Boomers Are Worrying About Their Retirement Savings. This New App Wants to Help

Financial advising startup Kindur has developed an app called Silvur, designed to help track retirement goals like buying or selling a house, leaving an inheritance, or planning for a big event, to extend retirement income and ease planning for baby boomers, reports CNET . "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," said Kindur CEO Rhian Horgan. "During an economic crisis like the one we're facing currently, this becomes even more essential to have a plan to weather the storm." Silvur users must first enter their financial information either by linking their accounts or estimating assets, and the proprietary SmartDraw software makes financial projections based on data like current income, spending, assets, and account balances. Silvur makes suggestions on reaching savings goals from this information, and it can automatically calculate 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.