Voya Financial is recognizing a decade of working with participants and retirees to understand retirement income needs.
The firm is celebrating 10 years since it introduced its myOrangeMoney retirement calculator, an online platform that explains how retirement savings are converted into guaranteed sources of income.
Voya credits myOrangeMoney as a pioneer in the industry’s drive towards guaranteed lifetime income solutions. “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, in a statement. “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.”
In the past 10 years, Voya’s myOrangeMoney platform has evolved to include behavioral facets, including implementing actionable “nudges” that encourage users to continue saving towards their financial goals. The platform has also introduced tools that allow users to benchmark savings goals with colleagues and calculate Social Security and healthcare expenses in retirement.
“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.”
Along with its myOrangeMoney feature, Voya’s retirement income strategy has also produced myVoyage, a digital platform that connects financial guidance with workplace benefits. It has also sparked two in-plan retirement income options: the Voya Lifetime Income Protection, designed for small and government market employers; and the AllianceBernstein Lifetime Income Strategy for larger employers. In April, Voya said it would make the BlackRock LifePath Paycheck solution available on its recordkeeping platform.
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