Voya Financial Launches myOrangeMoney(TM) Digital Experience for Retirement Plan Customers
Supports greater planning and saving; helps investors understand how their account balance translates to retirement income
WINDSOR, Conn., July 24, 2014 /PRNewswire/ -- Voya Financial, Inc. (NYSE: VOYA), which has rebranded from ING U.S., announced today that its Retirement Solutions business has launched an innovative, online experience that transforms the way the company's more than 5 million retirement plan customers will manage, engage and interact with their account.
To view the multimedia assets associated with this release, please click: http://www.multivu.com/players/English/7076155-voya-financial-launches-myorangemoney-digital-experience-for-retirement-plan-customers/
Serving as the new centerpiece for the plan provider's participant website, myOrangeMoney is designed to help individuals focus on what matters most — how their accumulated savings translates into estimated monthly income in retirement. The offering is the latest in Voya Financial's suite of retirement readiness capabilities, which have been developed to help Americans gain control of their financial lives and guide them on a journey to greater emotional and economic security. A video showcasing the features and capabilities of myOrangeMoney can be accessed at http://go.voya.com/UqsofX.
"Individuals are shouldering more responsibility than ever before for building and eventually generating their retirement income. At the same time, we know many are seeking greater support and resources so they can feel empowered, optimistic and secure about their future," said Maliz Beams, CEO of Retirement Solutions, Voya Financial. "In this new environment, we believe planning for and understanding retirement income is incredibly important for achieving a positive outcome — and it's something many are not accustomed to doing. As we build our new Voya brand, the goal of myOrangeMoney is to shift the mindset around how individuals think about and prepare for retirement so we can help them along their financial journey."
From Accumulation to Income; Green to Orange
When users log into their retirement account, the first thing they are drawn to is a large and prominently positioned dollar bill, which functions as their virtual "command center" for all savings activities and decision-making on their account. While investors can still obtain their balance and other information typically associated with their savings, the content displayed first and foremost on myOrangeMoney illustrates their savings as future monthly income, and the progress made towards their personal goals. These goals are based on a few easy-to-follow assumptions that each user pre-selects. As they view and interact with myOrangeMoney, a portion will appear in orange — reflecting the amount of their retirement income goals that would be achieved based on savings and Social Security estimates. Anything left in white represents the gap they would have in reaching their retirement income goals. This visual imagery connects to the creative concept behind Voya Financial's Orange Money consumer advertising campaign.
The myOrangeMoney experience focuses on potential income generation as the foundation for every interaction an individual has with their retirement plan account. Users are able to move sliders or change their assumptions, and then instantly see how certain actions would impact the level of their orange-colored retirement income dollars. For example, if they reduce their contribution level, their orange money portion is reduced. Alternatively, if they increase their contribution level or delay their retirement date, they can see how this would improve their results. By showing front and center how every action they take today will impact their future potential monthly income in retirement, participants have the ability to visualize their retirement reality.
In addition, myOrangeMoney also seamlessly 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. They tend to see their retirement readiness as one big pile of money, which doesn't help them make relevant planning decisions," added Patrick Kennedy, chief marketing officer of Retirement Solutions, Voya Financial. "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."
As an industry leader and advocate for greater retirement readiness, Voya Financial is committed to its vision of being America's Retirement CompanyTM and to its mission of making a secure financial future possible — one person, one family, one institution at a time.
Media Contact:
Emily Dawe
Voya Financial
Office: (860) 580-1750
Cell: (203) 589-7688
[email protected]
About Voya Financial
Voya Financial, Inc. (NYSE: VOYA), which has rebranded from ING U.S., is composed of premier retirement, investment and insurance companies serving the financial needs of approximately 13 million individual and institutional customers in the United States. The company's vision is to be America's Retirement CompanyTM and its guiding principle is centered on solving the most daunting financial challenge facing Americans today — retirement readiness. Working directly with clients and through a broad group of financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists, Voya provides a comprehensive portfolio of asset accumulation, asset protection and asset distribution products and services. With a dedicated workforce of approximately 7,000 employees, Voya is grounded in a clear mission to make a secure financial future possible — one person, one family, one institution at a time. For more information, visit http://voya.com or view our Voya Financial Interactive Company Profile. Follow Voya Financial on Facebook and Twitter @Voya.
To view the multimedia assets associated with this release, please click: http://www.multivu.com/players/English/7076155-voya-financial-launches-myorangemoney-digital-experience-for-retirement-plan-customers/
SOURCE Voya Financial
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