Joint Retirement Score Calculation System
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Solution Overview
Problem
Current retirement planning models fail to determine a projected retirement score based on multiple users linking their profiles, neglecting the financial and retirement planning aspects of joint accounts and future events.
Innovation Solution
A system that allows users to link profiles, generating a combined projected retirement score by integrating financial account information, expected retirement ages, future payments, and earnings, and updating the score based on changes and life events, using a software module to compile and communicate the score through a distributed network.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If retirement planning models use individual user profiles only, then the calculation is simple and fast, but the retirement score accuracy is insufficient for joint accounts and family retirement planning
Solution Approach 1:
The patent combines multiple user profiles (primary user and spouse) into a single retirement planning system. The system integrates financial account information, retirement account information, and personal information from both users to calculate a comprehensive retirement score that reflects joint retirement readiness, thereby improving measurement precision for family retirement planning.
Solution Approach 2:
The patent segments the retirement scoring system into multiple independent modules: profile compilation module, score generation module, event integration module, and communication module. This segmentation allows the complex system to process different types of data (financial, personal, future events) separately and combine them systematically, managing device complexity while maintaining comprehensive accuracy.
2Measurement precision
If the system integrates multiple users' financial account information and future events, then the retirement score becomes more comprehensive and accurate, but the data processing time and system resource consumption increase
Solution Approach 1:
The patent implements preliminary action by pre-compiling user profiles and pre-processing financial account information when users initially input their data. The system stores this processed information in structured databases, so that when calculating retirement scores or integrating future events, the system retrieves pre-processed data rather than processing raw data from scratch, significantly reducing data processing time while maintaining comprehensive scoring.
3Measurement precision
If the system allows users to link profiles and share financial information, then the retirement planning assessment becomes more personalized and accurate, but the security requirements and authorization complexity increase
Solution Approach 1:
The patent employs an intermediary approach by introducing an authorization module that acts as a mediator between users and the data sharing process. The system requires explicit user authorization before accessing or sharing financial account information, retirement account information, or personal information. This intermediary authorization layer ensures that data security and user privacy are maintained while still enabling personalized joint retirement planning when users consent to share information.
Data Source
AI summary
Embodiments of the invention are directed to systems, methods, and computer program products for assessing retirement planning based on a retirement score. The system is configured to compile projected retirement information of a first user, wherein the retirement information comprises a user profile of the first user. Based on the user profile of the first user, the system generates a projected retirement score. After generating the projected retirement score, the system receives a request to link a user profile for a second user to the user profile of the first user. The system projected retirement information of the second user and combines the projected retirement information of the first user with the projected retirement information of the second user, thus resulting in combined projected retirement information. Using both the projected retirement information, the system updates the projected retirement score.