Browsed by
Tag: retirement

Voya Launches New Program to Boost Retirement Savings for Minority-Owned Businesses

Voya Launches New Program to Boost Retirement Savings for Minority-Owned Businesses

Voya’s new ‘Just Right Advantage’ program seeks to increase retirement readiness for businesses owned by minorities, women, veterans, and members of the disability and LGBTQ communities — as well as nonprofits that serve them

New Voya research finds 79% of Americans believe corporations should support minority-owned businesses impacted by COVID-19

Voya Financial, Inc. (NYSE: VOYA), announced today a first-of-its-kind program to support greater retirement planning opportunities for minority, women, veteran, disability, and LGBTQ-owned businesses — along with nonprofit organizations that serve them. The Just Right Advantage™ Program is focused on helping employers and organizations within undercapitalized, underserved and “under-saved” communities by offering a fee credit when they establish or retain their retirement plan. In helping to support the employees within these businesses to become better prepared for retirement, the new program further expands on Voya’s recent efforts to help Americans address the financial challenges of COVID-19.

“We believe that this is an important time to support the businesses and communities that have been most heavily impacted by COVID-19, including those owned by minorities and other underserved communities,” said Rodney O. Martin, Jr., chairman and chief executive officer, Voya Financial. “The financial challenges brought on by the pandemic were exacerbated for many of the businesses within these communities due to forced closures and lack of access to relief funds. As part of our aspiration to be America’s Retirement Company, we commit to working together with employers and individuals to advance everyone’s opportunity for a better financial future. This is just one example of how we can do our part – and help demonstrate that Voya stands for diversity, equity and inclusion for all.”

The Just Right Advantage program comes at a time when a majority (79%) of Americans agree it is important that corporations do all they can to help minority-owned

Read the rest
3 things I always tell people in their 50s about retirement as a CFP

3 things I always tell people in their 50s about retirement as a CFP

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

  • By the time you reach your 50s, you should be thinking about how close you are to reaching your retirement savings goals.
  • If you’re behind, now is the time to start making aggressive catch-up contributions to your employer-provided plan and an IRA.
  • You should also reduce your expenses and pay off debts, and avoid lifestyle creep — you don’t need that big house or fancy car.
  • Use Blooom to analyze your 401(k) today and see how you can grow your retirement savings »

When it comes to saving for retirement, it is never too early to start. However, the last decade or so before you reach retirement age can be especially critical. 

Once a person turns 50, they should be mounting a full-court press, becoming even more aggressive about their saving and debt-reduction efforts. By that age, you probably have a pretty good idea of when (or if) you want to retire, and, more importantly, still have some time to make any necessary adjustments if you find that you are off track. 

Start making catch-up contributions

The IRS allows catch-up contributions in the tax code for a reason. It is because Americans’ natural inclination is to consume rather than to save. So, obviously, the federal government fully recognizes that we must be poked and prodded and rewarded to make it happen.

If you discover that you are behind on your savings goals and need to put more money away, the conventional recommendations are to maximize annual contributions to your workplace retirement account and contribute to a traditional or Roth IRA.

Read the rest