Voya and SAVVI launch retirement income tool

Voya Financial has partnered with SAVVI Financial to launch a new retirement income guidance tool aimed at helping plan participants better understand and manage income as they approach and enter retirement. The solution will roll out to eligible Voya participants over the coming weeks at no additional cost.

The tool combines Voya’s workplace retirement platform with SAVVI’s optimization technology to deliver personalized retirement income projections and guidance. Unlike traditional calculators that rely on limited assumptions, the experience incorporates real world factors such as taxes, Social Security, pensions, health insurance, and withdrawal timing to give participants a clearer picture of expected income and tradeoffs.

Participants can view estimated retirement income presented as a paycheck, see how income changes over time, and receive guidance on tax efficient withdrawal strategies across account types. The tool also analyzes multiple income sources and retirement ages, helping users understand how decisions like when to claim Social Security or draw from specific accounts may affect long term outcomes.

The launch targets a common gap in retirement planning: translating accumulated savings into sustainable income. By providing tailored next best action recommendations, the platform aims to make more sophisticated retirement income planning accessible to everyday savers, not just those working with financial advisors.