Why More Coca-Cola Employees Are Considering Social Security Early — And How Medicare Changes Play a Role
Healthcare Provider Update: Coca-Cola's primary healthcare provider is Anthem Blue Cross Blue Shield, offering coverage options for its employees that includes a variety of plan choices to address their diverse healthcare needs.
As we look ahead to 2026, significant increases in healthcare costs are anticipated, particularly in the wake of potential changes to the Affordable Care Act. A perfect storm of factors is contributing to this forecast; namely, the expiration of enhanced federal premium subsidies may lead many consumers to face out-of-pocket premium increases exceeding 75%. Coupled with anticipated medical cost inflation, which is projected to rise around 8% annually, employees of Coca-Cola and others could see their healthcare expenses surge dramatically, prompting companies to adapt their health benefits strategies.
Click here to learn more
'Coca-Cola 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.
'Coca-Cola 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.
1
And for those with an FRA of 66, the increase if one waits until age 70 is closer to 32%.
1
Coca-Cola 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,
2
affecting many households and Coca-Cola 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.
3
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 Coca-Cola 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 Coca-Cola 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 Coca-Cola.
📞 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 is the Coca-Cola 401(k) plan?
The Coca-Cola 401(k) plan is a retirement savings plan that allows eligible employees to save a portion of their paycheck on a pre-tax basis, helping them prepare for retirement.
How can I enroll in the Coca-Cola 401(k) plan?
You can enroll in the Coca-Cola 401(k) plan by accessing the employee benefits portal or contacting the HR department for assistance with the enrollment process.
What is the employer match for the Coca-Cola 401(k) plan?
Coca-Cola offers a competitive employer match for contributions made to the 401(k) plan, which can significantly enhance your retirement savings.
When can I start contributing to the Coca-Cola 401(k) plan?
Eligible employees can start contributing to the Coca-Cola 401(k) plan after completing a specified waiting period, typically upon hire or after a designated time frame.
What types of investments are available in the Coca-Cola 401(k) plan?
The Coca-Cola 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to diversify their retirement savings.
How much can I contribute to the Coca-Cola 401(k) plan each year?
Employees can contribute up to the IRS annual limit for 401(k) plans, which is adjusted periodically. For 2023, the limit is $22,500, with an additional catch-up contribution for those aged 50 and over.
Does Coca-Cola offer a Roth 401(k) option?
Yes, Coca-Cola offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings, which can grow tax-free.
Can I take a loan from my Coca-Cola 401(k) plan?
Yes, employees may have the option to take a loan from their Coca-Cola 401(k) plan, subject to specific terms and conditions outlined in the plan documents.
What happens to my Coca-Cola 401(k) plan if I leave the company?
If you leave Coca-Cola, you can choose to roll over your 401(k) balance to another retirement account, cash out your balance (subject to taxes and penalties), or leave it in the Coca-Cola plan if eligible.
How often can I change my contributions to the Coca-Cola 401(k) plan?
Employees can typically change their contribution amounts to the Coca-Cola 401(k) plan at any time, subject to the plan's specific guidelines and deadlines.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Coca-Cola offers both a traditional defined benefit pension plan and a defined contribution 401(k) plan. The defined benefit plan calculates retirement benefits based on years of service and final average pay. The 401(k) plan includes company matching contributions, with various investment options available to employees, such as target-date funds and mutual funds. Coca-Cola provides financial education and planning resources to help employees manage their retirement savings.
Coca-Cola has announced a major global reorganization, which includes offering voluntary separation packages to 4,000 employees and implementing layoffs. The company continues to offer a comprehensive benefits package, including a 401(k) plan with company match and various health and wellness programs. Staying informed about these benefits is vital in the current political climate.
Coca-Cola offers RSUs as part of its equity compensation, vesting over time and converting into shares. They also provide stock options, enabling employees to buy shares at a set price.
For more information you can reach the plan administrator for Coca-Cola at One Coca-Cola Plaza Atlanta, GA 30313; or by calling them at (404) 676-2121.
/General/General%201.png?width=1280&height=853&name=General%201.png)
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)