Is it ever too early to start saving for retirement?
Voya Financial – the company formerly known as ING U.S. – thinks not. And it's putting its money where its mouth is.
The New York-based retirement asset manager has rolled out its Voya Born to Save campaign, in conjunction with the beginning of National Save for Retirement Week.
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As part of the campaign, every baby born in the U.S. on Monday, Oct. 20, is being offered a $500 mutual fund investment to jump-start its retirement savings.
U.S. Census data says about 10,000 babies are born every day, so that means Voya is plunking down as much as $5 million to underscore the importance of picking up the saving habit early in life.
"In addition to helping the thousands of babies who are born today, this campaign is an opportunity to get everyone thinking differently about how they can improve their readiness," said Rodney Martin, CEO of Voya Financial.
Eligible parents and guardians will have to go to Voya's website to register by Dec. 19, 2014.
National Save for Retirement Week, established eight years ago, is aimed at encouraging government, the private and the non-profit sectors to promote retirement readiness.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
