Caregivers, disabled workers shut out of crucial benefits: Voya CEO warns

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Voya Financial’s chief executive warned this month that millions of Americans who care for family members or live with disabilities are routinely left out of important financial safeguards — a gap that erodes retirement security and raises the risk of long-term financial instability. The oversight matters now as more households juggle caregiving duties and irregular work, leaving them especially vulnerable to lost employer benefits and tax-advantaged savings.

Which benefits are slipping through the cracks — and why it matters

When workers don’t participate in workplace plans or aren’t informed about specialized savings vehicles, the consequences compound over time. Missing an employer match or an available credit today can translate into tens of thousands of dollars less at retirement and fewer resources to cover care-related expenses.

Voya’s warning spotlights two groups at particular risk: caregivers, who often reduce hours or leave jobs to provide family care, and disabled workers, who may face employment barriers, benefit cliffs or confusing program rules that discourage saving. Both groups are more likely to experience earnings interruptions and may therefore fail to accumulate adequate retirement savings.

Benefits commonly missed

Employer retirement plan matches — Not enrolling or failing to contribute enough to capture matching employer contributions is one of the most common lost opportunities.

Saver’s tax incentives — Low- and moderate-income savers can qualify for credits that reduce tax burdens and boost retirement savings but often don’t apply because of awareness or filing complexity.

ABLE accounts — Designed for people with disabilities, these tax-advantaged accounts preserve benefit eligibility while allowing savings growth, yet they remain underused.

Flexible workplace benefits — Paid leave, flexible contribution options and employer-sponsored financial counseling can make saving feasible for caregivers but are unevenly offered.

Why so many people miss out

Several structural and informational barriers keep eligible workers from claiming available supports. Irregular work schedules and part-time employment frequently leave caregivers and disabled employees ineligible for employer plans. When benefits are offered, enrollment communications are often generic, inaccessible or timed poorly for those juggling care responsibilities.

Stigma and distrust may also play a role. Disabled workers can face complicated interactions between earnings and benefit eligibility, which makes the perceived risk of losing public benefits a real deterrent to saving. Add in limited access to affordable, disability-aware financial advice, and the result is a persistent gap.

Steps employers and policymakers can take

Addressing the shortfall requires practical design changes and outreach that reflect how people actually work and live.

Expand auto-enrollment and auto-escalation in retirement plans so contributions start automatically unless an employee opts out.

Create communication strategies tailored to caregivers and people with disabilities — plain language, multiple formats and timing that fits irregular schedules.

Promote and simplify enrollment in ABLE accounts and make employers aware of ways to coordinate workplace benefits with public programs.

Support policy changes that remove unnecessary eligibility barriers and encourage employer match portability for workers who change jobs or reduce hours for caregiving.

Practical steps for individuals

If you’re juggling care responsibilities or managing a disability, small actions now can improve your financial resilience. Check whether your employer offers retirement matching and enroll at a level that captures the full match. Ask HR about alternative schedules for contributions, and inquire if your employer partners with financial counseling services that understand disability and caregiving issues.

Consider whether an ABLE account applies to you or a family member, and review eligible tax credits when filing. Even when public benefits make saving complicated, targeted planning — including a discussion with a benefits-aware advisor — can clarify tradeoffs and reduce the risk of losing vital supports.

The message from Voya’s CEO underlines a broader reality: improving financial outcomes for caregivers and disabled workers will require coordinated changes across employers, benefit administrators and policymakers. Without action, many will continue to miss out on protections designed to help them build security for the years ahead.