Do you have a retirement account from a previous employer? Want to make it easier to manage your savings by consolidating your accounts? Get started by calling 866-865-2660 to speak with one of our helpful team members about your rollover options.
Know where you stand. Get a holistic financial health check. Consider taking a quick financial wellness assessment and get custom recommendations to improve your money habits to help you become financially well.
To take the assessment, log in to your account and at the top, select: Financial Wellness>>My Financial Wellness.
Be sure to name or update individual(s) who will be the recipient of your retirement account balance in the event you pass. Log in to your account and select: Your name at the top>>Personal information>>Beneficiary information>>Add/Edit beneficiary information.
Consider enrolling in annual automatic contribution increases, if offered by your plan, so you can set it and forget it. Log in to your account and select: Accounts>>Your Employer's Savings Plan Name>>Go to account>>Contributions & Savings>>Manage contributions>>Set up auto increase.
If you are age 50 or older this year, you’re eligible to boost your savings beyond the normal limits with catch-up contributions for your retirement savings plan. Log in to your account and select: Accounts>>Your Employer’s Savings Plan Name>>Go to account>>Contributions & Savings>>Manage contributions>>Update catch-up contributions.
Sign up for simple, safe electronic communications to help save the environment while you save more, securely. Log in to your account and select: Your name at the top>>Communication preferences>>choose paperless.
Check in periodically to find the right mix for your investments and be sure to diversify your portfolio to help better manage risk or to see if adjustments of any kind need to be made. Not sure what to do? Consider professional financial advice.
If your employer offers advice as part of your benefits, you’ll have access to the help you need to retire well. Log in to your account and select: Accounts>>Your Employer's Savings Plan Name>>Go to account>>Get investment advice.
What are the benefits of saving?
Simple to pay yourself first. Your contributions are automatically deducted from your paycheck, making it easy to put money aside.
Help lower your taxable income. Every dollar you contribute before taxes reduces your taxable income, which means you may pay less in income taxes today.
Invest your way. You can do it yourself or get guidance. We’ve got investment solutions designed to fit your lifestyle.
Remember, the money is all yours. What you contribute and any related earnings are yours to take with you into retirement.
Put time on your side. Investing over a longer period of time in a tax-favored account allows you to take advantage of compounding, meaning any earnings on contributions go back into your account without being taxed and can generate its own earnings. Remember, it’s your retirement. Be generous, if you can.
How much is enough?
Although different for everyone, you’ll likely need to replace at least 70% of your current income annually in retirement.1 How? Be intentional by learning to make smart money moves to help you retire well. The choices you make today will impact your tomorrow.
This is a pre-tax account that you can contribute to pre-tax and use to pay eligible medical expenses while reducing your taxable income. You must have a high-deductible health care plan to be eligible to contribute. Your account stays with you even if you change jobs or decide to retire.2
This account helps you manage current health care and childcare costs by enabling you to set aside pre-tax dollars to pay for health or dependent care throughout the year — such as prescriptions, contact lenses and childcare — with one debit card.
These tax-advantaged accounts are available in three diverse types:
- Health FSA: Can help pay for qualified medical, dental and vision out-of-pocket health care expenses like copays, coinsurance, deductibles, prescriptions, glasses, vision correction surgery, dental and orthodontia services, and more.
- Limited Purpose FSA: Similar to a Health FSA, this plan is limited to dental (including orthodontia) and vision expenses only. Enrollment in a Limited Purpose FSA is allowed for those enrolled in an HSA, whereas a Health FSA is not.
- Dependent Care FSA: Use for qualified expenses like daycare, before and after-school care, or summer day camps for your tax dependents under age 13, as well as care for tax dependents of any age with special needs (such as those needing adult day care services).
This can help you cover expenses if you’re diagnosed with a covered disease or condition, like a heart attack. Whether for medical costs, bills or even groceries, critical illness insurance can provide needed financial relief so you can focus on your health.
This provides benefits to replace part of your paycheck when you’re injured or ill and can’t work. Some of the benefits it can help pay for are mortgage, food, medical expenses and more. The most common types of disability insurance are short-term and long-term insurance.
This insurance can pay you a daily benefit if you have an eligible stay in a covered medical facility. You can take your coverage with you if you leave your employer or retire and pay the insurance company directly. You can use your paid benefits however you choose — including everyday expenses like gas and groceries.
This insurance will pay a benefit for specific injuries and events resulting from a covered accident. You can use benefit dollars however you choose — to help pay for everyday expenses like groceries, gas, utilities and more. Accident Insurance can help with out-of-pocket expenses such as deductibles and copays or coinsurance. You can take your coverage with you if you leave your employer or retire and pay the insurance company directly.
Still not sure what to do next?
Visit Voya.com to help improve your financial literacy. You will find educational articles, videos (live and on-demands), tools, calculators and more.
1 DOL Top 10 ways to prepare for retirement. https://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/our-activities/resource-center/publications/top-10-ways-to-prepare-for-retirement.pdf
2 While funds are available for use, you can no longer contribute to your HSA once you’re enrolled in Medicare.
This information is provided by Voya for your education only. Neither Voya nor its representatives offer tax or legal advice. Please consult your tax or legal advisor before making a tax-related investment/insurance decision.
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