Retirement planning application

• US 8,688,556 B2
• Filed: 06/12/2012
• Issued: 04/01/2014
• Est. Priority Date: 06/12/2012
• Status: Active Grant

• Current Assignee: Ameriprise Financial, Inc.
• Original Assignee: Ameriprise Financial, Inc.
• Inventors: Greene, Mike R., Clipp, Logan C., Sharan, Kim M., Woerner, John R., Truscott, William F.
• Primary Examiner(s): Chang, Edward
• Application Number:
  US13/494,767
• Publication Number:
  US 20130332394A1
• Time in Patent Office: 658 Days
• Field of Search: 705/35, 705/40
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method includes generating a first interactive graphical user interface (GUI) that identifies one or more guaranteed income options to fund essential retirement expenses and receiving a selection of a guaranteed income option. The method includes generating a second interactive GUI that identifies one or more investment options to fund lifestyle retirement expenses and receiving a selection of an investment option. The method includes generating a third interactive GUI that identifies one or more unexpected liability coverage options and receiving a selection of an unexpected liability coverage option. The method includes generating a fourth interactive GUI that identifies one or more legacy planning options and receiving a selection of a legacy planning option. The method includes generating a retirement plan that identifies the selected guaranteed income option, the selected investment option, the selected unexpected liability coverage option, and the selected legacy planning option.

Claims

1. A method comprising:

generating, at a computing device, a first interactive graphical user interface (GUI) that identifies one or more guaranteed income options to fund essential retirement expenses;

receiving, at the computing device, a selection of a guaranteed income option via the first interactive GUI;

generating a second interactive GUI that identifies one or more investment options to fund lifestyle retirement expenses;

receiving a selection of an investment option via the second interactive GUI;

generating a third interactive GUI that identifies one or more unexpected liability coverage options;

receiving a selection of an unexpected liability coverage option via the third interactive GUI;

generating a fourth interactive GUI that identifies one or more legacy planning options, wherein the one or more legacy planning options include an option to create tax-free assets upon death;

receiving a selection of a legacy planning option via the fourth interactive GUI; and

generating a retirement plan that identifies the selected guaranteed income option, the selected investment option, the selected unexpected liability coverage option, and the selected legacy planning option.

2. The method of claim 1, further comprising:

calculating the essential retirement expenses; and

calculating the lifestyle retirement expenses,

wherein the essential retirement expenses and the lifestyle retirement expenses each comprise a tax-adjusted monetary value.

3. The method of claim 1, wherein the one or more guaranteed income options include an option to purchase an income annuity, an option to purchase a fixed income asset, an option to purchase a variable annuity with guaranteed withdrawal, an option to purchase a split annuity, an option to purchase a certificate of deposit, an option to treat the essential retirement expenses as part of the lifestyle retirement expenses, or any combination thereof.

4. The method of claim 1, wherein the second interactive GUI is operable to receive a selection of a withdrawal rate, and further comprising dynamically adjusting an investment amount in response to the withdrawal rate.

5. The method of claim 4, wherein the second interactive GUI is operable to display a probability of assets lasting through retirement that is associated with the selected withdrawal rate.

6. The method of claim 1, wherein the selected investment option comprises an investment plan that includes one or more years of strategic cash investments, one or more years of fixed income investments following the one or more years of strategic cash investments, and one or more years of growth investments following the one or more years of fixed income investments.

7. The method of claim 6, wherein:

the strategic cash investments include a checking account, a savings account, a certificate of deposit, or any combination thereof;

the fixed income investments include a bond, a bond fund, an active solution, a fixed annuity, or any combination thereof; and

the growth investments include a managed investment account, an active portfolio, a variable annuity, a cash value life insurance policy, or any combination thereof.

8. The method of claim 1, wherein the one or more unexpected liability coverage options include a self-fund option for long-term care, a family reliance option for long-term care, a government reliance option for long-term care, an option to purchase long-term care insurance, an option to purchase an umbrella policy for legal expenses, or any combination thereof.

9. The method of claim 1, wherein the fourth interactive GUI includes a reminder regarding a will, a reminder regarding beneficiaries, a reminder regarding a health care directive, a reminder regarding a power of attorney, a reminder regarding trusts, or any combination thereof, and wherein the one or more legacy planning options includes an option to use life insurance to create tax free legacy assets.

10. The method of claim 1, further comprising receiving profile data that indicates assets associated with a client, liabilities associated with the client, retirement income associated with the client, retirement expenses associated with the client, and insurance coverage associated with the client.

11. The method of claim 10, wherein the assets include assets in a 401(k) plan, an individual retirement account (IRA), a Roth IRA, a taxable brokerage account, a cash account, or any combination thereof.

12. The method of claim 10, wherein the liabilities include a mortgage, a car loan, a boat loan, an education loan, credit card debt, or any combination thereof.

13. The method of claim 10, wherein the retirement income includes a social security income, a pension income, a part-time work income, a rental income, or any combination thereof.

14. The method of claim 10, wherein the retirement expenses include essential living expenses, desired lifetime expenses, or any combination thereof.

15. The method of claim 10, wherein the insurance coverage includes a long-term care daily coverage plan, a life insurance benefit, or any combination thereof.

16. The method of claim 1, further comprising:

generating a fifth interactive GUI that is operable to associate at least one bank account of a client with the retirement plan,

wherein the at least one bank account comprises a combined investment and cash management account or a government insured bank account.

17. A system comprising:

a processor; and

a memory storing a retirement planning application that is executable by the processor to;

receive profile data associated with a client;

generate a first interactive graphical user interface (GUI) that is configured to receive a selection of a guaranteed income option to fund essential retirement expenses associated with the client;

generate a second interactive GUI that is configured to receive a selection of an investment option to fund lifestyle retirement expenses associated with the client;

generate a third interactive GUI that is configured to receive a selection of an unexpected liability coverage option;

generate a fourth interactive GUI that is configured to receive a selection of a legacy planning option, wherein the fourth GUI identifies one or more legacy planning options that include an option to create tax-free assets upon death of the client; and

generate a retirement plan that identifies the selected guaranteed income option, the selected investment option, the selected unexpected liability coverage option, and the selected legacy planning option.

18. The system of claim 17, wherein the processor and memory are integrated into a server, wherein the retirement planning application is further executable by the processor to enable two-way communication between a computing device associated with the client and a computing device associated with a retirement advisor via a network, wherein the two-way communication includes text-based communication, audio communication, video communication, or any combination thereof.

19. The system of claim 17, wherein the retirement planning application is further executable by the processor to:

in response to a save command, store an in-progress session of the retirement planning application; and

in response to a restore command, restore the in-progress session of the retirement planning application.

20. A non-transitory processor-readable medium storing instructions that, when executed by a processor, cause the processor to:

generate a first interactive graphical user interface (GUI) that identifies one or more guaranteed income options to fund essential retirement expenses;

receive a selection of a guaranteed income option via the first interactive GUI;

generate a second interactive GUI that identifies one or more investment options to fund lifestyle retirement expenses;

receive a selection of an investment option via the second interactive GUI;

generate a third interactive GUI that identifies one or more unexpected liability coverage options;

receive a selection of an unexpected liability coverage option via the third interactive GUI;

generate a fourth interactive GUI that identifies one or more legacy planning options, wherein the one or more legacy planning options include an option to create tax-free assets upon death;

receive a selection of a legacy planning option via the fourth interactive GUI; and

generate a retirement plan that identifies the selected guaranteed income option, the selected investment option, the selected unexpected liability coverage option, and the selected legacy planning option.