Over 3,000 data points drawn from income, spending and savings enable a new financial fitness calculator to provide a “Retirement Score” for adults 50 and over, intended to improve how they prepare for retirement.
Silvur, which bills itself as the first and only digital and scalable platform in the market for adults 50 and over, today announced the launch of its “Retirement Score.” This Score is the first tool that calculates the financial health and wellness of people entering their second and third acts of life, which the company says are often filled with self-discovery, liberation and new choices.
Powered by Silvur’s proprietary patent-pending software SmartDraw, the Score is derived from those 3,000+ data points and leverages more than 100 optimized scenarios of those 50 and over. It can then share tips on how to not only make money last longer, but also what actions to take to procure nearly $61,000 worth of additional savings across the rest of their lifetime.
For those over 50 looking to build and sustain wealth while also maintaining an active lifestyle, the Retirement Score provides a simple algorithm to predict the financial fitness of a Silvur user, also known as a “Silvur Liner,” over time. With this information, Silvur Liners can see how much money they need to support a healthy and active life. The score correlates to an age, so they can adjust their planning to align with their pre-planned state of mind.
“The Retirement Score appeals to the human side of getting older and illustrates data in a way that is simplistic and insightful,” said Silvur CEO Rhian Horgan. “By reimagining a Score that has been typically associated with creditworthiness, we are creating a new financial framework with refinement and sophistication that not only plans for life after 50, but celebrates it.”
The company provides an example of hypothetical Silvur Liner Christine, a single 58-year-old who wants to step out of professional life at the age of 62 and travel the world from continent to continent. To get a jump start on planning for her next act, she can use the Silvur app to develop an action plan toward increasing her financial savings. When she entered her current spending, saving, and income data, she received a Retirement Score of 85, meaning that her money would expire when she turned 85 years old.
With this alarming insight, Christine realizes that she would not have enough money to fund her adventures and will need to retool her savings so that her Score would be 90 or above. The Retirement Score calculator shows she can make changes to her plan and reduce monthly spending by $250, thereby adding four years to her Score.
Then, she takes the automatic recommendation prompt to add five years of part-time income to her plan, which adds another three years to her Score. Lastly, she is able to add nine years to her Score by planning to retire at 65 instead of 62.
With these changes, the hypothetical Christine’s Retirement Score is now at 101, which indicates a strong financial foundation to pursue a next act full of travel and adventure.
“Right now, especially during times of recession and economic uncertainty, the most important thing people can do is create an income plan. Silvur helps users make the right decisions for their long-term financial goals, as it’s important for people to realize how much control they actually have,” Horgan said. “Important decisions, such as evaluating essential monthly expenses, consolidating 401K accounts, identifying a source of part-time income, and budgeting for long-term care expenses can add two to five years to your Retirement Score.”
Silvur is currently available for download on iOS in the Apple App Store.
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
