Voya Retire Ready Index shows Americans are generally behind in their
Workers surveyed by Voya averaged an overall score of
4.1 out of 10, while retirees averaged a 5.5 score. However, the highest-scoring workers—identified
by Voya as role models—received a combined average score of 7.0.
findings show that this group was more likely to own a wide range of products
and view their employer-sponsored savings plan as a major source of income in
retirement. They were more likely to use planning tools, including those
offered at the workplace, and to create strategies that factored in retirement
income calculations and needs.
Models planned to save $10,000 or more in 2014 and were the least likely to have
debt. They were also most likely to have a relationship with a financial
professional and acknowledge the importance of saving as soon as possible.
60% or more of the highest-scoring workers reported giving a great deal of
thought to key retirement planning concerns, including retirement age and
health care costs in retirement. This is more than four times the rate that the
lowest-scorers reported about these items.
role models were more likely to contribute the maximum amount to their
workplace retirement plan than their lowest-scoring counterparts (28% vs. 14%,
respectively) and more likely to contribute enough to earn their full employer match
(36% vs. 25%).
highest-scoring workers were far more likely to have access to web tools and
education materials, phone-based advice and guidance and the services of a
financial professional through the workplace. This group also reported taking
advantage of those services at more than double the rate than that of the
found the role models paid more attention to how their money was invested and
were much more active about managing and modifying their investments to keep
savings on track to meet their retirement goals. They were also more likely to
have more products in their investment portfolios, which may help them better
According to the Voya
Retire Ready Index, 81% of role models had more than $50,000 in savings and
investments, and nearly two-thirds (65%) had a written budget. The Index report