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Software Requirements Specification (SRS) for Retirement Planning Calculator

Introduction

Purpose:

The purpose of this document is to outline the requirements for the development of a Retirement Planning Calculator application. This application aids users in planning for retirement by estimating the required savings and investments.

Scope:

The Retirement Planning Calculator will provide users with a tool to project their financial needs during retirement based on various factors. Users will input details such as current age, retirement age, expected expenses, and investment strategy, and the system will calculate and display the recommended savings and investments for a comfortable retirement.

System Overview

System Description:

The Retirement Planning Calculator will be a web-based application accessible through a browser. It aims to assist users in making informed decisions about their retirement savings and investment plans.

System Architecture:

The application will follow a client-server architecture, with the client being the web browser and the server handling the calculation and retirement planning logic.

Functional Requirements

Use Cases:

Plan for Retirement:

  • Users can input information such as current age, retirement age, expected annual expenses during retirement, and current savings.
  • The system will calculate and display the recommended savings and investment amounts to achieve the desired retirement goals.

Functional Requirements:

Input:

The system shall accept the following input:

  • Current Age
  • Retirement Age
  • Expected Annual Expenses during Retirement (in INR)
  • Current Savings (in INR)
  • Investment Strategy (e.g., conservative, balanced, aggressive)

Calculation:

  • The system shall use a predefined algorithm to estimate the required savings and investments based on the user’s input and chosen investment strategy.

Output:

  • The system shall display the recommended savings and investment amounts to meet the retirement goals.

Non-Functional Requirements:

  • The system should provide a response time of under 3 seconds.
  • The application should be accessible on common web browsers (Chrome, Firefox, Safari).

External Interface Requirements

User Interfaces:

  • The user interface shall include input fields for current age, retirement age, expected annual expenses during retirement, current savings, and an option to select the investment strategy. It shall also include a “Calculate” button.
  • The recommended savings and investment amounts shall be displayed prominently.

Hardware Interfaces:

  • The system should be compatible with standard computing hardware.

Software Interfaces:

  • The application shall be developed using HTML, CSS, and JavaScript.
  • The server-side logic can be implemented using a backend framework (e.g., Node.js, Django).

Communication Interfaces:

  • The application will communicate with the server for the calculation and display of results.

Performance Requirements

Response Time:

  • The system should respond within 3 seconds for a typical user input.

Throughput:

The application should handle at least 50 simultaneous users.

System Constraints

Regulatory Requirements:

The application should comply with relevant financial regulations.

Hardware Limitations:

The system should be compatible with devices with standard web-browsing capabilities.

Security Requirements

Authentication:

The application may not require user authentication as it’s a public tool.

Data Protection:

The system should not store or retain any user input data after the calculation.

Quality Attributes

Reliability:

The application should produce accurate results based on the provided input.

Maintainability:

The code should be well-documented for ease of maintenance.

Usability:

The user interface should be intuitive, requiring minimal guidance.

Testing Requirements

Test Cases:

Test cases should cover various input scenarios to ensure accurate retirement planning calculations.

Test Case 1:

  • Inputs: Current Age = 35, Retirement Age = 65, Expected Annual Expenses during Retirement = 6,00,000 INR, Current Savings = 15,00,000 INR, Investment Strategy = Balanced.
  • Expected Output: Recommended Savings ≈ 2,00,00,000 INR, Recommended Investments ≈ 1,50,00,000 INR

Test Case 2:

  • Inputs: Current Age = 40, Retirement Age = 70, Expected Annual Expenses during Retirement = 8,00,000 INR, Current Savings = 20,00,000 INR, Investment Strategy = Aggressive.
  • Expected Output: Recommended Savings ≈ 3,00,00,000 INR, Recommended Investments ≈ 2,50,00,000 INR

Test Case 3:

  • Inputs: Current Age = 30, Retirement Age = 60, Expected Annual Expenses during Retirement = 5,00,000 INR, Current Savings = 10,00,000 INR, Investment Strategy = Conservative.
  • Expected Output: Recommended Savings ≈ 1,50,00,000 INR, Recommended Investments ≈ 1,00,00,000 INR

Acceptance Criteria:

The application is considered successful if it produces correct recommended savings and investment amounts based on the predefined retirement planning algorithm.

Project Timeline

Milestones:

Design, Development, Testing, Deployment.

Development Phases:

Frontend development, Backend development, Testing, Deployment.

Glossary

None

Database Structure

Tables:

Retirement_Planning_Records:

  • RecordID (Primary Key, Auto-increment)
  • CurrentAge (Integer)
  • RetirementAge (Integer)
  • ExpectedAnnualExpenses (Decimal)
  • CurrentSavings (Decimal)
  • InvestmentStrategy (Text)
  • RecommendedSavings (Decimal)
  • RecommendedInvestments (Decimal)
  • CalculationDate (DateTime)

Conclusion

This extended SRS document provides a more detailed overview of the Retirement Planning Calculator application, including the database structure and additional test cases. It should be reviewed and approved by relevant stakeholders before proceeding with the development phase.

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