One of our readers thought he lost his retirement when COVID-19 hit but he found an app that helped him get through it.

Only 26% of Baby Boomers have a backup plan for retirement income if forced into retirement sooner than expected, according to the Insured Retirement Institute. This is exactly what happened to one of our readers when the unexpected storm that is Coronavirus disrupted his financial plans. When the pandemic suddenly hit, he was reminded just how important is to be prepared for unexpected financial events. Check out his story, and others, below.

In case you missed it, we recently featured an article explaining why we think Silvur, a new retirement planning app built for baby boomers, should be on your radar. Retirement planning can get complicated and confusing, but Silvur is able to simplify it for you through sophisticated tools, strategies and solutions.

Wayne A.

Age: 66

Occupation: Procurement Director

Location: Pennsylvania

Wayne’s Story

Wayne had everything figured out. He was on pace to reach his retirement goals and already eclipsed the $1,000,0000 saving goal he had set for himself decades earlier. Wayne had a successful career in the energy business and his wife was a part-time pediatric nurse. Five years ago, they made a lifelong dream come true when they bought a second home by the beach. Both Wayne and his wife were excited to retire comfortably in 2024. Then, Covid-19 happened. Suddenly, all of his plans went out the window. Job uncertainty. Market uncertainty. Not to mention, fears about health and Covid-19 itself.

What Silvur did for Wayne

By downloading the Silvur App, Wayne found the tools and the confidence to keep his retirement goals on track. Specifically, he was able to go into the app and test various budgets and financial scenarios to determine how long his savings would last given the impact that Coronavirus has had on his income and budget. For example:

• While Wayne was fortunate to keep his job, his office has been closed since March so he has been working remotely since. Working from home had a positive impact on his $6,000 monthly budget. He no longer spends money on gas and tolls to commute to and from work. In addition, he was pleasantly surprised to find out how much money he saved preparing lunches at home every day instead of eating out in the city. Wayne appreciates how Silvur allows him to see just how far his daily savings has stretched his money and improved his Retirement Score, which is currently at 90.

            Monthly Savings Since March 2020:
            Tolls: $80
            Gas: $120
            Dining Out: $300
            Total Estimated Monthly Savings: $500

• His wife was less fortunate. She has not worked since March and it is still unclear when or if she will return to the workforce, especially since she was close to retirement anyway. This unexpected and sudden curveball had a major impact on their retirement plans. Being able to factor in this $25,000 loss of income and instantly see how it impacts their long-term retirement plans is helpful for Wayne and his wife as they decide whether she will officially retire.

• Given the changes to their income this year and the uncertainty of future income, Wayne started playing around with the idea of renting out their second home to generate some additional income. Silvur helped Wayne determine what impact this would have on his retirement budget. He tested various rental scenarios to determine how they affected his Retirement Score. Renting out his second home just 2 weeks each summer would increase his annual income $4,000, which would boost his Retirement Score to 92. If Wayne decided to rent this house for the entire summer, he would increase his annual income upwards of $30,000, which would bring his Retirement Score to 97.5. The ability to quickly and easily test such scenarios has proved incredibly valuable for Wayne and his wife.

Other Stories & Highlights

We spoke to some of our other readers to find out which features they thought were most valuable within the Silvur App. We quickly learned the “Retirement Score” was the favorite. Using Silvur’s Retirement Score will help you project how long your money will last in retirement. 

One of our readers only wished she had been able to utilize Silvur years ago. Sue L. from Florida, currently age 66 and working part-time, got divorced 20 years ago and has never remarried. She told us that she spent hours in her local Social Security office trying to figure out exactly how and when she should claim Social Security benefits and many hours meeting with a financial advisor to understand how different decisions would affect her retirement budget. She also found Medicare confusing and needed guidance with that. Had she known about Silvur, she knows a lot of time and headaches could have been avoided. As she nears retirement, most of her plans are set, but she’s excited to keep track of her Retirement Score through Silvur and finds it especially appealing to be able to do it herself in a matter of minutes.

Carol H. from Delaware is 60 and married. While Covid-19 hasn’t affected her retirement plans as much as others, it has made her more aware of her spending now that she shops mainly online. Before Covid-19, Carol realizes she spent a lot more money during shopping trips, mainly from impulse buys and unnecessary items. She’s seen a drop in her expenses because of that, which has encouraged her to try and save money where she can. For this reason, Carol finds Silvur’s Retirement Store particularly appealing. In the Retirement Store, Silvur users have access to exclusive discounts from partners for services such as wills, tax preparation and refinancing. The Retirement Store features deals for everyday products from well-known companies. The offerings are expertly curated to fit the daily needs of boomers. By including this feature in the app, Silvur helps its users stretch their money further. Each time users utilize the Retirement Store they ultimately improve their Retirement Score. 

As we learned from Wayne, neither your life nor your Silvur Retirement Score is set in stone. By playing around with hypothetical scenarios like changing jobs, renting out a second home, or finding ways to cut daily expenses, you can pinpoint the areas where you may be overspending, figure out the areas you need to prioritize moving forward, and achieve the score that helps you breathe a sigh of relief, no matter what curveball (or pandemic) comes your way. Download Silvur today to see if you’re on track!