Along with the many worries older adults may have about the future, health and finances hold a chief position in the minds of people over the age of 50 planning for retirement. Even if adults are late to the savings game, a new free app can help people plan for a comfortable life once they stop working.
Silvur helps middle-aged adults determine their retirement score, showing how long their money will last into retirement. The app will also calculate how changes in spending, adding part-time work, or moving back your retirement date can alter your score. The app also includes a “retirement store” that offers savings on products and services, including prescription drugs and wills.
Taking into account various factors, the Silvur app also helps people planning for retirement determine what is the best age to start collecting old age or social security benefits. Health care costs, marital status, and other factors are included to clarify this sometimes confusing system.
If you are planning on buying or selling a home, leaving an inheritance, or saving for a big event like a wedding, the app can help make planning easier. Silvur is aimed at baby boomers specifically to help with finances and money-saving advice. It uses customer-safe technology and doesn’t sell, rent, trade, or share personal information.
Many banking and investment institutions also have their own retirement planning tools that let you know if you are on track to retire. In Canada, the Financial Consumer Agency has a free online budget planner and retirement income calculator along with other resources to help get your financial health in better shape.
The recent pandemic has left many people uncertain about their financial future, but with a little help from experts and good planning, middle-aged and older adults can weather this storm and still enjoy a comfortable retirement.