Social Security Strategy Visualization System
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Solution Overview
Problem
Individuals and couples often struggle to comprehend and choose the best Social Security claiming strategies due to the complexity of available options, which are influenced by various factors including life expectancy and income needs.
Innovation Solution
A computer-based system that accesses and analyzes different Social Security claiming strategies, presenting them in a graphical format to help users quickly identify the strategy that maximizes cumulative lifetime benefits by considering various mortality combinations and life expectancies.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If multiple Social Security claiming strategies are analyzed in detail, then the accuracy of benefit optimization improves, but the complexity of understanding and comparing strategies increases
Solution Approach 1:
The patent creates simplified visual representations (graphs and tables) that copy and represent the complex claiming strategy data in an easier-to-understand format. These visual copies allow users to compare strategies without needing to comprehend the full complexity of each strategy's calculations and interactions.
Solution Approach 2:
The patent introduces an intermediary computing system that processes the complex claiming strategy data and presents it in simplified visual formats. This intermediary translates between the complex input data and the user's need for simple comparison, acting as a mediator that resolves the contradiction between accuracy and understandability.
2Reliability
If comprehensive data for multiple claiming strategies is processed, then the quality of decision-making improves, but the time required to analyze and compare strategies increases
Solution Approach 1:
The patent performs preliminary calculations and analyses of multiple claiming strategies in advance, storing the results in a format ready for quick retrieval and comparison. By pre-processing the complex data and organizing it into comparable visual formats, the system eliminates the need for users to perform time-consuming manual analyses when making decisions.
Solution Approach 2:
The patent creates simplified visual representations that copy the essential information from comprehensive strategy analyses, allowing users to quickly compare outcomes without processing the full complexity of each strategy. These visual copies enable rapid decision-making while maintaining access to comprehensive underlying data.
3Measurement precision
If detailed analysis of coordinated claiming strategies for couples is provided, then the accuracy of benefit optimization improves, but the difficulty of comprehending the strategies increases
Solution Approach 1:
The patent segments the complex coordinated claiming strategy analysis into separate visual representations for each spouse and their interactions. By breaking down the coupled optimization problem into discrete, visualizable components, the system maintains analytical accuracy while improving comprehensibility for users.
Solution Approach 2:
The patent creates visual representations that copy and display the complex interactions between spouses' claiming strategies in an intuitive format. These visual copies show how each spouse's decisions affect the other's benefits, making the complex coupled optimization problem easier to understand while maintaining precise analysis.
Data Source
AI summary
A non-transitory computer readable medium having a computer program stored thereon for directing operation of a processor. The computer program receives personal and financial data for a couple; accesses data for a plurality of Social Security claiming strategies for the couple based on the personal and financial data; and illustrates on a graphical display which of the Social Security claiming strategies would provide the maximum present value of benefits for multiple mortality combinations of the couple so that the couple or an advisor for the couple can quickly ascertain which claiming strategy would provide the maximum benefits for a particular mortality combination.