Voya retirement reviews 3-star brokerage rating

Voya Review (2025)


Voya Financial IRA review: Roth, SEP, Simple, 401K, rollover and traditional IRAs. Voya retirement account minimum, rating, and fees.


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.


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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.


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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.


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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.


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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.


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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.


About the Author
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.