Simplify Savings Jacob Berlin, Travis Reid, Miranda Smith, Kele - - PowerPoint PPT Presentation
Simplify Savings Jacob Berlin, Travis Reid, Miranda Smith, Kele McKaig, Jon Buckner, Chevelle Sakyi Gold Group CS 410, Old Dominion University 3 November 2016 1 Team Gold Jacob Berlin Travis Reid Miranda Smith Kele McKaig Jon Buckner
Gold Group CS 410, Old Dominion University 3 November 2016
Jacob Berlin, Travis Reid, Miranda Smith, Kele McKaig, Jon Buckner, Chevelle Sakyi
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2 Jacob Berlin Travis Reid Miranda Smith Kele McKaig Jon Buckner Chevelle Sakyi
CS 410 Gold 3-November-2016
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CS 410 Gold 3-November-2016
American individuals of working age do not prepare adequately for retirement due to lack of long term financial knowledge (e.g. points of contact, investment opportunities and their mechanics).
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CS 410 Gold 3-November-2016
§ 56% of Gen X households are at risk of being unable to maintain their standard of living in retirement (Munnell, 2009)
§ 48% of late Baby Boomers § 41% of early Baby Boomers
§ “More than 38 million working age households (45 percent) do not own any retirement account assets” (Rhee, 2013) § Only 52 percent of private sector employees have access to workplace retirement benefits (Rhee, 2013)
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CS 410 Gold 3-November-2016
§ Defined Contribution vs. Defined Benefit Plans
§ 401K vs Pension Plans § Managed by individual vs workplace
§ Dependence on defined contribution plans
§ Requires financial knowledge § Riskier
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CS 410 Gold 3-November-2016
§ Working age Americans § Financially inexperienced
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(Munnell, 2009)
CS 410 Gold 3-November-2016
§ Web application to educate
people on the points of contact, retirement saving options and how they work
§ Teach which options would be
best for different users with unbiased information
§ Knowledge Creates Savings!
(Lusardi, 2004)
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§ General Financial Information § Inflation § Interest § Risk Diversification § Amount to save
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§ Retirement Specific § IRA/ Roth IRA § 401k/ 403B § Pension Plans § Stocks § Social Security § Annuity § Keogh Plan § Bonds § Certificate of Deposit § Mutual Fund
CS 410 Gold 3-November-2016
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(Munnell, 2009)
CS 410 Gold 3-November-2016
Major Functional Component Diagram
§ Users connect to the
Internet using their prefered device.
§ Our dedicated website
will provide a database to all information related to saving for retirement
12 Users consist of Admin and Learners Devices with Access to the Internet Dedicated Website for Simplify Savings Database for all Data Related to Retirement Savings Implemented on Server
CS 410 Gold 3-November-2016
§ Web browser § CSS/JavaScript template framework § JavaScript Visualization framework § Manual content collection § Minimal server side processing
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CS 410 Gold 3-November-2016
§ Sort through vast amount of information online to present it simply § Explain interactively § Retirement options § Pros and cons of each option § General financial knowledge § Create a financial plan § Short term budgeting
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Will Do Won’t Do
CS 410 Gold 3-November-2016
§ 65% of Americans are financially inexperienced, unable to answer three simple financial questions (Lusardi & Mitchell, 2011)
§ Understanding of Interest Rate § Understanding of Inflation § Understanding of Risk Diversification
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§ Web platform
§ FDIC Money Smart game
§ Mobile device platform
§ RetirePlan § Retirement plans 401k IRA roth § High cost courses
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Financial Education Tool Provides a Comprehensive Retirement Education Provides A Personalized Financial Plan Does Not Assume Previous Financial Knowledge Low Cost Simplify Savings
X X X X
FDIC Money Smart
X X X
RetirePlan
X X X
Retirement plans 401k IRA roth
X X X
High Cost Classes
X X X
CS 410 Gold 3-November-2016
§ Gain financial knowledge § Confidently plan for retirement § Maintain standard of living in retirement
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CS 410 Gold 3-November-2016
§ What is the problem? § What is the current state? § What is our solution? § Who is it for? § How does our solution change things?
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CS 410 Gold 3-November-2016
Institute on Retirement Security.
in the united states. Journal of Pension Economics & Finance, 10(4), 509-
Risk Index: After the Crash. Center for Retirement Research.
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CS 410 Gold 3-November-2016