Systems and methods for scheduling contributions to a retirement savings plan

Abstract

Computer-based systems and methods are described for generating personalized, automated contribution strategies for scheduling contributions to a retirement savings plan or other savings plan. Embodiments of the systems and methods provide visual, graphic, and other educational displays to assist a client in choosing a suitable savings contribution strategy that may take into account at least one of the set consisting of: details of an employer-sponsored savings fund available to the client which may include opportunities for employer matching-funds, desired portion of potential standard-of-living increases derived from salary raises that the client is willing to contribute to a savings plan, client's current savings behavior and value of savings portfolio, effects of the stochastic nature of future investment portfolio value, and changing federal tax regulations. Clients may use the systems for educational and planning purposes and/or may authorize automated triggering of contributions with scheduled increases and/or decreases as specified by the selected strategy.

1 . A computer-implemented method for managing retirement plan contributions, comprising:
 using one or more computer servers to execute software instructions stored on a computer-readable medium, the software instruction causing the one or more computer servers to execute at least:
 receiving a first set of data for a user seeking a schedule for retirement savings plan contributions, the first set of data including information from one or more of the following categories: the user's salary, the user's expected rate of increase in salary income, and a desired amount for increasing the user's standard of living for the time period while contributions to the employer-sponsored retirement savings plan are being made; 
 calculating a portion of the user's expected rate of increase in salary income to be used for increasing scheduled contributions to the employer-sponsored retirement savings plan over time, wherein the portion is substantially equal to the expected rate of increase in the user's salary income minus the expected inflation rate and minus the desired amount for increasing the user's standard of living for the time period while contributions to the employer-sponsored retirement savings plan are being made; 
 programmatically generating a first proposed retirement savings contribution schedule that is based at least in part on the first set of received data and on the calculated portion; 
 presenting the first proposed retirement savings contribution schedule to the user via a computer user interface that provides an option for the user to authorize use of the first proposed retirement savings contribution schedule; 
 receiving at least one second set of data for the user, the second set of data including information from one or more of the following categories, wherein the information from at least one of the categories is different from the information in the first set of data, the categories including: the user's salary, the user's expected rate of increase in salary income, and a desired amount for increasing the user's standard of living for the time period while contributions to the employer-sponsored retirement savings plan are being made; 
 programmatically generating a second proposed retirement savings contribution schedule that is based at least in part on the second set of received data; 
 presenting the second proposed retirement savings contribution schedule to the user via a computer user interface that provides an option for the user to authorize use of the second proposed retirement savings contribution schedule; 
 receiving, via the user interface, an authorization from the user for one of: the first proposed retirement savings contribution schedule and the second proposed retirement savings contribution schedule; and 
 initiating automatic changes in contributions to a retirement savings plan in accordance with the one authorized proposed retirement savings contribution schedule. 
   
     
     
         2 . The computer-implemented method of  claim 1 , wherein the second set of data includes an expected rate of increase in salary income that is different from the expected rate of increase in salary income in the first set of data, and wherein the second proposed retirement savings contribution schedule includes calculations based on the second expected rate of increase in salary income. 
     
     
         3 . The computer-implemented method of  claim 1 , wherein the second set of data includes a desired amount for increasing the user's standard of living that is different from the desired amount for increasing the user's standard of living in the first set of data, and wherein the second proposed retirement savings contribution schedule includes calculations based on the second desired amount for increasing the user's standard of living. 
     
     
         4 . The computer-implemented method of  claim 1 , wherein presenting the first proposed retirement savings contribution schedule and presenting the second proposed retirement savings contribution schedule comprises presenting the two schedules together in a manner that allows for comparison of the proposed retirement savings contribution schedules. 
     
     
         5 . The computer-implemented method of  claim 4 , further comprising graphically presenting the first proposed retirement savings contribution schedule and graphically presenting the second proposed retirement savings contribution schedule as graphs that allow the user to compare the first proposed retirement savings contribution schedule with the second proposed retirement savings contribution plan. 
     
     
         6 . A computer-implemented method for managing retirement plan contributions, comprising:
 using one or more computer servers to execute software instructions stored on a computer-readable medium, the software instruction causing the one or more computer servers to execute at least:   receiving data for a user seeking a schedule for retirement savings plan contributions, the data including information from one or more of the following categories: the user's salary, the user's expected rate of increase in salary income, and a desired amount for increasing the user's standard of living for the time period while contributions to the employer-sponsored retirement savings plan are being made;   calculating a portion of the user's expected rate of increase in salary income to be used for increasing scheduled contributions to the employer-sponsored retirement savings plan over time, wherein the portion is substantially equal to the expected rate of increase in the user's salary income minus the expected inflation rate and minus the desired amount for increasing the user's standard of living for the time period while contributions to the employer-sponsored retirement savings plan are being made;   programmatically generating a proposed retirement savings contribution schedule that is based at least in part on the received data and on the calculated portion;   presenting the proposed retirement savings contribution schedule to the user in the form of one or more graphs via a computer user interface, wherein the computer interface provides an option for the user to authorize use of the proposed retirement savings contribution schedule;   accepting input from the user comprising revisions to the data and presenting a revised proposed retirement savings contribution schedule to the user that is based at least in part on the revised data; and   in response to receipt from the user of authorization to use the proposed retirement savings contribution schedule or the revised proposed retirement savings contribution schedule, as provided via the user interface, initiating automatic changes in contributions to a retirement savings plan in accordance with the authorized retirement savings contribution schedule.   
     
     
         7 . A system configured to generate at least one proposed retirement savings plan contribution schedule for a retirement savings plan on behalf of a user, the system comprising:
 a computer system comprising one or more computing devices;   an input/output interface configured to receive input from a user desiring a retirement savings plan contribution schedule, the input comprising information about the user's salary, an available employer-sponsored retirement savings plan, and an available employer matching-funds program, the input/output interface further configured to present information to the user;   at least one repository of reference data for generating a retirement savings plan contribution schedule, the reference data comprising government-issued conditions and limitations associated with the employer-sponsored retirement savings plan;   a calculation engine executed by the computer system, said calculation engine configured to receive the user input from the input/output interface and to access the reference data from the repository, the calculation engine further configured to use the user input and the reference data to generate a proposed retirement savings plan contribution schedule for presentation to the user via the input/output interface, the proposed retirement savings plan contribution schedule specifying at least two different time periods in the user's savings horizon, a first time period ending when the user's savings contribution reaches an employer's limit for matching funds and a second time period beginning when the user's savings contribution reaches the employer's limit for matching funds, wherein the proposed retirement savings plan contribution schedule specifies rates of savings contributions increases for the two different periods, the input/output interface further configured to receive an authorization from the user for the proposed retirement savings plan contribution schedule;   a repository of client records configured to record the authorization in association with the user and the retirement savings contribution schedule; and   a contribution management application configured to receive information about the authorized retirement savings plan contribution schedule and to trigger automatic contribution payments to a retirement savings plan in accordance with the authorized retirement savings plan contribution schedule.   
     
     
         8 . The computer system of  claim 7 , wherein:
 the calculation engine is further configured to use the user input and the reference data to generate a plurality of proposed retirement savings plan contribution schedules for presentation to the user via the input/output interface; and   the input/output interface is further configured to receive authorization from the user for one of the plurality of proposed retirement savings plan contribution schedules.   
     
     
         9 . The computer system of  claim 8 , wherein the input/output interface is further configured to graphically present the plurality of proposed retirement savings plan contribution schedules to the user. 
     
     
         10 . The computer system of  claim 7 , wherein the input/output interface is further configured to receive input from the user regarding a desired rate of standard-of-living increase and wherein the calculation engine is further configured to generate the proposed retirement savings plan contribution schedule in accordance with the user's desired rate of standard-of-living increase.