Computer program, system, and method for mapping social security claiming strategies

Abstract

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.

Having thus described the preferred embodiment of the invention, what is claimed as new and desired to be protected by Letters Patent includes the following: 
     
         1 . A non-transitory computer readable medium having a computer program stored thereon for directing operation of a processor to perform the following steps:
 receiving personal and financial data for an individual;   accessing data for a plurality of Social Security claiming strategies for the individual based on the personal and financial data; and   presenting information that compares at least several of the social security claiming strategies for multiple possible mortalities of the individual so that the individual or an advisor for the individual can ascertain which Social Security claiming strategy is preferred for each of the possible mortalities.   
     
     
         2 . The non-transitory computer readable medium as set forth in  claim 1 , wherein each of the possible mortalities consists of a life expectancy for the individual. 
     
     
         3 . The non-transitory computer readable medium as set forth in  claim 1 , wherein the computer program is further operable to direct operation of the processor to illustrate on a graphical display cumulative lifetime Social Security benefits for multiple Social Security claiming strategies for each possible mortality of the individual. 
     
     
         4 . The non-transitory computer readable medium as set forth in  claim 2 , wherein the presented information is a graphical display. 
     
     
         5 . The non-transitory computer readable medium as set forth in  claim 1 , wherein the personal and financial data comprises the individual's name, date of birth, full retirement age, primary insurance amount, estimated retirement spending needs, and retirement income other than Social Security benefits. 
     
     
         6 . The non-transitory computer readable medium as set forth in  claim 1 , wherein the plurality of Social Security claiming strategies are selected from a group of Social Security claiming strategies selected by the individual or the advisor for the individual. 
     
     
         7 . A non-transitory computer readable medium having a computer program stored thereon for directing operation of a computer, the computer program comprising:
 a code segment for displaying information that indicates which Social Security claiming strategies are preferred for a plurality of different mortality combinations of a couple, so that the couple or an advisor for the couple can ascertain which claiming strategies are preferred for a number of different mortality combinations.   
     
     
         8 . The non-transitory computer readable medium as set forth in  claim 7 , wherein the displayed information comprises a graphical display including a grid with two axes, wherein possible life expectancies of a first partner of the couple are indicated on the horizontal axis and possible life expectancies of a second partner of the couple are indicated on the vertical axis, wherein the graphical display further includes a number of cells between the two axes, wherein each cell represents a specific mortality combination of the couple. 
     
     
         9 . The non-transitory computer readable medium as set forth in  claim 7 , wherein each of the mortality combinations of the couple consists of a life expectancy of each partner of the couple. 
     
     
         10 . The non-transitory computer readable medium as set forth in  claim 8 , wherein the computer program further comprises a code segment for illustrating on the graphical display the present values of cumulative lifetime Social Security benefits of multiple claiming strategies for each mortality combination of the couple. 
     
     
         11 . The non-transitory computer readable medium as set forth in  claim 8 , wherein the computer program further comprises a code segment for marking each cell to indicate which claiming strategy provides a maximum present value of cumulative benefits for the mortality combination represented by the cell. 
     
     
         12 . The non-transitory computer readable medium as set forth in  claim 11 , wherein the code segment for marking each cell colors each cell to indicate which claiming strategy provides the maximum benefits for the mortality combination represented by the cell. 
     
     
         13 . A computer implemented method of assisting a couple in selecting a Social Security claiming strategy, the method comprising:
 receiving in a computer personal and financial data for the couple, the data including an expected life expectancy of each partner of the couple;   accessing with the computer data for a plurality of Social Security claiming strategies for the couple based on the personal and financial data; and   presenting a graphical display on the computer or on another computer in communication with the computer, the graphical display illustrating which of the Social Security claiming strategies is preferred for the expected life expectancies of the couple and for multiple other mortality combinations of the couple.   
     
     
         14 . The computer implemented method of  claim 13 , wherein each of the mortality combinations of the couple consists of a life expectancy of each partner of the couple. 
     
     
         15 . The computer implemented method of  claim 13 , further comprising the step of illustrating on the graphical display the present values of cumulative lifetime Social Security benefits for multiple claiming strategies for a selected mortality combination of the couple. 
     
     
         16 . The computer implemented method of  claim 13 , wherein the graphical display is a grid with two axes, wherein possible life expectancies of a first partner are indicated in years on the horizontal axis and possible life expectancies of a second partner are indicated in years on the vertical axis. 
     
     
         17 . The computer implemented method of  claim 16 , wherein the grid includes a number of cells between the two axes, wherein each cell represents a specific mortality combination of the couple. 
     
     
         18 . The computer implemented method of  claim 17 , further comprising the step of marking each cell to indicate which claiming strategy provides the maximum benefits for the mortality combination represented by the cell. 
     
     
         19 . A non-transitory computer readable medium having a computer program stored thereon for directing operation of a computer, the computer program comprising:
 a code segment for displaying a graphical display that illustrates which Social Security claiming strategies result in the most benefits for different life expectancies for a single individual so that the individual or an advisor for the individual can quickly ascertain which claiming strategy would provide more benefits for a particular life expectancy, the graphical display including a graph that indicates possible life expectancies of the individual and which claiming strategy results in the most benefits for each life expectancy, the graph further indicating which claiming strategy results in the most benefits for a single expected life expectancy of the individual.   
     
     
         20 . The non-transitory computer readable medium as set forth in  claim 19 , wherein the computer program further comprises a code segment for illustrating on the graphical display the present values of cumulative lifetime Social Security benefits of multiple claiming strategies for each life expectancy of the single individual. 
     
     
         21 . The non-transitory computer readable medium as set forth in  claim 19 , wherein the computer program further comprises a code segment for marking the graph to indicate which claiming strategy provides the maximum present value of cumulative benefits for each indicated life expectancy. 
     
     
         22 . The non-transitory computer readable medium as set forth in  claim 21 , wherein the code segment for marking the graph colors each life expectancy entry on the graph to indicate which claiming strategy provides the maximum benefits for the life expectancy represented by the entry.