Systems and methods for graphically enabled retirement planning

According to some embodiments, a system may categorize a first set of user goals as basic expenses and a second set of user goals as optional expenses. Icons associated with the basic expenses may be graphically displayed in a first screen area, and icons associated with the optional expenses may be graphically displayed in a second screen area. An indication that a selected icon is to be associated with one of the first or second areas may be received from a remote user. Based on the received indication, a user goal associated with the selected icon may be re-categorized (e.g., as a basic or optional expense).

CROSS-REFERENCE TO RELATED APPLICATION

This application claims the benefit of U.S. Provisional Patent Application No. 61/493,005 entitled “SYSTEMS AND METHODS FOR GRAPHICALLY ENABLED RETIREMENT PLANNING” and filed Jun. 3, 2011. The entire contents of that application are incorporated herein by reference.

BACKGROUND

A person may be interested in learning about and planning for their financial future, especially as it relates to his or her retirement. For example, a person may have certain goals and/or expenses that may need to be balanced with likely monthly income that will be available after retirement (e.g., from Social Security or a retirement pension) and any assets owned by the person (e.g., a 401(k) savings account). The calculations associated with such a balance can depend on a number of different factors, such as a person's age, date of retirement, predicting inflation rates, etc. Many people may find these types of calculations and decisions associated with their retirement options to be confusing and even intimidating. As a result, some people avoid planning for their retirement.

It would therefore be desirable to provide systems and methods to efficiently and accurately facilitate financial planning associated with retirement goals.

SUMMARY OF THE INVENTION

According to some embodiments, systems, methods, apparatus, computer program code and means may be provided to efficiently and accurately facilitate financial planning associated with retirement goals. In some embodiments, a first set of user goals is categorized as basic expenses and a second set of user goals is categorized as optional expenses. Icons associated with the basic expenses may be graphically displayed in a first screen area, and icons associated with the optional expenses may be graphically displayed in a second screen area. An indication may be received from a remote user that a selected icon is to be associated with one of the first or second areas. Based on the received indication, a user goal associated with the selected icon may be re-categorized (e.g., as a basic or optional expense).

Some embodiments comprise: means for categorizing a first set of user goals as basic expenses and a second set of user goals as optional expenses; means for graphically displaying icons associated with the basic expenses in a first screen area; means for graphically displaying icons associated with the optional expenses in a second screen area; means for receiving from a remote user an indication that a selected icon is to be associated with one of the first or second areas; and means for re-categorizing a user goal associated with the selected icon based on the received indication.

A technical effect of some embodiments of the invention is may be an improved and computerized method of performing financial planning associated with retirement goals. With these and other advantages and features that will become hereinafter apparent, a more complete understanding of the nature of the invention can be obtained by referring to the following detailed description and to the drawings appended hereto.

DETAILED DESCRIPTION

FIG. 1is block diagram of a system100according to some embodiments of the present invention. In particular, a remote user device110may submit retirement planning information to a retirement planning platform120. According to some embodiments, multiple remote user devices110may submit retirement information to the retirement planning platform120via a web browser and/or a plug-in for a web browser. Note that some or all of the functions described with respect the retirement planning platform120might be performed instead by the user device110itself The remote user devices110might comprise, for example, Personal Computers (PCs), laptop computers, and/or wireless telephones that can transmit retirement data to the retirement planning platform120.

According to some embodiments, the “automated” retirement planning platform120may help a user explore and/or organize retirement goals. As used herein, the term “automated” may refer to, for example, actions that can be performed with little or no human intervention. By way of example only, the retirement planning platform120may be associated and/or communicate with a PC, an enterprise server, or a database farm. Moreover, according to some embodiments, a model122(e.g., a multi-dimensional and/or weighted model) at the platform120may facilitate financial predictions and/or planning.

As used herein, devices, including those associated with the retirement planning platform120, and any other device described herein may exchange information via any communication network (not illustrated inFIG. 1) which may be one or more of a Local Area Network (LAN), a Metropolitan Area Network (MAN), a Wide Area Network (WAN), a proprietary network, a Public Switched Telephone Network (PSTN), a Wireless Application Protocol (WAP) network, a Bluetooth network, a wireless LAN network, and/or an Internet Protocol (IP) network such as the Internet, an intranet, or an extranet. Note that any devices described herein may communicate via one or more such communication networks.

Although a single retirement planning platform120is shown inFIG. 1, any number of such devices may be included. Moreover, various devices described herein might be combined according to embodiments of the present invention. For example, in some embodiments, the retirement planning platform120and a retirement planning database150might be co-located and/or may comprise a single apparatus. Moreover, according to some embodiments, internal data160(e.g., data about a user's financial accounts) and/or third-party data170(e.g., a dynamic governmental interest rate) may be used to supplement the information in the retirement planning database150. Note that the internal data160and/or third-party data170might also be provided directly to the platform120and/or model122(e.g., as illustrated by the dashed arrow inFIG. 1).

The system100ofFIG. 1may be used to help a person explore various options associated with his or her retirement in a way that is simple to understand. For example,FIG. 2illustrates a process200that might be performed, for example, by some or all of the elements of the system100described with respect toFIG. 1according to some embodiments. The flow charts described herein do not imply a fixed order to the steps, and embodiments of the present invention may be practiced in any order that is practicable. Note that any of the methods described herein may be performed by hardware, software, or any combination of these approaches. For example, a computer-readable storage medium may store thereon instructions that when executed by a machine result in performance according to any of the embodiments described herein.

The process200may be performed to facilitate a person's understanding and/or organization of retirement information. Pursuant to some embodiments, at S210a first set of user goals may be categorized as “basic” expenses. These expenses might be considered things that must be provided for in retirement, such as (i) housing expenses, (ii) automobile expenses, (iii) food expenses, (iv) health care expenses, and/or or (v) utility expenses. Similarly, a second set of user goals may be categorized as “optional” expenses. These expenses might be, for example, things that might be “nice to have” in retirement, such as (i) travel expenses, (ii) entertainment expenses, (iii) family expenses, (iv) housing expenses (e.g., associated with a second vacation home), (v) education expenses, and/or (vi) charity expenses.

At S220, icons associated with the basic expenses may be graphically displayed in a first screen area. Similarly, at S230icons associated with the optional expenses may be displayed in a second screen area. For example, icons associated with basic expenses might be displayed on the left portion of a computer screen while icons associated with optional expenses are displayed on the right portion. One example, of such a display is described herein in connection withFIG. 5.

At S240, an indication may be received from a remote user that a selected icon is to be associated with one of the first or second areas. For example, the user might click on an icon to “drag and drop” the icon to a different area of the computer screen. At S250, a user goal associated with the selected icon may be re-categorized based on the received indication. For example, an expense that was originally categorized as an “optional” expense might be re-categorized as a “basic” expense.

In accordance with the basic and optional expenses, a retirement planning system may interact with the user to help him or her explore various retirement planning options. For example, the system might determine predictable monthly retirement income associated with the user along with retirement assets associated with the user. A financial gap associated with the user might then be calculated representing the different between the income the user may need and the income the user can currently count on. The gap might be based at least in part on, for example, (i) a user age, (ii) a spouse age, (iii) a current income, and/or (iv) a retirement age. The system might also graphically generate a retirement planning report for the user and/or automatically facilitate a posting of retirement information associated with the user to a social media web site.

According to some embodiments, the retirement planning system may interact with a user via an easy to understand Graphical User Interface (“GUI”). For example,FIGS. 3 through 13illustrate retirement planning displays according to some embodiments. In particular,FIG. 3illustrates a retirement planning display300wherein a nameplate icon310may let a user provide his or her name or other identifier. A virtual computer monitor320aor virtual handheld device320bmay provide training, help, and other retirement planning information to the user. According to some embodiments, the display300may work together with an actual handheld device (instead of a virtual handheld device) to exchange retirement planning information with a user. A folder icon330may be used to receive categorized expenses from the user, a pen icon340may be used to enter income and asset data, and a statement icon340may provide a summary of a user's retirement goals. Finally, a report icon360may be selected to generate a retirement report for the user.

FIG. 4illustrates a retirement planning display400that might be provided, for example, when a user selects the folder icon330ofFIG. 3. The display400may let a user enter information about retirement expenses, such as travel, entertainment, family, housing, educational, and/or charitable expenses. After a user selects the expenses that he expects to be relevant to his or her retirement, he or she may categorize the expenses via a retirement planning display500such as the one illustrated inFIG. 5. In particular, the display500includes a first area for “must-have” expense icons and a second area520for “nice-to-have” expense icons. The user may then move icons to the appropriate areas510,520.

FIG. 6illustrates a retirement planning display600that may receive predictable monthly retirement income information from a user. The predictable monthly income might be associated with, for example, Social Security payments and/or a pension.FIG. 7illustrates a retirement planning display700that may receive retirement asset information from a user. The retirement assets might be associated with, for example, a 401(k) savings account or an Individual Retirement Account (“IRA”).

FIG. 8illustrates a retirement planning display800that might receive current income information, retirement age in formation, and/or current age information associated with a user and/or his or her spouse.FIG. 9illustrates a retirement planning display900that may be used, for example, to help a user estimate how much income they will need during retirement (e.g., on a monthly basis) based on his or her current income and basic expenses categorized via the display500ofFIG. 5.

FIG. 10illustrates a retirement planning display1000that may help a user figure out which predictable income sources may be used to fund the “must-have” expenses categorized via the display500ofFIG. 5. For example, Social Security, pension, annuity, and/or other sources may be used to fund those expenses. If there is a gap between a person's available retirement income and retirement expenses, he or she may access a retirement planning display1100such as the one illustrated inFIG. 11. In particular, a gap value is visually illustrated on the display and a user may drag and drop coin icons to convert retirement assets into retirement income (e.g., based on a predicted interest rate). That is, the system may display a graphical representation of the retirement assets associated with the user in an asset area of the display (e.g., illustrated as a pile of coin tokens inFIG. 11). The system may also display a graphical representation of the predicable monthly retirement income in an income area of the display (e.g., illustrated as a personal check inFIG. 11). The system may then receive from the user an indication that a token is moved between the income and asset areas of the display (e.g., the coin token being dragged from the pile of coin tokens to the personal check as illustrated by the dotted line inFIG. 11). Responsive to said receiving, the system may re-calculate the financial gap and adjust the graphical display of the financial gap based on the re-calculation (e.g., the vertical monthly retirement income bar ofFIG. 11). Note that a single coin token might represent a pre-determined monetary value (e.g., $1,000) or a pre-determined portion of another value (e.g., 10% of the user's assets).

FIG. 12illustrates a retirement planning display1200that includes one or more icons1210that a user might select to share retirement information via a social media web site, such as Facebook, Twitter, etc. The display1200further includes an icon1220may generate a personalized retirement summary for the user. For example,FIG. 13illustrates a retirement planning display1300that summarizes a user's retirement information, including monthly retirement expenses, guaranteed retirement income, retirement assets, and repositioned assets that may be converted to lifetime income.

Note that any of the displayed described herein might be provided by a PC or any other device. For example,FIG. 14is one example of a retirement planning display1400on a mobile device according to some embodiments. The mobile device may be any of a number of different types of mobile devices that allow for wireless communication and that may be carried with or by a user. For example, in some embodiments, the mobile device might comprise an iPhone® from Apple, Inc., a BlackBerry® from RIM, a mobile phone using the Google Android® operating system, a portable or tablet computer (such as the iPad® from Apple, Inc.), a mobile device operating the Android® operating system or other portable computing device having an ability to communicate wirelessly with a remote entity such as an retirement planning platform or engine.

The retirement planning display1400may let a user submit retirement data to a retirement planning platform. For example, the user may select and/or move expenses from an area1410of the display in order to characterize the expenses as a “must-have” or a “nice-to-have” expense (e.g., basic or optional expenses).

The retirement planning display1400may let a user submit retirement data to a retirement planning platform. For example, the user may select and/or move expenses from an area1410of the display in order to characterize the expenses as a “must-have” or a “nice-to-have” expense (e.g., basic or optional expenses). Similarly,FIG. 15illustrates a web browser and/or plug-in display1500(e.g., associated with an Adobe Flash interactive presentation) that may let a user submit retirement data to a retirement planning platform. As before, the user may select and/or move expenses from an area1510of the display in order to characterize the expenses as a “must-have” or a “nice-to-have” expense.

Note that embodiments described herein may be implemented in any number of different ways. For example,FIG. 16is a block diagram overview of a retirement planning platform1600according to some embodiments. The retirement planning platform1600may be, for example, associated with the system100ofFIG. 1. The retirement planning platform1600comprises a processor1610, such as one or more commercially available Central Processing Units (CPUs) in the form of one-chip microprocessors, coupled to a communication device1620configured to communicate via a communication network (not shown inFIG. 16). The communication device1620may be used to communicate, for example, with one or more remote user devices. The retirement planning platform1600further includes an input device1640(e.g., a mouse and/or keyboard to enter retirement rule and/or model adjustments) and an output device1650(e.g., a computer monitor to display reports and/or aggregated results to an administrator).

The processor1610also communicates with a storage device1630. The storage device1630may comprise any appropriate information storage device, including combinations of magnetic storage devices (e.g., a hard disk drive), optical storage devices, mobile telephones, vehicle computers, and/or semiconductor memory devices. The storage device1630stores a program1612and/or retirement planning engine1614for controlling the processor1610. The processor1610performs instructions of the programs1612,1614, and thereby operates in accordance with any of the embodiments described herein. For example, the processor1610may categorize a first set of user goals as basic expenses and a second set of user goals as optional expenses. Icons associated with the basic expenses may be graphically displayed by the processor1610in a first screen area, and icons associated with the optional expenses may be graphically displayed in a second screen area. An indication that a selected icon is to be associated with one of the first or second areas may be received from a remote user (e.g., via communication device1620). Based on the received indication, a user goal associated with the selected icon may be re-categorized by the processor1610(e.g., as a basic or optional expense).

The programs1612,1614may be stored in a compressed, uncompiled and/or encrypted format. The programs1612,1614may furthermore include other program elements, such as an operating system, a database management system, and/or device drivers used by the processor1610to interface with peripheral devices.

As used herein, information may be “received” by or “transmitted” to, for example: (i) the retirement planning platform1600from another device; or (ii) a software application or module within the retirement planning platform1600from another software application, module, or any other source.

In some embodiments (such as shown inFIG. 16), the storage device1630stores a retirement planning database1700(described with respect toFIG. 17), an internal database1660(e.g., storing account information associated with a user), and a third-party database1670(e.g., storing governmental interest rates that may be used in connection with retirement planning calculations). According to some embodiments, the storage device1630further stores a report database1680includes summary reports that have been generated for users. Note that the databases described herein are examples, and additional and/or different information may be stored therein. Moreover, various databases might be split or combined in accordance with any of the embodiments described herein.

Referring toFIG. 17, a table is shown that represents the retirement planning database1700that may be stored at the retirement planning platform1600according to some embodiments. The table may include, for example, entries identifying users who access the retirement planning platform1600. The table may also define fields1702,1704,1706,1708,1710for each of the entries. The fields1702,1704,1706,1708,1710may, according to some embodiments, specify: a user identifier1702, a user age1704, user income sources1706, user assets1708, and user expenses (characterized)1710. The information in the retirement planning database1700may be created and updated, for example, whenever data is submitted via remote user devices.

The user identifier1702may be, for example, a unique alphanumeric code identifying a user who is planning for his or her retirement. The user age1704may represent, for example, the user's current age, a predicted retirement age, and/or an age associated with a spouse. The user income sources1706may include, for example, predicable sources of income for the user during his or her retirement. The user assets1708may represent, for example, bank accounts, real estate, stocks, and/or other assets owned by the user. The user expenses (characterized)1710might include, for example, “basic” or “must-have” expenses as well as “optional” or “nice-to-have” expenses. Thus user may have characterized the user expenses, for example, via a graphically display such as the one illustrated inFIG. 5.

Although specific examples of information that might be stored in a retirement planning system have been described herein (e.g., in connection with the retirement planning database1700, the internal database1660, and/or the third party database1670), note that many other types of information might be used in addition to, or instead of, the examples provided. For example, debt information, financial modeling information, and/or a user name and/or password associated with a social media web site might also be stored.

FIG. 18illustrates a process1800that might be performed, for example, by some or all of the elements of the system100described with respect toFIG. 1according to some embodiments. At S1810, supplemental data associated with a user's retirement planning may be received. For example, the system may be associated with an insurance provider and the supplemental data may comprise internal data to the insurance provider, such as (i) a policy holder name, (ii) information about the user's financial accounts, and/or (iii) an insurance policy monetary value. According to some embodiments, the supplemental data comprises third-party data such as, (i) information about the user's financial accounts (e.g., from a bank or credit score source), (ii) an interest rate, and/or (iii) a dynamic governmental interest rate.

At S1820, a first set of user goals may be received from the user as basic expenses along with a second set of user goals as optional expenses. At S1830, predictable monthly retirement income associated with the user may be determined, and retirement assets associated with the user may be determined at S1840. At S1850, a financial gap may be automatically determined for the user based at least in part on the supplemental data, the first set of user goals, the predictable monthly retirement income, and the retirement assets associated with the user.

Although specific hardware and data configurations have been described herein, note that any number of other configurations may be provided in accordance with embodiments of the present invention (e.g., some of the information associated with the databases described herein may be combined or stored in external systems).

Applicants have discovered that embodiments described herein may be particularly useful in connection with retirement planning. Note, however, that other types of financial planning and related products may also benefit from the invention. For example, embodiments of the present invention may be used to in connection with financial, medical, educational, and other types of information.