9 Facts About Social Security for Meritage Homes Employees

Healthcare Provider Update: For Meritage Homes, the primary healthcare provider is typically a group plan that offers access to a variety of services through established insurers, though specific details may vary across different regions and employment packages. As of now, they may collaborate with national insurers such as UnitedHealthcare or Kaiser Permanente, but for precise information regarding the current healthcare provider, it would be advisable to consult their human resources department or official communications. Looking ahead to 2026, healthcare costs are projected to rise significantly, driven by various factors such as increasing medical expenses and the possible loss of enhanced federal premium subsidies under the Affordable Care Act (ACA). Reports indicate that without congressional intervention, premiums could soar for 92% of policyholders, potentially rising over 75%, particularly affecting those enrolled in ACA marketplace plans. Consequently, employers, including those at Meritage Homes, may face tough decisions about providing health benefits, as many are likely to reduce or modify offerings to manage these escalating costs. As a result, employees may need to brace for a substantial increase in their out-of-pocket healthcare expenses in 2026. Click here to learn more

'As a result of this, it is important that Meritage Homes employees understand the basics of Social Security, such as how benefits are calculated and the potential return on delaying the claim, to ensure they are getting the most out of their benefits and thus their overall financial security.'

It is important that Meritage Homes employees be self-initiated with the Social Security laws and regulations because tactics, for example, delaying benefits can result in huge profits in the long run, to the advantage of their retirement plan.

In this article, we will discuss:

1. The Social Security trust fund and more specifically the eligibility criteria for the fund.

2. The significance of cost of living adjustment (COLA) and its implications on the benefits.

3. Ways to optimize Social Security payments by not claiming them.

Social Security has been in effect since 1935 and is one of the most significant sources of income for retired people. We all think we know how it works, but how much do you know? If you work for Meritage Homes, you may be surprised by the following nine facts.

The Social Security trust fund is very large. It is greater than the GDP of every economy except the ten largest: China, the European Union, the United States, India, Japan, Germany, Russia, Indonesia, Brazil, and the United Kingdom. The vast majority of workers, including those working at Meritage Homes companies, are entitled to Social Security discounts. Former federal government employees before 1984 were covered by the Civil Service Retirement System rather than Social Security.

This is because, as a Meritage Homes employee, you do not have to work for long to qualify. Anyone born in 1929 or later must have earned income for at least 10 years to be eligible for benefits. Under the Social Security system, benefits are calculated from the total earnings of an individual's working life. It is based on the 35 years of highest earnings. Social Security may include a person’s low or no earning years in the total number of years for which they are eligible for benefits, up to 35 years.

It is also important for Meritage Homes employees to know that Social Security benefits have not always had cost-of-living adjustments (COLA). Prior to 1975, Congress had to pass a bill to raise benefits; today, automatic revisions are tied to the Consumer Price Index. The COLA in 2019 rose by 2.9 percent, while that of 2018 was 2%. About 67% of current retirees, including Meritage Homes retirees, depend on Social Security as their primary source of retirement income. Social Security benefits were not taxed under federal income tax. The Social Security Act of 1983 modified the Social Security Act to allow for the taxation of benefits from the year 1984. From 1937 to 1940, Social Security payments were made as a one-off lump sum.

A one-off payment was considered to be made to those who had paid into the program. The management of Social Security thought that such people would not work long enough to be eligible for monthly payments. The first Social Security benefit paid in the United States was paid to Earnest Ackerman in January 1937 and was a fixed amount of 17 cents. 1. Social Security Administration, 2018; CIA World Factbook, 2018 2-5, 7-9. Social Security Administration, 2019. 6. Employee Benefit Research Institute, 2018

Do you know that if you postpone receiving your Social Security benefits past your full retirement age, your monthly benefit amount could increase substantially? This is important for the retirement planning of Meritage Homes employees. Every year that you postpone claiming benefits after your full retirement age, up to age 70, may result in a benefit increase of as much as 8% per year. This means that if you delay claiming, you will receive a higher monthly benefit for the rest of your life. It is therefore advisable to consider this option to ensure that you get the most out of your Social Security payments. (Source: Social Security Administration, “When to Start Receiving Retirement Benefits,” 2021)

Social Security can be understood as a complex process that is similar to solving a puzzle. This is because for the Meritage Homes employees who are about to retire, it affects their lives. Social Security can be viewed as a large Rubik’s Cube where each of the turns and shifts represents a different fact or provision of the system. To get the benefits you are entitled to, you must know each step of the process. Some of the pieces of the puzzle are interesting and include the fact that the Social Security trust fund is equivalent to the GDP of most countries.

Some of the pieces are strategic and include having to work for at least 10 years to be eligible for benefits. When approaching Social Security as a Meritage Homes employee does, with the patience and determination of a puzzle solver, one can make the right pieces fit together to get the best out of their retirement benefits. Solving a Rubik’s Cube can be time and energy-consuming, but the feeling of a good plan and a secure future is for those who will embrace the challenge.'

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