Voya 401(k) Savings Plan 2025

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In most cases, you choose how much money you want to contribute to your 401(k) based on a percentage of your income. Your employer will then automatically withhold a portion of each paycheck and puts it into the account, making it easy to regularly contribute to your account.
Voya is highly rated by AM Best and the BBB, lending credence to its financial strength and stability. Unfortunately, the carriers customer service reputation is less than stellar, and good customer reviews are difficult to come by online.
Youll owe income tax on your contributions and on your gains. So if you have a bigger income when you retire than when you made contributions, youll be in a higher tax bracket and owe more than if you hadnt deferred your taxes.
The math works like this: Withdrawing 5% of the $240,000 balance each year generates $12,000 in income annually, or $1,000 a month. ($240,000 X 0.05 = $12,000 per year / 12 = $1,000 a month.) Put another way, if you want to determine your required retirement savings, simply divide your annual expenses by 0.05%.
With a 401(k) plan, employees can choose to defer some of their salary. Instead of receiving that amount in their paycheck, the employee defers, or delays, getting that money. In this case, their deferred money is going into a 401(k) plan sponsored by their employer.
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Interest on your savings compounds. Any reinvestment of interest, dividends or other income you receive within your 401(k) plan account means you can potentially earn income on your original principal plus additional income on the interest, dividends or other income you earn within your 401(k) plan account.

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