Voya Financial 401k Account Review
With a wide range of investment options and strong customer support, Voya's 401k
services are a solid choice for anyone looking to save for retirement. Whether you’re an
individual or a company entity, our research into Voya Financial’s 401k offerings will
help you better understand some of the options available and make an educated
decision on establishing your retirement nest egg.
Voya Investment Options
One of the most significant advantages of Voya's 401k retirement planning is the wide
range of investment options available, with more than
5,000 different mutual funds
available to investors. Voya’s 401k accounts also offer access to a variety of specific
investment strategies, including growth, income, or balanced portfolios.
Employees can choose to invest in target-date funds, which automatically adjust their
asset allocation based on the individual's age and expected retirement date.
Voya also
offers index funds, which track specific market indexes and can have lower expense
ratios than actively managed funds.
Whether you're looking to build your portfolio with high-growth stocks or generate
passive income through dividends, the unparalleled number of investment strategies
allows Voya’s 401k account holders to tailor each portfolio to their specific needs, risk
tolerance, and retirement objectives.
ESG Investing on Voya
One of the more unique features of Voya’s 401k offering is their increased focus on
responsible investing. Voya now offers a range of investment options that are designed
to align with environmental, social, and governance (ESG) principles and exclude
companies that engage in activities such as fossil fuel production, tobacco, or firearms
manufacturing. This means that investors can choose to invest in companies that are
committed to sustainability, diversity, and other socially responsible practices.
Voya 401K Plan Features
One of the most important features of Voya’s 401k plans is automatic enrollment. With
automatic enrollment, employees are automatically enrolled in the 401k plan at a default
contribution rate, unless they opt-out. This can be a helpful feature for employees who
may not be aware of the benefits of a 401k plan or do not have the time or inclination to
enroll themselves right away.
Voya also offers an employer match option, which is a percentage of the employee's
contribution that the employer contributes to the plan, allowing employees to save more
for retirement.
Voya 401K Fees
Voya charges a fee of 0.65% of assets under management (AUM) for its actively
managed accounts, which is lower than the industry average of 0.85%. Voya's mutual
funds also have competitive expense ratios, averaging around 0.70%, which is slightly
lower than the industry average of 0.75%.
Voya's 401k accounts also offer investors access to low-cost index funds and ETFs, an
excellent option for investors looking to build a diversified portfolio with minimal fees.
Voya's index funds have expense ratios ranging from 0.03% to 0.25%, which is
significantly lower than the industry average of 0.50%.
Voya's 401k accounts are known for their competitive fees, which are designed to be
affordable, with low administrative fees and expense ratios for every investment option.
This means that investors can keep more of their money invested in their retirement
accounts, helping to increase growth over time.
Professionally Managed Portfolios
It’s not surprising that many people new to the world of retirement planning may be
faced with “analysis paralysis” and if you find yourself as part of this club, don’t panic.
This is where Voya can step in, giving users the option of investing directly into
professionally managed accounts. These accounts offer access to experienced
investment professionals who will manage your portfolio for you, taking into account
your investment objectives, risk tolerance, and other personal factors.
This service is an
excellent option for investors who may not have the time, acumen, or interest to directly
manage their own portfolios. Keep in mind that investing in actively managed index
funds or signing up for a professionally managed account may subject investors to
higher fees, as discussed above.
Voya’s Technology: User-Friendly and Accessible
Voya's 401k accounts are designed with accessibility and ease of use in mind. The
user-friendly platform allows investors to access their accounts and manage their
portfolios from anywhere, at any time. With accessibility via desktop browser or the
mobile smartphone app (Voya Retire), it’s easy for investors to monitor their accounts,
track their progress, and make changes as needed.
Voya also offers a range of digital tools and resources to help investors make informed
investment decisions. Their retirement planning tools and calculators (such as
myOrangeMoney) allow investors to project their retirement income, estimate their
future expenses, and determine how much they need to save to achieve their retirement
goals.
Voya also hosts a free Financial Wellness Library with educational resources,
such as articles, webinars, and videos, to help investors stay informed about market
trends, investment strategies, and the best retirement planning practices.
Voya Cons: Too Many Options
Like any investment service, Voya’s 401k offerings have their drawbacks. While most
account holders may applaud the platform's broad offering of diverse investment
options, the un-informed user might find it difficult to select the investment plan best
suited for them.
Although Voya has done exceptional work to overcome these hurdles, it is not easy
creating a ‘one size fits all’ retirement solution. If you are still unsure on how to set up
your personalized retirement savings account, it may be worth a call to speak with one
of Voya’s representatives directly (1-855-663-8692). With nearly 50 years in operation
and 15 million active users, Voya has the experience needed to find a solution for
almost any retirement problem.
Find a Financial Advisor
If you are looking for a professional money management service in your area, you can
find a Financial Advisor on the Wiser Advisor
(or read
Wiser Advisor review).
Visit Wiser Advisor
Voya’s 401k Review Summary
Overall, Voya Financial's competitive and well-designed 401k accounts are a strong
choice for investors looking to save for retirement. With a range of investment options,
personalized advice, and strong customer support, Voya makes it easy for investors to
make informed decisions about their retirement savings. While everything will always
have room for improvement (as is life), Voya is certainly worth looking into for anyone
serious about a competent retirement planning solution.
Updated on 2/11/2025.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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