DESC:FORM 2

THE PATENTS ACT, 1970
(39 of 1970)
&
THE PATENT RULES, 2003

COMPLETE SPECIFICATION
(See Section 10 and Rule 13)

Title of invention:
SYSTEM AND METHOD FOR ASSISTING A USER IN FINANCIAL PLANNING FOR RETIREMENT

Applicant:
Tata Consultancy Services Limited
A Company Incorporated in India under the Companies Act, 1956
Having address:
Nirmal Building, 9th Floor,
Nariman Point, Mumbai 400021,
Maharashtra, India

The following specification particularly describes the invention and the manner in which it is to be performed.
CROSS-REFERENCE TO RELATED APPLICATIONS AND PRIORITY
[001] The present application claims priority from Indian patent application 2500/MUM/2014 filed on 04 August, 2014 entirety of which is enclosed for reference.

TECHNICAL FIELD
[002] The present subject matter described herein, in general, relates to financial planning.
BACKGROUND
[003] A working individual saves a sum of money, from his income, in various saving accounts. The working individual also buys a few funds and pension schemes. The funds may be held in different forms and at different locations. The various saving accounts, funds and the pension schemes contribute to his money secured for retirement. The money provides the working individual with a financial security when he is no longer receiving any income after retirement.
[004] Generally, the working individual may not be able to manage his saving accounts, funds, and pension schemes altogether due to different reasons. In a case, the working individual may lack knowledge about a change in tax schemes by the government. The working individual may not be able to manage the funds in an appropriate manner due to lack of investment knowledge. During such situations, the working individual may not even get an assistance to channelize his money in an efficient manner.

SUMMARY
[005] This summary is provided to introduce aspects related to systems and methods for assisting a user in financial planning for retirement and the aspects are further described below in the detailed description. This summary is not intended to identify essential features of the claimed subject matter nor is it intended for use in determining or limiting the scope of the claimed subject matter.
[006] In one implementation, a method for assisting a user in financial planning for retirement is disclosed. The method may comprise defining goals and actions for planning retirement of a user. The method may comprise creating an income profile of the user by receiving income information from the user. The method may comprisereceiving details of funds invested for pension.The method may further comprise creating an expense profile of the user based on details of expenses of the user. The method may further comprise determining a retirement income of the user. The retirement income may be determined based on the income profile of the user, the details of funds invested for pension, and the expense profile of the user.The method may further comprise presenting the retirement income of the user and the expense profile of the user for allowing the user to visualize a retirement cash flow. Thus, the user may get assistance in financial planning for retirement, in an above described manner.
[007] In one implementation, a system for assisting a user in financial planning for retirement is disclosed. The system comprises a processor and a memory coupled to the processor for executing programmed instructions stored in the memory. The processor may define goals and actions for planning retirement of a user. The processor may create an income profile of the user by receiving income information from the user. The processor may further receive details of funds invested for pension. The processor may further create an expense profile of the user based on details of expenses of the user. The processor may further determine a retirement income of the user. The retirement income may be determined based on the income profile of the user, the details of funds invested for pension, and the expense profile of the user. The processor may also present the retirement income of the user and the expense profile of the user for allowing the user to visualize a retirement cash flow. Thus, the user may get assistance in financial planning for retirement, in an above described manner.
[008] In one implementation, a non-transitory computer readable medium embodying a program executable in a computing device for assisting a user in financial planning for retirement is disclosed. The program may comprise a program code for defining goals and actions for planning retirement of a user. The program may comprise a program code for creating an income profile of the user by receiving income information from the user. The program may further comprise a program code for receiving details of funds invested for pension. The program may further comprise a program code for creating an expense profile of the user based on details of expenses of the user. The program may further comprise a program code for determining a retirement income of the user. The retirement income may be determined based on the income profile of the user, the details of funds invested for pension, and the expense profile of the user. The program may further comprise a program code for presenting the retirement income of the user and the expense profile of the user for allowing the user to visualize a retirement cash flow.

BRIEF DESCRIPTION OF THE DRAWINGS
[009] The detailed description is described with reference to the accompanying figures. In the figures, the left-most digit(s) of a reference number identifies the figure in which the reference number first appears. The same numbers are used throughout the drawings to refer like features and components.
[0010] Figure 1 illustrates a network implementation of a system for assisting a user in financial planning for retirement, in accordance with an embodiment of the present subject matter.
[0011] Figure 2 illustrates a user interface for allowing a user to define goals and actions to plan for retirement, in accordance with an embodiment of the present subject matter.
[0012] Figure 3 illustrates a user interface for allowing a user to create an income profile, in accordance with an embodiment of the present subject matter.
[0013] Figure 4 and Figure 5 collectively illustrates user interfaces for accepting, from the user, details for creating the income profile, in accordance with an embodiment of the present subject matter.
[0014] Figure 6 and Figure 7collectively illustrates user interfaces for accepting, from the user, details for defining principles of the income profile, in accordance with an embodiment of the present subject matter.
[0015] Figure 8 - Figure 12 collectively illustrates user interfaces for accepting, from the user, details related to pension plans, in accordance with an embodiment of the present subject matter.
[0016] Figure 13 illustrates user interfaces for accepting details related to an employment income, in accordance with an embodiment of the present subject matter.
[0017] Figure 14 illustrates user interface for accepting details related to an income from assets, in accordance with an embodiment of the present subject matter.
[0018] Figure 15 illustrates visualization of income information of the user, in accordance with an embodiment of the present subject matter.
[0019] Figure 16 illustrates a user interface for creating an expense profile of the user, in accordance with an embodiment of the present subject matter.
[0020] Figure 17 illustrates visualization of expenses of the user, in accordance with an embodiment of the present subject matter.
[0021] Figure 18 illustrates a retirement income of the user, in accordance with an embodiment of the present subject matter.
[0022] Figure 19 illustrates visualization of the retirement income of the user, in accordance with an embodiment of the present subject matter.
[0023] Figure 20 illustrates details of a pension education provided to the user, in accordance with an embodiment of the present subject matter.
[0024] Figure 21 shows flowchart illustrating a method for assisting a user in financial planning for retirement, in accordance with an embodiment of the present subject matter.
DETAILED DESCRIPTION
[0025] System and method for assisting a user in financial planning for retirement are described in the present subject matter. The system may create an income profile of a user. The system may create the income profile by receiving income information from the user. The income information may comprise at least one detail selected from a group consisting of a current employment income, a pension plan, an interest bearing account, a saving account investment, an income from assets, and other possible income sources of the user. The system may receive details of funds invested for pension, by the user. The details of funds invested for pension may comprise name of a pension scheme, benefits provided by the pension scheme, and a projected income from the pension scheme upon retirement.
[0026] The system may create an expense profile of the user based on details of expenses of the user. Subsequently, the system may determine a retirement income of the user. The system may determine the retirement income based on the income profile of the user, the details of funds invested for pension, and the expense profile of the user. The system may present the retirement income of the user and the expense profile of the user for allowing the user to visualize a retirement cash flow. The system may propose at least an investment plan to the user for achieving a retirement vision. Thus, the system may assist a user in financial planning for retirement, using an above described method.
[0027] While aspects of described system and method for assisting a user in financial planning for retirement may be implemented in any number of different computing systems, environments, and/or configurations, the embodiments are described in the context of the following exemplary system.
[0028] Referring now to Figure 1, the system 102 for assisting a user in financial planning for retirement is shown, in accordance with an embodiment of the present subject matter.Although the present subject matter is explained considering that the system 102 is implemented on a computer, it may be understood that the system 102 may also be implemented in a variety of computing systems including but not limited to, a smart phone, a tablet, a notepad, a personal digital assistant, a handheld device, a laptop computer, a notebook, a workstation, a mainframe computer, a server, and a network server.
[0029] In one embodiment, referring again to the figure 2, the system 102 may include at least one processor 110, a memory 112, andinput/output (I/O) interfaces 114. Further, the at least one processor 110 may be implemented as one or more microprocessors, microcomputers, microcontrollers, digital signal processors, central processing units, state machines, logic circuitries, and/or any devices that manipulate signals based on operational instructions. Among other capabilities, the at least one processor 110 is configured to fetch and execute computer-readable instructions stored in the memory 112.
[0030] The I/O interfaces 114 may include a variety of software and hardware interfaces, for example, a web interface, a graphical user interface, and the like. The I/O interfaces 114 may allow the system 102 to interact with a user directly. Further, the I/O interfaces 114 may enable the system 102 to communicate with other computing devices, such as web servers and external data servers (not shown). The I/O interfaces 114 can facilitate multiple communications within a wide variety of networks and protocol types, including wired networks, for example, LAN, cable, etc., and wireless networks, such as WLAN, cellular, or satellite.
[0031] The memory 112 may include any computer-readable medium known in the art including, for example, volatile memory, such as static random access memory (SRAM) and dynamic random access memory (DRAM), and/or non-volatile memory, such as read only memory (ROM), erasable programmable ROM, flash memories, hard disks, optical disks, and magnetic tapes.
[0032] In one implementation, the system 102 may allow a user to define goals and actions to plan for retirement. The user may define a description of the goals and the actions defined by him. The user may define a start date, an end date, and a status of the goals and the actions defined by the user. The start date and the end date of the goals may help the user to track the goals with respect to the actions taken by the user. In this manner, the user may accomplish the goals well in time. A user interface of Figure 2 illustrates the goals and the actions defined by the user for his retirement.
[0033] In one implementation, the system 102 may acquire information from the user based on at least one of user’s place of origin, current residential location, and age of the user. In one case, the system 102 may determine financial knowledge possessed by the user based on responses of a questionnaire related to financial planning. Based on the financial knowledge of the user, the system 102 may communicate with the user in an appropriate manner and a language comfortable to the user. In one case, the system 102 may create an income profileof a user based on income information received from the user. Figure 3 illustrates a user interface allowing the user to create the income profile. The terms income profile and income budget may be used interchangeably henceforth in the description. The user may modify or delete any income profile, created by the user. The system 102 may present to the user, an income budget name, an income budget description, and a date of creation of the income budget, as illustrated by the user interface of the Figure 3.
[0034] Referring collectively to Figure 4 and Figure 5, user interfaces for accepting, from the user, details for creating the income profile are explained henceforth. The system 102 may accept inputs from the user using radio buttons and dropdown menu. Your income profile illustrated in the Figure 4 refers to the income profile. In one embodiment, the system 102 may accept the details using anincome questionnaire. The income questionnaire may include questions related to the different sources and types of income sources of the user. For example, the questions may be related to earnings from employment, a final salary pension, a state pension, cash or equity Individual Savings Account (ISA), an interest bearing savings account, and other sources of income.
[0035] Subsequent to creation of the income profile of the user, the system 102 may allow the user to define principles of the income profile. Referring collectively to Figure 6 and Figure 7, user interfaces for accepting, from the user, details for defining the principles of the income profile are explained henceforth. Further, referring to the Figure 6, principles for this budget are similar to principles of the income profile. The system 102 may accept, from the user, details like a start date and an end date related to the income profile. In one embodiment, the user may select a present date as the start date related to the income profile. Further, a retirement age of the user or any other date may be selected by the user, as the start date related to the income profile. In another embodiment, the user may select his mortality age as the enddate related to the income profile. The user may select another date as the end date related to the income profile. The end date related to the income profile is represented as a budget end date in the Figure 6.
[0036] Upon defining the principles of the income profile, the system 102 may accept details of funds invested for pension. Referring collectively to Figure 8 - Figure 12, user interfaces for accepting, from the user, the details of funds invested for pension are explained henceforth. The term funds invested for pension may henceforth be referred as pension plans. Specifically referring to the Figure 8, a user interface for allowing the user to view and modify details of the pension plans is illustrated. The system 102 may suggest, to the user, options for modifying the pension plans. For example, the system 102 may suggest the user about converting the pension plans into an income source. In one embodiment, the system 102 may suggest the user of buying an annuity or drawing an income from the pension plans. The process of drawing an income from the pension plans is generally known as drawdown. In one embodiment, the system 102 may provide details of financial advisers to assist the user.
[0037] Figure 9 illustrates details related to a pension plan of the user. For example, details related to an ABC pension plan, of the user, are illustrated using the Figure 9. The system 102 may present a current value of the ABC pension plan. The system 102 may allow the user to calculate an annuity and to customize an annuity quotation related to the ABC pension plan, for retirement. In one embodiment, the system 102 may allow the user to obtain an open market quotation related to the annuity and the drawdown. For providing the open market quotation, the system 102 may accept information related to a market quote for the ABC pension plan. For example, the information related to the market quote may comprise a name of company providing pension, a quote reference number, an open market projection amount, and an inflation value. Based on a user request, the system 102 may use the open market projection amount for determining a retirement income of the user. Referring to Figure 10, the system 102 may accept and present information related to other pension plans, in a similar manner as explained above.
[0038] Referring to Figure 11, a user interface to includedefined benefit pensions is illustrated. The user interface of the Figure 11 may include a scheme name, a date of retirement, projected income at retirement, and a date of last statement. Figure 12 illustrates details related to a state pension of the user. The system 102 may allow the user to generate estimate of an entitlement of the state pension of the user.
[0039] Subsequent to receiving the details of the pension plans of the user, the system 102 may accept details related toan employment income of the user, as illustrated using Figure 13. In one embodiment, the system 102 may receive details related to an employment income of one or more associates of the user. The details related to the employment income of the user and the one or more associates of the user may include a name of employer, job role, employment commencement date, employmentcease date, annual salary from the employment, and assumed income inflation. The system 102 may determine a tax code related to the current employment income of the user.
[0040] Upon receiving the details related to an employment income of the user, the system 102 may accept details related to an income from assets, as illustrated using Figure 14. The system 102 may accept details related to a taxable income and a tax free income derived from the assets. Further, the details related to the income from the assets may include name of asset (provider), account number, current balance, drawdown start year, drawdown end year, and an annual amount to fund return value.
[0041] Referring to Figure 15, the system 102 may allow the user to visualize the income information of the user. The system 102 may allow the user to visualize the income information using various graphical formats. Using the graphical formats, the system 102 may present a total of all income sources, a total for an income category, and a cost of an individual income item. For example, the system 102 may visualize the income derived from assets held with the user. The system 102 may allow the user to select a range of years for visualizing the income information.
[0042] Post receiving the income information and the details of funds invested for pension, the system 102 may create an expense profile of the user. Referring to Figure 16, a user interface for creating the expense profile of the user is illustrated. The system 102 may create the expense profile based on details of expenses of the user. In one case, the details may be related to the user and a lifestyle of the user. In an example, the details related to the user may include a budget start date associated with the expense profile, and a mortality date set by the user. In another example, the details related to the life style of the user may include details of a property and a mortgage of the user.
[0043] Subsequent to creating the expense profile of the user, the system 102 may visualize the expenses of the user in a graphical format. Referring to Figure 17, visualization of the expenses of the user is illustrated. The system 102 may visualize the expenses related to different categories or an individual item. The expenses may be distributed over a time period selected by the user.
[0044] Post creating the expense profile of the user, the system 102 may determine a retirement income of the user. Figure 18 illustrates the retirement income of the user. In one embodiment, the system 102 may determine the retirement income of the user based on the income profile of the user, the details of funds invested for pension, and the expense profile of the user. The system 102 may determine the retirement income of the user by using an annuity calculator. Further, the system 102 may allow the user to add a label and a description related to the retirement income, referred as budget in the Figure 18.
[0045] Upon determining the retirement income of the user, the system 102 may visualize the retirement income of the user. Referring to Figure 19, a visualization of the retirement income of the user is illustrated. The retirement cash flow of the user is indicated as a long term cash flow in the Figure 19. The user may select an income profile and an expense profile of the user stored in the system 102. Further, based on the income profile, the expense profile, and a time frame selected by the user, the system 102 may visualize the retirement income of the user.
[0046] In one embodiment, the system 102 may provide pension education to the user. Referring to Figure 20, details of the pension education are explained. While educating the user about pension, the system 102 may provide print guides to the user. Further, the system 102 may update the user about new rules related to pensions. Thus, the system 102 may assist the user in financial planning for retirement, in an above described manner.
[0047] In another embodiment, the system 102 may identify events impacting the financial planning using an analytics based approach. In one case, the events impacting the financial planning are at least one of changes in performance of the funds, change in interest rates, change in value of assets held with the user, change in employment status of the user, change in current residential location of the user, and changes in number of family members.
[0048] Referring now to Figures 21, a method 2100 for assisting a user in financial planning for retirement is described, in accordance with an embodiment of the present subject matter. The method 2100 may be described in the general context of computer executable instructions. Generally, computer executable instructions can include routines, programs, objects, components, data structures, procedures, modules, functions, etc., that perform particular functions or implement particular abstract data types. The method 2100 may also be practiced in a distributed computing environment where functions are performed by remote processing devices that are linked through a communications network. In a distributed computing environment, computer executable instructions may be located in both local and remote computer storage media, including memory storage devices.
[0049] The order in which the method 2100 is described is not intended to be construed as a limitation, and any number of the described method blocks can be combined in any order to implement the method 2100 or alternate methods. Additionally, individual blocks may be deleted from the method 2100 without departing from the spirit and scope of the subject matter described herein. Furthermore, the method can be implemented in any suitable hardware, software, firmware, or combination thereof. However, for ease of explanation, in the embodiments described below, the method 2100 may be considered to be implemented in the above described system 102.
[0050] At block 2102, goals and actions for planning retirement of a user may be defined. In one implementation, the goals and the actions may be defined by the processor 110.
[0051] At block 2104, an income profile of the user may be created by receiving income information from the user. In one implementation, the income profile may be created by the processor 110.
[0052] At block 2106, details of funds invested for pension may be received. In one implementation, the details of funds invested for pension may be received by the processor 110.
[0053] At block 2108, an expense profile of the user may be created. The expense profile may be created based on details of expenses of the user. In one implementation, the expense profile may be created by the processor 110.
[0054] At block 2110, a retirement income of the user may be determined. The retirement income may be determined based on the income profile of the user, the details of funds invested for pension, and the expense profile of the user. In one implementation, the retirement income may be determinedby the processor 110.
[0055] At block 2112, the retirement income of the user and the expense profile of the user may be presented for allowing the user to visualize a retirement cash flow. In one implementation, the retirement income of the user and the expense profile of the user may be presentedby the processor 110.
[0056] Although implementations for methods and systems for assisting the user in financial planning for retirement have been described in language specific to structural features and/or methods, it is to be understood that the appended claims are not necessarily limited to the specific features or methods described. Rather, the specific features and methods are disclosed as examples of implementations for assisting the user in financial planning for retirement.
[0057] Exemplary embodiments discussed above may provide certain advantages. Though not required to practice aspects of the disclosure, these advantages may include those provided by the following features.
[0058] Some embodiments may enable a system and a method to allow a user to define goals and actions for planning his retirement.
[0059] Some embodiments may enable a system and a method to create and manage an income profile of the user and his one or more associates.
[0060] Some embodiments may enable a system and a method to create and manage an expense profile of the user and his one or more associates.
[0061] Some embodiments may enable a system and a method to visualize a retirement cash flow for the user.
[0062] Some embodiments may enable a system and a method to provide pension education to the user for retirement.
,CLAIMS:WE CLAIM:

1. A method for assisting a user in financial planning for retirement, the method comprising:
defining, by a processor, goals and actions for planning retirement of a user;
creating, by the processor, an income profile of the user by receiving income information from the user;
receiving, by the processor, details of funds invested for pension;
creating, by the processor, an expense profile of the user based on details of expenses of the user;
determining, by the processor, a retirement income of the user, wherein the retirement income is determined based on the income profile of the user, the details of funds invested for pension, and the expense profile of the user; and
presenting, by the processor, the retirement income of the user and the expense profile of the user for allowing the user to visualize a retirement cash flow, thereby assisting the user in financial planning for retirement.

2. The method of claim 1, wherein the income information are that of the user and of one or more associates of the user.

3. The method of claim 1, wherein the income information comprises at least one detail selected from a group consisting of a current employment income, a pension plan, an interest bearing account, a saving account investment, an income from assets, and other possible income sources of the user.

4. The method of claim 1, further comprising proposing at least an investment plan to the user.

5. The method of claim 1, further comprising receiving a start date and an end date related to the income profile.

6. The method of claim 1, wherein the end date related to the income profile is set as a mortality age of the user.

7. The method of claim 1, wherein the details of funds invested for pension comprises name of a pension scheme, benefits provided by the pension scheme, and a projected income from the pension scheme upon retirement.

8. The method of claim 1, further comprising identifying events impacting the financial planning using analytics based approach.

9. The method of claim 8, wherein the events impacting the financial planning are at least one of changes in performance of the funds, change in interest rates, change in value of assets held with the user, change in employment status of the user, change in current residential location of the user, and changes in number of family members.

10. The method of claim 1, further comprising acquiring information from the user based on at least one of user’s place of origin, current residential location, and age of the user.

11. A system for assisting a user in financial planning for retirement, the system comprises:
a processor;
a memory coupled to the processor, wherein the processor is capable for executing programmed instructions stored in the memory to:
define goals and actions for planning a retirement of a user;
create an income profile of the user by receiving income information from the user;
receive details of funds invested for pension;
create an expense profile of the user based on details of expenses of the user;
determine a retirement income of the user, wherein the retirement income is determined based on the income profile of the user, the details of funds invested for pension, and the expense profile of the user; and
present the retirement income of the user and the expense profile of the user for allowing the user to visualize a retirement cash flow, thereby assisting the user in financial planning for retirement.

12. The system of claim 11, wherein the income information are that of the user and of one or more associates of the user.

13. The system of claim 11, wherein the income information comprises at least one detail selected from a group consisting of a current employment income, a pension plan, an interest bearing account, a saving account investment, an income from assets, and other possible income sources of the user.

14. The system of claim 11, further comprising proposing at least an investment plan to the user.

15. The system of claim 11, further comprising receiving a start date and an end date related to the income profile.

16. The system of claim 11, wherein the end date related to the income profile is set as a mortality age of the user.

17. The system of claim 11, wherein the details of funds invested for pension comprises name of a pension scheme, benefits provided by the pension scheme, and a projected income from the pension scheme upon retirement.

18. The system of claim 11, further comprising identifying events impacting the financial planning using analytics based approach

19. The system of claim 18, wherein the events impacting the financial planning are at least one of changes in performance of the funds, change in interest rates, change in value of assets held with the user, change in employment status of the user, change in current residential location of the user, and changes in number of family members.

20. The system of claim 11, further comprising acquiring information from the user based on at least one of user’s place of origin, current residential location, and age of the user.

21. A non-transitory computer readable medium embodying a program executable in a computing device for assisting a user in financial planning for retirement, the program comprising:
a program code for defining goals and actions for planning retirement of a user;
a program code for creating an income profile of the user by receiving income information from the user;
a program code for receiving details of funds invested for pension;
a program code for creating an expense profile of the user based on details of expenses of the user;
a program code for determining a retirement income of the user, wherein the retirement income is determined based on the income profile of the user, the details of funds invested for pension, and the expense profile of the user; and
a program code for presenting the retirement income of the user and the expense profile of the user for allowing the user to visualize a retirement cash flow, thereby assisting the user in financial planning for retirement.