New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

AGCO Employees Confront the Fear of Running Out of Money in Retirement

Healthcare Provider Update: Healthcare Provider for AGCO AGCO Corporation, known for its agricultural equipment and solutions, typically offers its employees health insurance through UnitedHealthcare, a major national insurer. This partnership provides a range of medical options, ensuring both comprehensive care and flexibility for AGCO employees. Potential Healthcare Cost Increases for AGCO in 2026 Healthcare costs for AGCO employees are expected to rise significantly in 2026, largely due to anticipated increases in Affordable Care Act (ACA) premiums across many states. Factors contributing to this surge include a potential end to enhanced federal premium subsidies and ongoing medical cost inflation, with some states requesting premium hikes of over 60%. As a result, many workers could face out-of-pocket expenses rising by up to 75%. With insurers already reporting substantial profits, the pressure to manage these costs effectively will be crucial for AGCO and its employees in the coming year. Click here to learn more

'To allay long-term financial concerns, AGCO employees may benefit from a comprehensive retirement strategy that addresses inflation, health care costs, and tax planning.' – Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement.

'Proactive retirement planning—especially around inflation, health care, and shifting tax policies—can help AGCO employees gain clarity and reduce uncertainty in the years leading up to retirement.' – Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article we will discuss:

Key causes of retirement anxiety, including inflation, health care, and taxes.
Generational differences in money concerns and readiness.
The value of broad retirement planning approaches.

Retirement Anxiety is On The Rise

Employees across industries, including those at AGCO, have long worried about how they will fund retirement. These concerns have grown considerably in today’s economy. Nearly two out of three Americans (64%) said they worry more about outliving their resources than they do about dying, according to the Allianz Center for the Future of Retirement’s 2025 Annual Retirement Study. ¹

Main Causes of Retirement-Related Worry

The Allianz study lists several key triggers of these fears. Regarding long-term planning, 54% of respondents said inflation was their top worry. Increases in health care costs, housing, and food prices are still undermining people’s purchasing power.

Concerns around Social Security’s future and tax burdens are also high. 43% said they feared Social Security might not offer adequate support. And another 43% named high taxes as a major issue.

Generational Gaps in Money Stress

Gen X—often balancing care for both kids and aging parents—report the highest worry: 70% versus 66% of millennials and 61% of boomers. Among corporate workers, including those at AGCO, this dynamic underlines how family obligations can magnify retirement concerns.

The Gap Between Worry and Action

The survey shows a gap between concern and conversation: just 23% of respondents have talked about outliving their assets with a retirement specialist, down from 28% in 2024. ² That said, Americans are considering several strategies to allay these fears, ranking the following approaches as most helpful:

41% said cutting current spending to funnel more toward retirement 
44% said increasing retirement contributions 
39% said postponing retirement
While increasing contributions to retirement accounts could help address these concerns, barriers remain: daily necessities (63%), credit card debt (40%), mortgage or rent (35%) were top reasons people weren’t contributing more.

The Emotional Side of Retirement Anxiety

Retirement fears influence not just finances, but lifestyle, career choices, and family planning. Worries about independence, dignity, and quality of life often accompany fear of running short on funds.

Health care need are often underestimated too, complicating the equation. Medicare covers many basic services, but long‑term care, home assistance, and uncovered treatments can add large bills—adding uncertainty even for high‑income employees.

Broader Retirement Planning Matters

The Allianz findings emphasize planning well beyond just saving. With people living 25 to 30 years post‑work, a solid planning mindset is critical. As Kelly LaVigne, VP at Allianz Life, noted, “Americans areliving longer… your money needs to go farther. A good plan considers 25 to 30 years of retirement, not just the first ten.” ²

Key components often include:

Income strategies: setting up regular monthly disbursements from assets
Tax planning: reducing tax burdens on withdrawals
Health care planning: factoring in Medicare gaps and long‑term care
Inflation alignment: keeping income responsive to cost increases

Combined, these strategies can help build resilience, confidence, and preparedness even in uncertain times.

In Conclusion

The 2025 Allianz Retirement Study makes it clear: a majority of Americans—and AGCO employees among them—see the threat of running out of money as more frightening than death. Rising inflation, health care spending, and uncertainty around Social Security are central drivers. Fewer are taking direct action through planning conversations or boosted contributions.

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Yet there is opportunity. The IRS now permits catch‑up 401(k) contributions of up to $11,250 for those aged 60–63 in 2025—above the standard limit. For many, this is a practical way to fortify resources in those final working years.

A Final Thought

Think of retirement like a long sea voyage. Death may be the storm ahead, but empty savings are the leak that can sink the ship first. According to the Allianz study, 64% of Americans fear that leak more than the storm. For AGCO employees, the goal is to build a well-structured plan—with consistent income, planning for health costs, and tax awareness—that can keep the vessel afloat for the long haul.

Sources:

1. Allianz Life Insurance Company of North America, ' How Americans feel about retirement in 2025 ,' by the Allianz Center for the Future of Retirement ^TM , June 2025.

2. businesswire, ' Americans Are More Worried About Running Out of Money Than Death ,' April 22, 2025.

What is AGCO's 401(k) plan?

AGCO's 401(k) plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax or Roth after-tax basis.

How can I enroll in AGCO's 401(k) plan?

Employees can enroll in AGCO's 401(k) plan by completing the online enrollment process through the employee benefits portal or by contacting the HR department for assistance.

Does AGCO match employee contributions to the 401(k) plan?

Yes, AGCO offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

What is the maximum contribution limit for AGCO's 401(k) plan?

The maximum contribution limit for AGCO's 401(k) plan is determined by the IRS guidelines, which may change annually. Employees should check the latest IRS limits for the current year.

Can AGCO employees take loans against their 401(k) savings?

Yes, AGCO allows employees to take loans against their 401(k) savings, subject to certain terms and conditions outlined in the plan documents.

What investment options are available in AGCO's 401(k) plan?

AGCO's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.

When can I start withdrawing from my AGCO 401(k) plan?

Employees can begin withdrawing from their AGCO 401(k) plan without penalty at age 59½, or they may access funds earlier under certain circumstances, such as financial hardship.

What happens to my AGCO 401(k) if I leave the company?

If you leave AGCO, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing it out, or leaving it in the AGCO plan if eligible.

How often can I change my contribution amount to AGCO's 401(k) plan?

Employees can change their contribution amount to AGCO's 401(k) plan at any time, typically through the benefits portal or by contacting HR.

Is AGCO's 401(k) plan available to part-time employees?

Yes, AGCO's 401(k) plan is available to eligible part-time employees, subject to specific eligibility criteria outlined in the plan documents.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

AGCO has announced a restructuring plan aimed at streamlining operations and reducing costs due to decreased demand in agricultural equipment. This includes layoffs and changes to employee benefits.

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For more information you can reach the plan administrator for AGCO at 4205 River Green Parkway Duluth, GA 30096; or by calling them at (770) 813-9200.