Voya Financial, Inc. announced, in collaboration with SAVVI Financial, the launch of a next-generation retirement income guidance tool designed to provide plan participants with personalized, actionable guidance as they approach and enter retirement. The new experience will roll out to eligible Voya participants over the coming weeks at no additional cost. The retirement income guidance tool combines Voya's decades of workplace savings experience with SAVVI's advanced optimization engine to deliver personalized, actionable insights.
While some retirement tools may offer broad estimates based on limited inputs, this new solution incorporates a wide range of real-world financial factors-including taxes, health insurance, Social Security, pensions, and withdrawal timing-to provide a detailed view of what participants can expect in retirement and the steps they can take to improve outcomes. The new guidance experience is designed to change that by helping participants provide: Retirement Income Estimates: Visualized expected earnings based on account types, savings, and market assumptions. Personalized Calculation: Shows participants their estimated "pay" in retirement and how it adjusts over time.
Withdrawal Optimization: Tailored withdrawal strategies with guidance on the most tax-efficient sources to withdrawal from each year to optimize income, including the timing of Social Security and pension elections. Multi-Factor Analysis: Incorporates complex, real-world inputs such as multiple income streams and varying retirement ages. "Next Best" Action Guidance: Receive tailored guidance to help improve retirement readiness.
For many retirees and near-retirees, advice of this depth was historically available only through specialized financial planning services. The retirement income guidance tool aims to democratize access to this level of insight, helping more participants make confident, informed decisions. Voya Financial and its affiliated companies (collectively, "Voya") is making available the Retirement Income Tool offered by SAVVI Financial LLC.
("SAVVI"). Voya has a financial ownership interest in SAVVI, including representation on SAVVI's board of directors, and also maintains business relationships with SAVVI that create an incentive for Voya to promote SAVVI's products and services and for SAVVI to promote Voya's products and services.
