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What are some benefits of the ING 401k retirement plan?

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Quick Answer

Benefits of having a 401k or other retirement plan with ING include 24-hour access to accounts through the myOrangeMoney online platform, estimates of potential income levels by plan, and online tools for determining and reaching retirement goals, states Voya Financial. ING operates under the name Voya Financial, as of 2015.

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Full Answer

In addition to standard 401k plans and IRAs, Voya Financial offers workplace retirement plans that are customized to the client's occupation. For example, Voya has four plans in 2015 for employer-employee retirement savings, determined by the type of organization. They include the 401k, the 403b, 401a and the 457 plans. These plans allow clients to have additional 401k and IRA plans to supplement income levels, according to Voya Financial.

Voya Financial also offers workplace retirement plans built specifically for self-employed individuals, those working for a small business and small business owners. These include the SEP and Simple IRA plans that allow for tax-deferred income in retirement, states Voya Financial. Contributions to the SEP plan are not included as part of an employee's income, and this plan allows larger contributions than other traditional plans, allotting for up to 25 percent of an employee's income to be placed in the account, with a maximum limit of $53,000 in 2015.

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