Patent Issued for Computer system and user interface for retirement planning (USPTO 11074654)

2021 AUG 12 (NewsRx) -- By a News Reporter-Staff News Editor at Computers, Networks & Communications Daily Daily -- From Alexandria, Virginia, NewsRx journalists report that a patent by the inventors Healey, Christopher J. (Charlotte, NC, US), Timmermann, Jeff (St Louis, MO, US), Yarbrough, Chad Allen (St. Louis, MO, US), filed on September 17, 2020, was published online on July 27, 2021.

The patent’s assignee for patent number 11074654 is Wells Fargo Bank N.A. (San Francisco, California, United States).

News editors obtained the following quote from the background information supplied by the inventors: “As people born between the years 1946 and 1964, referred to as the “baby boomers,” enter into retirement, they are increasingly doing so without the benefit of a pension. Today only 10% of private companies provide employees with a pension when they retire causing retirees to rely upon their 401(k) savings to help generate income during retirement. Thus, there is an increased emphasis on retirement planning.

“There are shortcomings associated with existing methods of retirement planning. Among such shortcomings include that the solutions are not up to date with current technological needs, and that the solutions are static and only provide one-way information sharing. Methods used for long-term retirement planning do not address short-term needs or provide short-term solutions, Thus, there is a need for an automated computer system and method that can take into account long term retirement planning but also addresses short-term planning and needs.”

As a supplement to the background information on this patent, NewsRx correspondents also obtained the inventors’ summary information for this patent: “The present invention relates to a computer-implemented method and an interactive computer system having a user interface with computer software application tool(s) for retirement planning purposes. The user interface is generally referred to herein as an income dashboard. The income dashboard captures user input, is interactive, provides feedback, and can be a mode of communication with a financial advisor. The income dashboard also shows progress toward a future goal and can show impact of current actions on future results.

“Further areas of applicability of the present invention will become apparent from the detailed description provided hereinafter. It should be understood that the detailed description and specific examples, while indicating the preferred embodiments of the invention, are intended for purposes of illustration only and are not intended to limit the scope of the invention.”

The claims supplied by the inventors are:

“1. A computer system comprising: a first computer configured to generate a short-terms income projection for an investment or retirement portfolio associated with a retirement spending need; a second computer communicatively connected to the first computer, the second computer having an interactive user interface application for short-term retirement planning and a computer software application tool for use with the user interface application, the second computer configured to receive the short-term income projection from the first computer; and a computer-based device having a display that is in communication with the user interface application, the display of the computer-based device having an interactive area configured to be automatically resized upon receiving a request from a user, the interactive area including an output of the short-term income projection.

“2. The computer system of claim 1, wherein the display has a side-by-side view comprised of a current financial situation and a proposed future action of the user.

“3. The computer system of claim 1, wherein the display of the computer-based device further comprises an output of a coverage ratio, wherein the coverage ratio is a surplus divided by a shortfall or an overage.

“4. The computer system of claim 1, wherein the display of the computer-based device further comprises an output of any income shortfall or income surplus.

“5. The computer system of claim 1, further comprising retirement plan data sourced from internal and external financial accounts of the user.

“6. The computer system of claim 1, wherein the display of the computer-based device further comprises currency support for the user.

“7. The computer system of claim 1, wherein the display of the computer-based device further comprises an optimal dividend stock pick for the user.

“8. The computer system of claim 1, wherein the display of the computer-based device further comprises an estimated value of savings for the user.

“9. The computer system of claim 1, wherein the display of the computer-based device further comprises an estimated income to meet a current year goal plus an additional multi-year year estimate for the user.

“10. The computer system of claim 1, wherein the display of the computer-based device further comprises multiple views, including as a current view, retirement view and future view for the user.

“11. The computer system of claim 1, wherein the display of the computer-based device further comprises a customized on-track or off-track financial health view for the user.

“12. A method comprising: generating, by a first computer, a short-term income projection for an investment or retirement portfolio associated with a retirement spending need; sending, by the first computer, the short-term income projection to a second computer including an interactive user interface application for short-term retirement planning and a compute software application tool for use with the user interface application; and displaying, on an interactive area of a display of a computer-based device that is in communication with the user interface application, the short-term income projection, wherein the interactive area is configured to be automatically resized upon receiving a request from a user.

“13. The method of claim 12, further comprising displaying by the interactive user interface application a total income less total spending goal of the user to calculate any income shortfall or income surplus.

“14. The method of claim 12, further comprising determining by the interactive user interface application any surplus or any shortfall of income based on provided inputs.

“15. The method of claim 12, further comprising connecting by the first computer the interactive user interface application to a retirement plan as any updates are made.

“16. The method of claim 12, further comprising presenting by the interactive user interface application an estimated income to meet a current year goal plus an additional multi-year year estimate.

“17. The method of claim 12, further comprising selecting an internal account, an external account, or a combination thereof for inclusion in the interactive user interface application.

“18. The method of claim 12, further comprising measuring by the first computer a coverage ratio as a surplus divided by a shortfall or an overage.

“19. The method of claim 12, further comprising determining by the interactive user interface application any income shortfall for a retirement goal.

“20. The method of claim 12, further comprising extracting a total spending goal and any income sources from a retirement plan by the first computer.”

For additional information on this patent, see: Healey, Christopher J. Computer system and user interface for retirement planning. U.S. Patent Number 11074654, filed September 17, 2020, and published online on July 27, 2021. Patent URL: http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.htm&r=1&f=G&l=50&s1=11074654.PN.&OS=PN/11074654RS=PN/11074654

(Our reports deliver fact-based news of research and discoveries from around the world.)