The Web portal will be rolled out to some 5 million participants, the firm says, and will focus on helping retirement savers translate accumulated assets into estimated monthly income in retirement. Voya says the online planning and account management tool is the latest in its suite of retirement readiness support offerings.
“Individuals are shouldering more responsibility than ever before for building and eventually generating their retirement income,” says Maliz Beams, CEO of the retirement solutions business at Voya Financial. “At the same time, we know many are seeking greater support and resources so they can feel empowered, optimistic and secure about their future.”
The myOrangeMoney portal automatically tracks participants’ savings progress according to customizable goals and benchmarks. Combined with other key performance data associated with retirement plan investments, participant’s savings data can be translated into projected future monthly income. This helps make retirement readiness a more concrete concept, the firm says, and also helps participants visualize how much they will actually need to save to achieve different levels of income in retirement.
The new product also links to other comprehensive retirement readiness planning offerings, including the company’s new personal financial planning and budgeting dashboard that enables users to organize and manage all of their financial information in one place.
Voya has also released a multimedia page that highlights more details about this new program.