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Computerized system and method used in financial planning
| Details |
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Inventors: Albright, William R.; Weller, Timothy W.; Easley, Matthew S.; Szolosi, Karen E.; Wunderlich, Philip S.;
Assignee: Nationwide Mutual Insurance Co. (Columbus, OH)
Primary Examiner: Cosimano; Edward R.
Assistant Examiner:
Attorney, Agent or Firm: Kenyon & Kenyon
A computer implemented tool used primarily in [retirement planning] financial planning which produces estimated values of needed savings levels and further income based on certain economic assumptions and data regarding an individual subject's current financial status. [Although intended for use in retirement planning, the tool may also be used in other forms of financial planning.] The tool uses decision logic. User preferences are taken into account. Output is presented in a unique graphical format that can be easily understood by customers. |
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DETAILED DESCRIPTION Taking into account a customer's preferences, the present invention determines a number of financial scenarios for the customer and, from these selects the scenarios likely to contain useful information for the customer to be presented to the customer in a report.
Further, the present invention, again taking into account a customer's preferences, highlights one or more of the feasible scenarios the customer is especially likely to find of interest.
In the embodiment described herein, the present invention is described in the context of planning for retirement.
However, the invention is not so limited, and can be used for other financial planning, such as, for example, planning for college funding, planning for a major asset purchase, planning for insurance needs, etc.
When used herein, the term "customer" refers to the person who is the subject of the financial calculations.
In using the present invention, the customer may be assisted by a professional financial planner or agent.
The customer need not be the person who actually enters information into the system--the information also may be entered, for example, by a data entry operator, by computerized scanning methods, by a financial planning professional or traveling insurance agent.
In the representative embodiment, the present invention includes an expert system comprising a set of decision rules.
The expert system is part of or is used by a software system used in retirement planning.
In summary, the software used in retirement planning is designed to perform financial calculations with respect to a customer's retirement savings and other savings plans.
The calculations of the software used in retirement planning are based upon financial and other input data provided by the customer.
The output of the software is a report, provided to the customer, which includes financial estimates and other information to help the customer evaluate the feasibility of retiring at a number of future retirement dates or ages.
One of the features of the report is that it provides the customer with the estimated savings levels required for a selected set of distinct retirement scenarios
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Finance 
