Voya Financial recognizes 10 years of innovation in retirement income support

Rhea-AI Summary

Voya Financial celebrates the 10th anniversary of its myOrangeMoney retirement calculator, designed to help users translate their retirement savings into estimated monthly income.

According to Voya, 90% of Americans consider having a guaranteed retirement income crucial. The myOrangeMoney tool has significantly impacted user behavior, with 32% of users making changes to their savings strategies and resulting in a 24% increase in retirement savings compared to non-users. The tool has evolved with enhancements, leveraging behavioral finance to provide actionable insights for users. Voya continues to support retirement planning through educational tools, personalized financial guidance, and innovative retirement income solutions.

Positive

• myOrangeMoney users save 24% more for retirement compared to non-users.
• 32% of myOrangeMoney users have modified their savings strategies.
• Voya has introduced enhancements to myOrangeMoney, incorporating behavioral finance insights.
• Voya offers two in-plan retirement income options: Voya Lifetime Income Protection and AllianceBernstein Lifetime Income Strategy.
• Voya will add BlackRock LifePath Paycheck solution to its recordkeeping platform.

Negative

• None.

myOrangeMoney^® retirement calculator reaches milestone market anniversary in providing users a solution to help save more for retirement

WINDSOR, Conn.--(BUSINESS WIRE)-- It’s been 10 years since Voya Financial, Inc. (NYSE: VOYA) launched its innovative myOrangeMoney^® retirement calculator, an online experience designed to educate and help individuals by translating their accumulated retirement savings into estimated monthly retirement income. Today, the company is recognizing the milestone anniversary as the retirement-income savings needs of individuals continue to grow. According to new Voya research, a majority (90%) of Americans believe having a guaranteed source of income in retirement — so they don’t outlive their retirement savings — to be extremely important or important.¹

“Over the past decade, the retirement plan industry has introduced new ways for individuals to accumulate assets and become more comfortable managing their long-term retirement savings. But as individuals get closer to retirement, the need to transition their assets into income remains paramount,” said Amy Vaillancourt, senior vice president, Workplace Product Development and Architecture at Voya Financial. “The demand for retirement income solutions has been building for some time, and myOrangeMoney has played a critical role in helping employees shift their mindset around how they think about and prepare for retirement.”

Since its launch, myOrangeMoney has transformed how Voya’s customers manage, engage and interact with their retirement accounts through a combination of education and guidance to take action with confidence. Specifically, Voya’s participant data shows that approximately one-third (32%) of individuals who use myOrangeMoney have modeled changes that could impact their future retirement income, including actions such as changing their savings rate or adjusting their desired retirement age.² As a result, participants who have used myOrangeMoney are shown to save nearly one-quarter (24%) more for their future retirement compared to non-users of the solution.³

Voya has continued to enhance the myOrangeMoney solution to support workers at every stage and income level. As Voya continues to advance its Behavioral Finance Institute for Innovation, myOrangeMoney has evolved to leverage behavioral research insights to build actionable “nudges” for users to gauge retirement sentiment and help them remain engaged in making progress toward their personal savings goals. Additional enhancements throughout the years have included providing participants with tools to help optimize their company match and benchmark themselves to peers. Features have also been added to allow customers to calculate how Social Security and healthcare costs factor into their retirement planning decisions.

“When it comes to retirement income, individuals need to consider more than just their retirement income, and they are often focused on things like investing strategies, managing Social Security and covering healthcare expenses,” added Vaillancourt. “At Voya, we know there is no ‘one-size-fits-all’ solution that can meet every individual’s needs. For employers, offering an array of solutions that are easy to understand and implement can ultimately provide a greater feeling of financial confidence and deliver a positive retirement outlook for individuals.”

In addition to products and solutions, Voya’s retirement income strategy covers a broad spectrum of support, including education and guidance, tools and experiences such as myOrangeMoney and myVoyage — the personalized financial-guidance and connected workplace-benefits digital platform. Voya was also one of the first recordkeepers to lead the industry in offering two in-plan retirement income options: Voya Lifetime Income Protection, designed for small and government market employers; and the AllianceBernstein Lifetime Income Strategy to address the needs of larger employers. Most recently, Voya also revealed it would make the BlackRock LifePath Paycheck™ solution available on its recordkeeping platform.

As an industry leader focused on the delivery of benefits, savings and investment solutions to and through the workplace, Voya is committed to delivering on its mission to make a secure financial future possible for all — one person, one family, one institution at a time.

1. Voya Consumer Insights & Research conducted May 15-16, 2024, on the Ipsos eNation omnibus online platform among 1,005 adults aged 18+ in the U.S.
2 & 3. Voya Financial internal data as of March 31, 2024.

About Voya Financial^®
Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company with approximately 9,000 employees who are focused on achieving Voya’s aspirational vision: “Clearing your path to financial confidence and a more fulfilling life.” Through products, solutions and technologies, Voya helps its 15.2 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya’s workplace benefits and savings offerings by engaging directly with over 12 million employees in the U.S. Certified as a “Great Place to Work” by the Great Place to Work^® Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Instagram.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20240711581546/en/

Media Contact:

Laura Maulucci

Voya Financial

(508) 353-6913

Laura.Maulucci@voya.com

Source: Voya Financial, Inc.

FAQ

What is the 10th anniversary milestone mentioned by Voya Financial for the myOrangeMoney tool?

Voya Financial is celebrating the 10th anniversary of its myOrangeMoney retirement calculator, which helps users translate retirement savings into estimated monthly income.

How has the myOrangeMoney retirement calculator impacted users' savings strategies?

Approximately 32% of myOrangeMoney users have changed their savings strategies, resulting in a 24% increase in retirement savings compared to non-users.

What percentage of Americans believe having guaranteed retirement income is important, according to Voya's research?

According to Voya's research, 90% of Americans consider having a guaranteed source of retirement income to be important.

What new feature will Voya add to its recordkeeping platform?

Voya will add the BlackRock LifePath Paycheck solution to its recordkeeping platform.