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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