iPhone 14 Pro vs. Galaxy S22 Ultra HP Pavilion Plus Planet Crossword Pixel Watch Apple Watch Ultra AirPods Pro 2 iPhone 14 Pro Camera Best Android Phones
Want CNET to notify you of price drops and the latest stories?
No, thank you
Accept

Boomers, this new retirement savings app will help you calculate and plan

Silvur aims to help baby boomers weather financial storms and plan for retirement.

gettyimages-151328561
Getty/Image Source

Amid the coronavirus pandemic, the stock market saw historic drops, leaving many older Americans worried about their retirement funds. While it's likely that these accounts will begin to return to where they were as the economy expands again, a new app called Silvur is dedicated to helping baby boomers navigate retirement during these uncertain times, as well as make smart decisions about savings and achieve their financial goals. 

Silvur (from financial advising startup Kindur) helps track retirement goals such as buying or selling a house, leaving an inheritance or planning for a big event, to extend retirement income and make planning easier.

Read more: Coronavirus stimulus check: Who can get one, how to work out the IRS payment schedule

silvur-finances
Kindur

"Every day, thousands of Americans are reaching retirement age, with many finding it difficult to find a solution that makes planning for a stable financial future manageable," Rhian Horgan, CEO of Kindur, told CNET. "During an economic crisis like the one we're facing currently, this becomes even more essential to have a plan to weather the storm."

There's a noticeable gap in the fintech market, where baby boomers are being ignored, Horgan said. While this population is often just as tech-savvy as any other generation, there are few apps dedicated to helping them with finances, she added. 

Silvur offers a suite of tools, money-saving advice and other timely content, including personalized support and resources to help boomers better understand their retirement finances. 

To start using the app, enter your financial information either by linking your accounts or estimating your assets. The app uses proprietary software called SmartDraw to make financial projections based on information including current income, spending, assets and account balances. It uses this information to offer tips on how to reach your savings goals. The app can also automatically estimate Medicare costs and Social Security benefits. 

"Using strategies suggested by Silvur and SmartDraw, retirees can save up to $61,000 by avoiding unnecessary taxes and fees," Horgan said. 

In terms of security, the app uses both electronic and physical safeguards to keep customer information safe, including 256-bit bank-grade encryption coupled with secure socket layer technology (SSL). The app doesn't sell, rent, trade or share personal information with third parties for advertising or marketing purposes, Horgan said. 

Considering the uncertainty in the markets, Horgan advises baby boomers to create a plan for the future. This plan may include remaining flexible about their retirement date, social security election date and discretionary spending. 

Silvur is currently free to download for iOS in the App Store. It will be available for Android devices in the Google Play Store later in Q2, Horgan said. 

Silvur joins a growing number of financial-related apps and services, including one called FairShake, which helps you get your money back if you're overcharged by a company. Another, called DoNotPay, can help you identify financial relief available as a result of the coronavirus outbreak. 

Now playing: Watch this: Coronavirus stimulus checks: Everything you need to know
2:06