Building your financial health

Personal finance

• Build a budget. Knowing where your money goes can help you spend wisely and save consistently. Get started by building your budget with Voya’s Budget Calculator.
• Build an emergency fund. Life is full of surprises. Shield yourself from the unexpected by building an emergency fund to cover 3-6 months of expenses. To help save time, take advantage of automated saving options.
• Get out of debt. Imagine what it will be like when you don’t owe anyone anything. Along with saving for your emergency fund, if you have any personal debt, credit card debt or student loans you can commit to paying it down. Now that sounds like financial freedom.
  • If you have lingering student loans, explore repayment program options. Check with your employer to see if they offer student loan debt solution help.

Saving for retirement

• Save for retirement. Consistently saving as much as you can for retirement now may pay off later. Here are a few ways to start saving for retirement.
  • Contribute to your employer-sponsored retirement plan or open an IRA.
  • If your employer offers matching contributions, you may want to advantage of them.
  • Consider a Roth IRA or Roth contributions to your employer’s retirement plan for a more flexible way to save for retirement.
  • Stay on track with automated savings options.
  • Consider increasing your contributions 1%-2% each year.
  • Make sure your investments are well diversified.

Voluntary health benefits

• Sign up for health insurance. If you have a high-deductible health plan, consider opening a Health Savings Account (HSA). Contributing to a Health Savings Account (HSA) through payroll deduction offers tax advantages and the potential to increase your healthcare savings. Money you put in an HSA can be used to pay eligible medical expenses now and into retirement. You may also be able to invest a portion of your HSA funds once you reach a designated threshold.
• Maxed out your HSA? If the budget allows, consider saving more for retirement.
• Look into additional protection. Your employer may offer other types of insurance such as short-term disability and disability income insurance. Learn about the various types of protection that you may need.
• Review other types of coverage. While these are all separate benefits, the choices you make today with your benefits, may have an impact on the future if you don’t choose the optimal coverage for your needs. Consider such coverages as supplemental health Insurance, which pays benefits for specifically covered events, or other health savings options such as a Flexible Spending Account.
  • Flexible Spending Account (FSA). There are three different types of FSAs that each have their own purpose. allows you to set aside money each month to help pay for eligible health or dependent care expenses insurance doesn’t cover.
  • Critical illness insurance. This type of protection can help you cover expenses if you’re diagnosed with a covered illness such as a stroke or heart attack. Whether you need help with medical costs, bills or even groceries, critical illness insurance can minimize the financial impact., so you can focus on your health.
  • Accident insurance. This type of optional coverage (known as “supplemental health insurance”) that pays benefits for specific injuries or treatment after a covered accident such as breaking your leg or getting a concussion. Accident insurance doesn’t replace your health insurance but rather it complements it.

Other protection

• Beneficiaries. Review and update your beneficiaries in your retirement account, as well as your Health Saving Account, if you have one, once a year to ensure they are updated if the unexpected happens.
• Make sure you have the last word. Consider taking advantage of wills to leave your legacy the way you intended.
• Are you a caregiver for someone with special needs? Gain knowledge as you make decisions for you and your family with planning for special needs.
• Are you feeling overwhelmed? We understand that all of this can be overwhelming when you’re just starting out in your career. Consider working with a financial professional who can help you feel more confident about your financial future.

Critical Illness and Accident Insurance are limited-benefit policies. They are not health insurance and do not meet the requirement of minimum essential coverage under the Affordable Care Act.

Are you?

• In a committed relationship? Make sure that you and your partner communicate about your finances.
• Engaged? Planning a wedding can be one of the most exciting times, but making sure that you have a budget and plan in place is just as important as saying “I do.”
• Purchasing your first home? There are so many memories to be made. Make sure to have a healthy down payment saved and think about other expenses that come into play when you purchase a home.
• Looking to expand your family? If you are thinking of having children or you are in the process, congratulations! As you get ready to welcome a new child into your family, be financially prepared during the process and set a good foundation.
• Saving for college? Are you starting to think about saving for college, but are wondering how to start with all of your other financial priorities? Watch our video to learn about the options for saving for college.

• What else? Do you have other financial goals that you would like to accomplish? Make a list, and put a plan into action to achieve them.
• Extra money? If you have extra money after fulfilling your other financial priorities, it can be healthy to contribute more towards your retirement. Consider increasing your contributions 1%-2% to help you slowly build to 10%-15%.
• Use myOrangeMoney® to see how saving a little extra today can help you do more of what you want tomorrow.
• Improve your financial literacy. Learn about different topics to help improve your financial literacy and learn how to talk with your children about money.

• Log in to your online account experience
• Add your outside accounts so you can see your full financial picture
• Review the insights on your spending habits so you can see where you can start to reduce your spending and put money towards debt
• Create your budget and see how you are tracking against it
• Participate in the life events that make sense for your situation. They will give you tips along the way.
• Go into your retirement account to use myOrangeMoney to see if you have any potential gaps in your retirement savings. Use the sliders to see how increasing your contributions today can make a difference for your future.
• Feeling overwhelmed? Consider working with a financial professional so they can help provide guidance to you and you can feel more confident for your future.

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