Why More Caleres Employees Are Considering Social Security Early — And How Medicare Changes Play a Role
Healthcare Provider Update: Caleres provides employees with medical, dental, and vision insurance, along with HSA and FSA options. The company offers a 401(k) plan with up to 6.5% contribution, life and disability insurance, education assistance, and paid time off. Additional benefits include pet insurance, employee discounts, and charitable match programs 4.
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'Caleres employees weighing when to file for Social Security should consider both current health care costs and long-term income needs, so they can stay adaptable as retirement unfolds.' — Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement.
'Caleres employees can benefit from thoughtfully coordinating Social Security timing with health care expenses so their retirement income stays aligned with their evolving needs over time.' — Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement.
In this article, we will discuss:
How Social Security filing age affects retirement income.
How Medicare expenses factor into when retirees claim benefits.
Why emotional concerns are shifting filing behavior for many Americans.
Written by Wealth Enhancement advisors Kevin Landis, CPA and Wesley Boudreaux
Advisors in the retirement-income space have long suggested that retirees consider delaying filing for Social Security benefits. For those with a full retirement age (FRA) of 67, waiting until age 70 can result in monthly payments that are around 24% higher.
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And for those with an FRA of 66, the increase if one waits until age 70 is closer to 32%.
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Caleres employees nearing retirement often hear this same message.
However, new national data indicates a growing number of Americans plan to claim Social Security before age 70. Cost pressures and health care related issues are major influences in this trend.
The Retirees’ Reality
Today’s retirees face a very different environment than those in past decades, including less access to traditional pensions, rising health care costs, and mounting everyday living expenses. In the private sector, only about 15% of workers still have access to defined benefit pensions,
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affecting many households and Caleres employees.
According to retirement consultant Wesley Boudreaux, 'most retirees are not choosing to claim early for the sake of it.” Instead, rising medical and living costs are driving earlier benefit decisions because of cash flow pressures.
One major factor? Health care. Nearly 39% of out-of-pocket health care spending by Medicare beneficiaries was equivalent to Social Security payments received, on average, in 2022.
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Medicare Advantage: A Key Planning Factor
Additionally, shifts in Medicare Advantage plans have left many retirees unsure about upcoming costs. Benefit structures can vary significantly by year or by region, causing cost surprises that Caleres workers and their families may need to plan for.
“We are already seeing clients paying more for health care than expected,” said Kevin Landis, CPA. “When medical expenses rise, Social Security often becomes the first lever people pull to handle that burden.”
This is why coordinating Social Security filing decisions with Medicare coverage choices remains important, particularly when plans change annually.
“This is the intersection of Social Security and health care planning,” Landis adds. “Changes in one can influence the other.”
Emotional Considerations Also Matter
Money matters aren’t the only reason retirees claim earlier. Concerns about the future of Social Security have caused many to look for the emotional comfort of taking benefits sooner, including some Caleres workers preparing for retirement.
While benefits are expected to continue—even if trust fund reserves decline in the 2030s—worries about future payouts can play a role.
“It’s not just about math,” Boudreaux explains. “People want control and stability in retirement, even if that means receiving less over time.”
Finding the Right Approach for You
Whether filing early is a good fit depends a lot on health, cash flow needs, and longer-term retirement goals. Thoughtful planning helps maintain flexibility, rather than driving you to respond under pressure.
“The best approach balances today’s needs with what lies ahead,” Landis says. “And that begins with understanding how Medicare and Social Security interact.”
Need Help Reviewing Your Options?
The Retirement Group, a division of Wealth Enhancement, helps individuals evaluate Medicare electives, analyze Social Security filing alternatives, and design retirement income strategies based on personal goals—including guidance tailored to those employed by Caleres.
📞 Call (800) 900-5867 before your next enrollment period to schedule a Social Security & Health Care Review.
Work toward confidence in your long-term retirement income decisions.
About the Authors
Wesley Boudreaux and Kevin Landis, CPA, provide retirement income and tax planning guidance through Wealth Enhancement, helping people make informed choices about Social Security, Medicare, and financial well-being.
1. Social Security Administration.
When to Start Receiving Retirement Benefits: Publication No. 05-10147
. May 2024. U.S. Government Publishing Office, Washington D.C.
2. Topoleski, John J., Elizabeth A. Myers, and Sylvia L. Bryan.
Worker Participation in Employer-Sponsored Pensions: Data in Brief and Recent Trends (R43439)
. Congressional Research Service, 18 Sept. 2024.
3. Medicare Payment Advisory Commission.
Report to the Congress: Medicare Payment Policy – Chapter 11: The Medicare Advantage Program: Status Report
. Mar. 2025, medpac.gov/wp-content/uploads/2025/03/Mar25_Ch11_MedPAC_Report_To_Congress_SEC.pdf.
4. Board of Trustees, Social Security.
2025 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds
. 30 June 2025. U.S. Government Publishing Office, Washington D.C.
What type of retirement savings plan does Caleres offer to its employees?
Caleres offers a 401(k) retirement savings plan to its employees.
How can employees at Caleres enroll in the 401(k) plan?
Employees can enroll in the Caleres 401(k) plan by completing the enrollment process through the company's designated benefits portal or by contacting the HR department for assistance.
Does Caleres provide any matching contributions to the 401(k) plan?
Yes, Caleres offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the eligibility requirement for employees to participate in Caleres' 401(k) plan?
Employees must meet specific eligibility criteria, such as age and length of service, to participate in Caleres' 401(k) plan.
Can employees at Caleres change their contribution amounts to the 401(k) plan?
Yes, employees at Caleres can change their contribution amounts to the 401(k) plan at any time, subject to the plan's rules.
What investment options are available in the Caleres 401(k) plan?
The Caleres 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, allowing employees to choose based on their risk tolerance and retirement goals.
Is there a vesting schedule for employer contributions in Caleres' 401(k) plan?
Yes, Caleres has a vesting schedule for employer contributions, which determines when employees have full ownership of those contributions.
How can employees at Caleres access their 401(k) account information?
Employees can access their 401(k) account information through the online portal provided by the plan administrator or by contacting Caleres' HR department.
What happens to an employee's 401(k) account if they leave Caleres?
If an employee leaves Caleres, they have several options for their 401(k) account, including rolling it over to another retirement account, cashing it out, or leaving it in the Caleres plan if allowed.
Are loans available through the Caleres 401(k) plan?
Yes, Caleres allows employees to take loans against their 401(k) balance, subject to the plan's terms and conditions.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Caleres has announced a significant restructuring plan, including layoffs across several departments. The company is focusing on streamlining operations and reducing overhead costs.
For more information you can reach the plan administrator for Caleres at 8300 Maryland Ave. St. Louis, MO 63105; or by calling them at +1 314-854-4000.
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