NEW YORK--(BUSINESS WIRE)--Silvur, the first and only financial wellness super-app dedicated to helping baby boomers reach their retirement goals, today announced the introduction of a first-of-its-kind Cost-of-Living Calculator that lets people compare the cost of living in different zip codes in the U.S. and its long term impact on their retirement savings.
Silvur’s Cost-of-Living Calculator allows users of the app to test the financial impact of various zip codes against their personal profile and how long their retirement savings may last. The calculator, leveraging proprietary software, reflects wide variations. For example, if calculating healthcare, taxes and everyday expenses against an average customer profile for a couple aged 59 who plans to retire at age 63, based on Silvur’s Retirement Score, the couple’s savings would last only 76.7 years in Hawaii but 104.7 years in Alabama.
“Where you live in retirement could be the biggest financial decision you ever make. There are a lot of cost of living indexes out there. We are introducing that critical piece of information that they miss: how the cost of living in a specific location impacts your future savings and retirement,” said Rhian Horgan, Founder and CEO of Silvur. “We help people understand not just cost of living considerations for the moment but for informed, long term planning.”
The pace of baby boomers retirements has been accelerating with 3.2 million or more than 12 percent growth in the third quarter of 2020 versus the same time the prior year, according to the Pew Research Center. With an increase in national vaccinations and state restrictions lifting, many are looking to move out of cities, seeking more favorable climates, to live in their dream location or to be closer to family.
Location, combined with a retiree’s associated retirement healthcare plan, plays a huge part in how much people need to save for healthcare. Silvur’s Cost of Living calculator lets users determine Medicare costs for any zip code. The calculator also factors in state level taxes and adjusts retirement spending estimates based on location.
For the highest to lowest cost states, based on a hypothetical user, a map and chart can be found on Silvur’s blog: https://www.blog.silvur.com/plan/goals/silvurs-cost-of-living-calculator-impact-on-retirement-us/
Silvur is the first and only super-app dedicated to helping those ages 50+ reach their retirement goals. With a suite of interactive tools and timely content, Silvur offers personalized projections of retirement savings based on current income, spending, assets, and account balances along with advice on how to make that money last. Silvur’s Membership includes access to premium social security and healthcare cost calculators, a cost of living calculator that shows users how long their retirement savings will last in any location in the United States and Retirement School that teaches you everything you need to know to retire with confidence The App Silvur was built by our parent company Kindur, recently recognized on the 2020 Forbes Fintech 50 list. For additional information, please visit www.silvur.com