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Assumptions for My Savings Score

The savings factors are based on the following assumptions:
  • Retirement at age 67 with pre-tax savings to provide income for 23 years at a 50% wage replacement rate
  • Current income with a 3% annual increase; 26 pay periods per year with a 10% contribution to a tax-deferred retirement account each pay period (10% contribution includes any matching contribution you may be eligible for)
  • An annual inflation rate of 3.0% both pre and post retirement
  • A hypothetical investment rate of return of 6.0% pre-retirement and 4.0% in retirement
  • It does not include any amounts you may be eligible for from Social Security or other retirement benefits

Outcomes are for informational purposes only, based on certain assumptions, and are not tailored to your specific situation. If any of the assumptions are not realized, then the analysis will be inaccurate. For example, a decision to retire earlier than age 67, a higher inflation rate, or reduced investment returns could dramatically increase the amount of savings necessary to provide income that lasts through age 90. Past performance is not a guarantee of future results.

VOYA My Savings Score

A quick way to score what you’ve saved for retirement versus a simple savings estimate based on your age and income today.

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Your profile

To determine your Savings Score, we need some basic information about you.

* Fields marked with an asterisk are required.

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Your savings score

current
Your savings score: 2.5
Based on retirement savings of: $125,000

Your score is a multiplier – it’s the result of looking at your current savings relative to your annual income. If you multiply your score by your income, you get your savings.

target
Your target score: 2.5
Your target retirement savings: $125,000

Based on your age, it is estimated you should have 3.2 times your annual income, or an additional $110,000 saved for retirement.

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  1. Develop a budget to find ways to reduce expenses and save more.

  2. Have a retirement plan at work? Increase your savings rate and take full advantage of any matching contributions. You can do it – each 1% contribution increase is just $1 of every $100 you earn.

  3. Calculate your retirement income needs using online tools or meet with a financial professional. It will help you create and stick to a savings plan.


Voya’s My Retirement Outlook will provide an estimate of what you may need to save today to meet your retirement income needs. You can also learn more at http://voya.com

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About My Savings Score

How are the scores determined?

Your score is determined by taking your current retirement savings and dividing it by your annual income. Your score is then compared to a table of savings factors based on age to get your target score. Each age’s savings factor is calculated as the multiple of one’s current annual pay that would have to be saved at that age in order to ensure a 50% wage replacement in retirement. The table is based on saving beginning at age 25, is for informational purposes only, and certain assumptions apply.

I got my target score for where I stand today, but what should I consider saving 1, 5 or 10 years from now?

To get an estimate, use the following table. From the left hand column, select an age. Then multiply your expected annual income at that age by the savings factor you see in the right hand column. The result is an estimate of how much you should consider having saved for retirement by that age. Estimates are for informational purposes only.

How accurate are my score and recommended score?

They are just simplified estimates based on specific, limited, assumptions and should not be viewed as financial, tax, or retirement planning advice. What you need to save will depend upon your income needs in retirement. Doing a more complete retirement income analysis is recommended. You may want to consider meeting with a financial professional.

What assumptions are used to determine the recommended target score?

The savings factors are based on the following assumptions:

  • Retirement at age 67 with pre-tax savings to provide income for 23 years at a 50% wage replacement rate
  • Current income with a 3% annual increase; 26 pay periods per year with a 10% contribution to a tax-deferred retirement account each pay period (10% contribution includes any matching contribution you may be eligible for)
  • An annual inflation rate of 3.0% both pre and post retirement
  • A hypothetical investment rate of return of 6.0% pre-retirement and 4.0% in retirement
  • It does not include any amounts you may be eligible for from Social Security or other retirement benefits

Outcomes are for informational purposes only, based on certain assumptions, and are not tailored to your specific situation. If any of the assumptions are not realized, then the analysis will be inaccurate. For example, a decision to retire earlier than age 67, a higher inflation rate, or reduced investment returns could dramatically increase the amount of savings necessary to provide income that lasts through age 90. Past performance is not a guarantee of future results.

How can I get help with my retirement savings?

You can find out more about retirement saving at http://voya.com. If you have a retirement plan benefit available to you through your workplace, be sure to use the resources available to you for that plan.

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Retirement Income Barometer Factors

Age Saving Factors
21 n/a
22 n/a
23 n/a
24 n/a
25 0.00
26 0.13
27 0.26
28 0.40
29 0.54
30 0.68
31 0.83
32 0.99
33 1.14
34 1.31
35 1.47
36 1.64
37 1.82
38 2.00
39 2.19
40 2.38
41 2.58
42 2.79
43 3.00
44 3.21
45 3.44
46 3.66
47 3.90
48 4.14
49 4.39
50 4.65
51 4.91
52 5.19
53 5.47
54 5.75
55 6.05
56 6.36
57 6.67
58 6.99
59 7.33
60 7.67
61 8.02
62 8.38
63 8.76
64 9.14
65 9.54