Voya's retirement calculator

[JLee]

My employer changed 401k providers and when I logged into check my 401k balance, it redirected me to their retirement income calculator - usually I ignore those but figured I'd plug in numbers for giggles.

It's not made for us...

[Turtle]

Oh, that’s funny. 

I’ve got access to Voya, but my shovel isn’t that big, so I hadn’t run into that.  (& actually haven’t tried their tools at all.  Maybe I will now, just for giggles.)

[glacio09]

I've run into that in other calculators. I feel like such a spendypants on here but it is nice to be reminded that I'm still well outside the norm in the real world.

[reeshau]

The next time there is an all hands or retirement seminar, you can humblebrag and point out the issue.

I wouldn't doubt there is some use case in their development team where people were mistakenly putting in their annual savings, instead of monthly.  So, naturally, a cap.

[JAYSLOL]

That’s funny, I guess you have no choice but to spend an extra $2k every month!  Haha

[LD_TAndK]

The calculator for those that are insterested: https://www.voya.com/tool/orange-money-retirement-calculator

A couple more fun quirks:
 - 50 is the minimum retirement age
 - Retirement spending is based on your income, rather than your actual spending. If you make $100,000 annually and save $0, the calc says you need $5,833 a  month. If you make $100,000 annually and save $60,000 annually, the calc still says you need $5,833 a month

[JimDogRock]

My semi-related comment is that my employer's 401k management site has a little calculator that estimates your retirement income based off of your current investment rate & allocation and a selected retirement age.
Did I set that retirement age to be the maximum of 85 years old so that my yearly spending could be well over a million dollars?
Of course.
I know there is some sort of reporting done by HR on who is at least accessing this portal, and it would be funny to me if they were also looking at the retirement age targets selected by us employees with any scrutiny and seriousness.

[Turtle]

The calculator for those that are insterested: https://www.voya.com/tool/orange-money-retirement-calculator

A couple more fun quirks:
 - 50 is the minimum retirement age
 - Retirement spending is based on your income, rather than your actual spending. If you make $100,000 annually and save $0, the calc says you need $5,833 a  month. If you make $100,000 annually and save $60,000 annually, the calc still says you need $5,833 a month

There’s a funky thing with my Voya account defaults for their retirement calculator which is connected to my account.  It’s based off of my late spouse’s final year there, which was only a few months.  So the estimated amount needed per month is less than $1K which I find rather amusing. 

Edit to add- Voya’s site is back online, so I checked out of curiosity.  It thinks my goal is $417 a month.  LOL. And although I can add other retirement income and change the desired retirement date, it doesn’t give me an option to change my goal.  It wouldn’t let me change my retirement year to anything earlier than my age +1 so 50 didn’t even show up. 

[Turtle]

My semi-related comment is that my employer's 401k management site has a little calculator that estimates your retirement income based off of your current investment rate & allocation and a selected retirement age.
Did I set that retirement age to be the maximum of 85 years old so that my yearly spending could be well over a million dollars?
Of course.
I know there is some sort of reporting done by HR on who is at least accessing this portal, and it would be funny to me if they were also looking at the retirement age targets selected by us employees with any scrutiny and seriousness.

The max on my slider was 107, with monthly income of almost 300K.  This is an account with nothing new added to it for over a decade now; any increases have been portfolio driven.

[SciLearner357]

I really like this calculator

https://www.ameriprise.com/financial-news-research/financial-calculators/retirement-savings-calculator

I wish it allowed you decide at what age you were taking social security. It also assumes that if your income increases, your spending increased by the same amount, so if you have larger income increases your retirement will run down sooner.

[JLee]

I really like this calculator

https://www.ameriprise.com/financial-news-research/financial-calculators/retirement-savings-calculator

I wish it allowed you decide at what age you were taking social security. It also assumes that if your income increases, your spending increased by the same amount, so if you have larger income increases your retirement will run down sooner.

Definitely way more options, but I see what you mean haha