Withdrawals - Required Minimum Distribution

Product Design Case Study

Duration : 4-5 weeks

My Role : End to End

In line with my NDA, I tweaked or omitted certain details in this case study- gotta keep things confidential while still telling a great story!

Overview

The Return Client Experience (RCE) for Withdrawals was designed to give customers full control over their finances, making the process seamless and self-sufficient.

On their account page, customers can easily select where their funds come from and where they go—putting them in full control of their transactions.

In this case study, I'll highlight key withdrawal use cases I worked on, with a special focus on the Required Minimum Distribution (RMD) scenario.

Click to go through a small prototype for recurring withdrawals to understand withdrawals

Select deposit acount

Help

Log Out

Withdraw from

Raise Cash

Account *1234

Balance: $100,000

Change

Add Bank Account

Schwab Individual *225

Balance: $62,000.12

Morgan Stanley Joint *881

Balance: $45,000.12

Wells Fargo Savings *002

Balance: $12,000.12

Back

Fund Later

The juicy bit is still left- continue reading!

Case Study

Clients move money for all sorts of reasons, but one of the most intricate and thought-provoking cases was the Required Minimum Distribution (RMD)—a challenge that demanded deeper problem-solving and strategic thinking.

What is RMD?

A mandatory yearly withdrawal from retirement accounts (such as 401(k)s and IRAs) after a certain age. The amount of the RMD is based on the account balance and the individual’s life expectancy.

What is RMD?

A mandatory yearly withdrawal from retirement accounts (such as 401(k)s and IRAs) after a certain age. The amount of the RMD is based on the account balance and the individual’s life expectancy.

What is RMD?

A mandatory yearly withdrawal from retirement accounts (such as 401(k)s and IRAs) after a certain age. The amount of the RMD is based on the account balance and the individual’s life expectancy.

Why does it matter?

Ensures retirement savings are taxed as required

Why does it matter?

Ensures retirement savings are taxed as required

Why does it matter?

Ensures retirement savings are taxed as required

What if ignored?

Leads to hefty penalties, making proper management crucial.

What if ignored?

Leads to hefty penalties, making proper management crucial.

What if ignored?

Leads to hefty penalties, making proper management crucial.

Let’s take a quick dive into a prototype to better visualize my work and understand its limitations.

In this version, users are required to withdraw their entire Required Minimum Distribution (RMD) from a single designated account.

Note: RMDs can be withdrawn from one or multiple accounts.

However, in this prototype, users are required to withdraw their full RMD amount from a single designated account as a system constraint.

Let’s take a quick dive into a prototype to better visualize my work and understand its limitations.

In this version, users are required to withdraw their entire Required Minimum Distribution (RMD) from a single designated account.

Note: RMDs can be withdrawn from one or multiple accounts.

However, in this prototype, users are required to withdraw their full RMD amount from a single designated account as a system constraint.

Click to go through a small prototype to visualize the RMD withdrawal flow!

Select withdraw & deposit account

Help

Log Out

Withdraw from

Change

IRA Accounts

Traditional IRA *123

Balance: $100,000

Morgan Stanley Joint *881

Balance: $45,000.12

Add Bank Account

Bank Accounts

Embrace Checking *5655

Balance: $28,000.12

Embrace Savings *002

Balance: $12,000.12

Back

Fund Later

Required Minimum Distribution

$7,500

Total Amount to Withdraw by 12/31/2024

IRA Withdrawal Summary

Total Required Minimum Distributions

$25,000

Amount withdrawn (Year-to-date)

-$12,500

Scheduled withdrawals

-$5,000

Total amount to withdraw by 12/31/2024

$7,500

RMD Already Satisfied?

Limitations with the current model

While this model offers transparency to clients, it comes with limitations. For instance, it doesn’t account for inherited IRAs or cases where the previous year’s account balance is unavailable—both crucial for RMD compliance.

To address these gaps, SigFig proposed a new solution to its partner—a leading U.S.-based insurance company.

Proposed Enhancement

Leveraging NFS’s RMD service via WealthScape could streamline RMD management by automating the process. Our goal is to activate RMD automation, allowing for flexible yearly adjustments to withdrawal totals. This would eliminate the need for manual interventions by the Ops team, making tasks like modifying specific withdrawals a thing of the past.

If you prefer viewing this in Figma here is a link: Figma Link

Let's Connect

Like what you saw? Don’t be a stranger—let’s talk design.

Contact me for full time roles, freelance projects or just to say Hi!

You can also contact me via

+91 8128452388

tanishabhanot@gmail.com

Contact me for full time roles, freelance projects or just to say Hi!

You can also contact me via

+91 8128452388

tanishabhanot@gmail.com

Contact me for full time roles, freelance projects or just to say Hi!

You can also contact me via

+91 8128452388

tanishabhanot@gmail.com