Patent ID: 8301526

Claim:
A financial planning system for maximizing retirement income for an individual who takes phased retirement, comprising: one or more computer systems; and a financial planning application embodied on a computer readable medium and operable, when executed by the one or more computer systems, to: receive a target income for a retirement period, the retirement period comprising a first phase having a first start date and a second phase having a second start date after the first start date; receive a partial retirement age associated with the first phase start date and a deferred social security age associated with the second phase start date; receive an expected part-time income for the first phase; determine a deferred social security income for the second phase, based on the deferred social security age; and based on the expected part-time income and the deferred social security income, generate an income model comprising payments combinable with the expected part-time income sufficient to meet the target income for the first phase, and payments combinable with the deferred social security income sufficient to meet the target income for the second phase.