. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30)
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31. A system for planning an income stream, the system comprising:
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means for receiving personal data relating to an individual, the personal data including a value of a projected total future income of the individual and a value of projected total future expenses of the individual; means for calculating an estimated difference between the projected total future expenses and the projected total future income on a year-by-year basis for a defined period of time, the estimated difference being calculated before the estimated difference actually occurs, wherein the calculating comprises; means for identifying a first year, the first year being a year within the defined period of time within which a positive difference between the projected total future expenses and the projected total future income is first expected to occur; means for designating a period of time between the first year and a final year of the defined period of time as a shortfall period, the final year being estimated based on a life expectancy of the individual; and means for determining a sum of money required to offset the difference between the projected total future expenses and the projected total future income during the shortfall period; means for outputting the sum of money to one or more annuity providers; means for receiving a plurality of annuity quotes from at least one of the one or more annuity providers, the plurality of annuity quotes being presented in an auction-style format; and means for purchasing an annuity from among the plurality of annuity quotes, the annuity providing a sum to offset the estimated difference.
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Specification