The retirement solutions business of Voya Financial, Inc., which rebranded from ING U.S., announced a new centerpiece for its retirement plan participant website that it says "transforms the way the company's more than 5 million retirement plan customers will manage, engage and interact with their account."
The new "online experience," myOrangeMoney, displays participants' savings as future monthly income, and the progress made toward their personal goals. Participants can still access balance and other information typically associated with their savings, but the approach taken by myOrangeMoney is designed to provide, via digital imagery, any shortfalls in retirement savings left after savings and Social Security estimates are figured in.
Every time individuals interact with their retirement plan accounts, the myOrangeMoney experience focuses on potential income generation as the foundation. Users can watch the impact of decisions in color as they change assumptions. Retirement income dollar levels are depicted in orange. Moving sliders onscreen to cut their contribution level, for instance, would reduce the orange-colored dollars to show how much that cut would reduce their savings. Improvements in retirement balances can also be projected by changing assumptions about contribution increases or retirement date postponement.
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The new centerpiece 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, integrate and manage all of their financial information in one place. The new experience will be available to plan sponsor clients and their employees in a phased approach throughout 2014. A consumer-facing version of myOrangeMoney is also planned for Voya Financial's public website later in the year.
"When it comes to retirement planning, most individuals never get beyond the basics, such as logging into their account to check a balance, or to adjust their contribution levels and investment allocations," said Patrick Kennedy, chief marketing officer of retirement solutions, Voya Financial, in a statement. "They tend to see their retirement readiness as one big pile of money, which doesn't help them make relevant planning decisions."
He added, "We want to change this paradigm and help people view and understand how they can use their retirement savings to live confidently in retirement. By understanding how today's behaviors impact their ability to pay themselves in retirement, individuals feel more empowered, can adopt better habits and thus take the right actions today to help enjoy a more secure tomorrow."
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