Voya Financial, Inc. has launched myOrangeMoney, the latest in the company’s suite of retirement readiness capabilities, which allows individuals to see how accumulated savings translate into estimated monthly income in retirement. The tool presents itself as a large dollar bill. Displayed in orange on the dollar bill is the amount of retirement income goals achieved based on savings and Social Security estimates; anything displayed in white represents a gap in achieving retirement goals. Users can move sliders or change their assumptions in order to see how their actions will impact the level of orange-colored retirement income dollars, allowing them to visualize their retirement reality.
The myOrangeMoney tool will be available to plan sponsor clients and their employees in a phased approach throughout 2014. A consumer-facing version of myOrangeMoney is planned for Voya’s public website later in the year.
For more on Voya’s value-adds for advisors, visit their NAPA Firm Partner page.
John Adams is a writer for NAPA Net.
