The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Jul. 08, 2008
Filed:
Jun. 08, 2001
Mary M. Fay, Richmond, VA (US);
Paul Haley, Glen Allen, VA (US);
Vickey Root, Richmond, VA (US);
Matthew Sharpe, Glen Allen, VA (US);
Geoffrey Stiff, Richmond, VA (US);
Mary M. Fay, Richmond, VA (US);
Paul Haley, Glen Allen, VA (US);
Vickey Root, Richmond, VA (US);
Matthew Sharpe, Glen Allen, VA (US);
Geoffrey Stiff, Richmond, VA (US);
Genworth Financial, Inc., Richmond, VA (US);
Abstract
A process and a system for providing a user with a plurality of periodic retirement income payments is disclosed. The process comprises the steps of receiving an input including two of a retirement date, a minimum retirement income amount and a defined premium payment amount for payment over a plurality of preset payment intervals. The process also includes the steps of calculating the other one of the retirement date, the minimum retirement income amount and the defined premium payment amount for an accumulation period defined by the retirement date and a current age of the user; receiving a premium payment amount from the user during the accumulation period; investing the received premium payment amount in an account in a manner consistent with one or more predefined objectives during the accumulation period to realize a retirement income amount. The process further includes the step of transmitting the retirement income amount to at least one of the user and a designated receiver at a designated time after the end of the accumulation period. The retirement income amount includes a predetermined guaranteed minimum retirement income if the received premium payments are received according to a preset premium payment schedule.