How does “Orange Money” leave you more “green money”?

When you think about retirement, you immediately think about saving – right?

The fact is, saving is the most important aspect of retirement readiness and is certainly the engine that will drive your financial wellness. Another important thing you should do for retirement is manage your money today. Whenever the unexpected occurs in life, you’ll need to make the appropriate adjustments whenever those circumstances arise. It may not feel like an easy task, but with determination, diligence, and a little help, your journey can be easier. You just need an idea of what your timeline is and how much money you need to live comfortably during your post-work years.

These days, people check their account balances and only see numbers. The question is, do they look beyond the digits to really get how these numbers relate to their retirement income? That’s where myOrangeMoney can help you visualize your potential future retirement reality. With Voya’s interactive educational online experience, users learn by doing. Through visualizations, based on your current retirement assets, you can get a retirement snapshot of where you could be financially. myOrangeMoney is personalized to help you understand how the savings and investment decisions you make today can impact your future retirement income potential. You can also see how healthcare costs and social security can affect your future income - empowering you to take action yourself and plan for the kind of retirement you want.

How does it work?

Using myOrangeMoney is simple. Rather than focusing on the account balance, you’ll see savings through a representation of your potential monthly income in retirement. As you interact with myOrangeMoney, the orange portion of the dollar bill changes, representing the amount of your retirement income needs that could potentially be achieved based on your current saving and investing behaviors. The more the dollar bill is shaded orange, the more you are on target to meet your potential monthly income needs in retirement. Anything not colored orange represents money that you may need, but currently are not projected to have, which is considered your “retirement income gap”.

Located next to the dollar bill is a series of sliders that allow adjustments to your savings to be made. It’s easy to try out various savings, investing, and retirement age scenarios to instantly see the impact on your retirement income. For example, increasing your contribution level or delaying your retirement date helps improve results. That could put you closer to your goal of how much you will need for income in retirement.

The ‘Let’s talk about your retirement savings’ link located above the dollar bill opens new slider screens that help model the effect of future healthcare costs, as well as the effect of the age at which users elect to start receiving monthly Social Security benefits. Knowing how today’s behavior impacts the ability to pay yourself in retirement, you can adopt savings habits and choose to take action toward a more comfortable tomorrow. Want to make a change? Simply click the “Make Change Now” button and follow the prompts.

Having a good understanding of what income you are going to need each and every month is key to determining if you will be retirement ready. That’s why it’s extremely important to continue to actively contribute to your accounts so that you can meet or exceed your future financial needs. Know how ready you are for retirement.

To learn more about the myOrangeMoney experience and see it in action, visit http://voyacdn.com/myOrangeMoneyVideo to view the overview video. Or if you want to dive right in and see how much Orange Money® (the money you set aside for retirement)  you have saved toward your goal, visit https://www.voya.com/orangemoney to get started today. You may also contact your Voya representative for more information.

You also may call your plan’s customer service line and speak with a representative who can help you understand and follow through on your choices.

Products and services offered through the Voya family of companies.

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This material is provided for general and educational purposes only; it is not intended to provide legal, tax or investment advice.  All investments are subject to risk.  We recommend that you consult an independent legal or financial advisor for specific advice about your individual situation.