Voya Financial (formerly ING) will soon allow you to see your estimated monthly retirement income and organize your finances whenever you log into your Multnomah County deferred compensation account. Voya’s new online experience is designed to help you plan for your retirement and other goals, see where you stand and help you make smart money decisions.
myOrangeMoney is a personalized, interactive tool that shows you the income you may need each month during retirement and the progress you've already made toward that goal. This new tool, which was implemented on Sept. 15, will ask you to provide your age and current income. You will also be asked to assess your current feelings towards your retirement readiness. After this, a dollar bill will appear to show your current level of retirement readiness. The dollar bill represents the estimated income you will need in retirement. The portion in orange represents the amount of your income need that can potentially be achieved without any changes in the way that you’re currently saving and investing. But anything not colored orange represents the money that you may likely need, but currently may not have. It’s the gap you’ll need to close to eventually reach your retirement income goal.
Next to the dollar bill is a series of sliders that lets you easily adjust your assumptions and then instantly see how those choices affect the level of your orange-colored monthly retirement income dollars. You can try out various savings, investing and retirement age scenarios until you find the combination that’s right for you. When you’re ready to take action, just click on the “Make the change” button and follow the prompts. It’s that simple!
Personal Financial Dashboard
Also, to help you organize your finances, look for the “Organize your $$$” link below the orange dollar bill. This link will take you to the new Personal Financial Dashboard which is being made available to all Multnomah County plan participants. The Personal Financial Dashboard provides you with a single place to view and manage all of your financial information. Enter as many accounts as you like: checking, savings, credit cards, mortgage, insurance, retirement and so on. The tool encrypts your information using advanced security features and makes updates automatically, so you can always have a current view of your complete financial picture.
Log onto your account at www.voyaretirementplans.com/custom/multnomah to experience myOrangeMoney and the Personal Financial Dashboard for yourself.