Design Highlights
- Voya and SAVVI’s tool simplifies retirement planning by replacing complex spreadsheets with user-friendly visuals and detailed year-by-year income estimates.
- The tool offers personalized retirement income guidance, moving beyond guesswork to provide tailored recommendations based on individual scenarios.
- By utilizing gamified elements, the tool engages users, making the retirement planning process more interactive and enjoyable.
- It democratizes access to sophisticated financial insights, offering eligible participants free access to resources that typically require professional advisors.
- The tool has proven to increase retirement savings significantly, challenging traditional methods by effectively addressing the complexities of converting savings into income.
When it comes to planning for retirement, many people find the process overwhelming—like trying to solve a Rubik’s Cube blindfolded. Enter Voya Financial and SAVVI Financial, who have teamed up to launch a next-generation retirement income guidance tool. This isn’t your grandma’s retirement planning. Gone are the days of guesswork and hoping for the best. Instead, this tool offers personalized retirement planning right within workplace plans.
Picture this: an advanced income planning tool that combines Voya’s vast workplace savings distribution and plan access with SAVVI’s optimization engine. It’s like putting the smartest kid in class in charge of your retirement. The tool takes a multitude of factors into account—taxes, health insurance, Social Security, pensions, and more—to deliver realistic projections. It visualizes retirement income estimates year by year. No more cryptic spreadsheets. It shows exactly what participants can expect regarding “pay” during retirement, breaking it down into digestible details.
An innovative tool that simplifies retirement planning by visualizing income estimates and breaking down complex factors into clear details.
What’s even better? It’s offered to eligible Voya participants at no extra cost. Who doesn’t love free stuff, right? The core capabilities of this tool are impressive. It projects expected earnings based on account types and balances, computes individualized retirement “pay” trajectories, and recommends tax-efficient withdrawal strategies. That’s right; it’s like having a financial advisor without the hefty price tag.
But wait, there’s more! This tool allows users to model different scenarios—retirement age, asset mix, even where you plan to live. Want to see how changing your savings rate impacts your retirement outcome? This tool’s got it covered. It doesn’t just throw out static numbers; it generates actionable steps to improve retirement readiness. With employer-sponsored coverage costs expected to rise by 9% in 2025, planning for healthcare expenses in retirement has never been more critical.
Voya and SAVVI claim their guidance has already helped over 600,000 users. They boast about double-digit increases in retirement savings. Impressive, right? They’re democratizing advisor-level insights, aiming to boost participant confidence. Because let’s face it, maneuvering retirement planning alone can feel like a hike through a minefield. The retirement income guidance tool addresses the complexities of converting savings into retirement income.
With an optimization engine powered by data science and MIT-trained expertise, this tool is designed for scalability, reaching millions of participants. The AI-driven tool is made to engage users, even using gamified elements. Who knew retirement planning could be fun? In a world where financial decisions seem intimidating, Voya and SAVVI are challenging traditional financial planning. They’re turning it upside down, making it more accessible—and perhaps less terrifying—one retirement plan at a time.
