Graphical user interface for retirement income planning
A graphical user interface for guiding a user through the planning of an income stream includes one or more user input fields for receiving data from the user, where the data relates to user preferences regarding the income stream. Additionally, the graphical user interface includes at least one graph region for graphically displaying to the user the likelihood that the user will achieve a desired outcome based on the data provided to the user input fields. The graphical user interface thus assists the user in making informed decisions regarding his or her retirement goals and the necessary investments he or she must make in order to meet those goals.
1. A graphical user interface for guiding a user through a planning of an income stream, the graphical user interface comprising:
one or more user input fields for receiving data from the user, the data relating to user preferences regarding the income stream; and
at least one graph region for graphically displaying to the user a likelihood that the user will achieve a desired outcome based on the data provided to the one or more user input fields, wherein the at least one graph region comprises:
a bar graph comprising:
a first bar illustrating a current income of the user; and
a second bar that is divided into a plurality of regions, wherein the plurality of regions comprises:
a first region illustrating an expected post-retirement income of the user;
a second region illustrating a minimum post-retirement income level of the user; and
a third region illustrating a desired post-retirement income level of the user;
wherein a first gap between the first region and the second region illustrates a first difference between the expected post-retirement income of the user and the minimum post-retirement income level and a second gap between the first region and the third region illustrates a second difference between the expected post-retirement income and the desired post-retirement income level.
2. The graphical user interface of claim 1 , wherein the one or more user input fields are configured to receive at least one of: a desired retirement age of the user or a voluntary contribution level of the user.
3. The graphical user interface of claim 1 , wherein the one or more user input fields each comprise a drop down menu providing a plurality of options from which the user may select one.
4. The graphical user interface of claim 1 , further comprising:
a first mechanism for allowing the user to provide a desired income level; and
a second mechanism for allowing the user to provide a minimum income level.
5. The graphical user interface of claim 4 , wherein at least one of the first mechanism and the second mechanism comprises a slidable button that may be dragged to a desired level on a display, wherein movement of the slidable button causes a visual appearance of at least one of the first region and the second region on the display to change.
6. The graphical user interface of claim 1 , further comprising:
a mechanism for triggering, upon selection by the user, a calculation based on the data provided by the user, the calculation indicating the likelihood that the user will achieve the desired outcome.
7. The graphical user interface of claim 1 , further comprising:
a summary window for describing to the user an impact on the likelihood that the user will achieve the desired outcome based on a change to data provided by the user.
8. The graphical user interface of claim 1 , wherein the one or more user input fields are configured to receive data regarding one or more post-retirement income sources of the user.
9. The graphical user interface of claim 8 , wherein the one or more user input fields includes an input field for at least one of: a pre-retirement gross income of the user, an expected pension benefit of the user, an estimated Social Security benefit of the user, investment income of the user, part-time income of the user, rental income of the user, a pre-retirement gross income of a spouse of the user, an expected pension benefit of a spouse of the user, an estimated Social Security benefit of a spouse of the user, investment income of a spouse of the user, part-time income of a spouse of the user or rental income of a spouse of the user.
10. The graphical user interface of claim 1 , wherein at least one of the one or more user input fields is an open field into which any data may be input.
11. The graphical user interface of claim 1 , further comprising:
a mechanism for allowing the user to add at least one additional user input field.
12. The graphical user interface of claim 1 , wherein the graph region further comprises:
an illustration depicting a shortfall, the shortfall comprising a difference between expected post-retirement income of the user and expected post-retirement expenses of the user.
13. The graphical user interface of claim 12 , wherein the illustration depicts the shortfall on a year-by-year basis for one or more expected years of a retirement period of the user.
14. The graphical user interface of claim 12 , further comprising:
one or more regions for displaying a quote from an insurance provider, the quote comprising a cost of an annuity that will offset the shortfall.
15. The graphical user interface of claim 14 , wherein the one or more regions display corresponding quotes in substantially real time in response to a user solicitation for quotes.
16. The graphical user interface of claim 15 , wherein the corresponding quotes are displayed in the form of an annuity auction.
17. The graphical user interface of claim 15 , further comprising:
a mechanism for allowing the user to purchase a quote from among one or more quotes displayed in the one or more regions.
18. The graphical user interface of claim 1 , wherein the first region is further divided into a plurality of sub-regions, each of the plurality of sub-regions illustrating a specific source of the expected post-retirement income and an amount of the expected post-retirement income derived from the source.
19. The graphical user interface of claim 1 , further comprising:
a plurality of edit buttons, wherein each of the plurality of edit buttons provides a hyperlink to an interface through which the user can edit information inputted into a selected one of the one or more user input fields, such that the user can selectively edit particular categories of the user preferences.
20. A method for guiding a user through a planning of an income stream, the method comprising:
displaying one or more user input fields;
receiving, via the one or more user input fields, data from the user, the data relating to user preferences regarding the income stream;
determining, by a computer, in accordance with the data, a likelihood that the user will achieve a desired outcome; and
displaying the likelihood through graphical means, wherein displaying the likelihood comprises:
displaying a bar graph comprising:
a first bar illustrating a current income of the user; and
a second bar that is divided into a plurality of regions, wherein the plurality of regions comprises:
a first region illustrating an expected post-retirement income of the user;
a second region illustrating a minimum post-retirement income level of the user; and
a third region illustrating a desired post-retirement income level of the user;
wherein a first gap between the first region and the second region illustrates a first difference between the expected post-retirement income of the user and the minimum post-retirement income level and a second gap between the first region and the third region illustrates a second difference between the expected post-retirement income and the desired post-retirement income level.