Why More Garrett Motion Employees Are Considering Social Security Early — And How Medicare Changes Play a Role
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'Garrett Motion 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.
'Garrett Motion 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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Garrett Motion 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 Garrett Motion 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 Garrett Motion 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 Garrett Motion 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 Garrett Motion.
📞 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 retirement savings plan does Garrett Motion offer to its employees?
Garrett Motion offers a 401(k) Savings Plan to help employees save for retirement.
How can employees of Garrett Motion enroll in the 401(k) Savings Plan?
Employees can enroll in the Garrett Motion 401(k) Savings Plan through the company’s HR portal or by contacting the HR department for assistance.
Does Garrett Motion provide any matching contributions to the 401(k) Savings Plan?
Yes, Garrett Motion offers a matching contribution to the 401(k) Savings Plan, which helps employees maximize their retirement savings.
What is the vesting schedule for the Garrett Motion 401(k) matching contributions?
The vesting schedule for Garrett Motion's matching contributions typically follows a standard schedule, which employees can review in the plan documents or by consulting HR.
Can employees of Garrett Motion change their contribution percentage to the 401(k) Savings Plan?
Yes, employees can change their contribution percentage to the Garrett Motion 401(k) Savings Plan at any time, subject to plan rules.
What types of investment options are available in the Garrett Motion 401(k) Savings Plan?
The Garrett Motion 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Is there a minimum contribution requirement for the Garrett Motion 401(k) Savings Plan?
Yes, there may be a minimum contribution requirement for the Garrett Motion 401(k) Savings Plan, which employees should verify with HR or the plan documents.
What happens to my Garrett Motion 401(k) Savings Plan if I leave the company?
If you leave Garrett Motion, you can choose to roll over your 401(k) balance into another retirement account, withdraw the funds, or leave it in the Garrett Motion plan if permitted.
Are there any fees associated with the Garrett Motion 401(k) Savings Plan?
Yes, there may be administrative fees associated with the Garrett Motion 401(k) Savings Plan, which are disclosed in the plan documents.
Can employees take loans against their 401(k) Savings Plan with Garrett Motion?
Yes, Garrett Motion allows employees to take loans against their 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Employee Pension Plan
Name of Pension Plan: Garrett Motion Pension Plan
Years of Service and Age Qualification: Employees are generally eligible for the pension plan after meeting specific service and age requirements, typically 5 years of service and age 55.
Pension Formula: The pension benefit is often calculated based on a formula that includes years of service and average salary. Specifics can vary, so it's essential to check the plan documents.
Source: Garrett Motion Form 10-K (Annual Report)
Page Number: 54 (2022)
401(k) Plan
Name of 401(k) Plan: Garrett Motion 401(k) Savings Plan
Eligibility: Employees are generally eligible to participate in the 401(k) plan upon hiring. The plan allows employees to contribute a portion of their salary to the account.
Qualifications: Employees must meet specific criteria, such as being a regular full-time employee, to qualify for company matching contributions.
Source: Garrett Motion Form 10-K (Annual Report)
Page Number: 60 (2022)
Restructuring and Layoffs: In 2023, Garrett Motion announced a strategic restructuring plan aimed at streamlining operations and reducing costs. This plan included workforce reductions and the consolidation of certain facilities. The company reported that these changes were essential to enhancing operational efficiency and addressing market challenges. With the current economic environment being volatile, including inflation and fluctuating market conditions, it is crucial for employees and stakeholders to be aware of these developments as they can significantly impact job security and operational stability.
Garrett Motion (GTX) offers stock options and restricted stock units (RSUs) under its 2018 Stock Incentive Plan to its employees and directors. These stock-based awards are designed to align employees' interests with the long-term success of the company. Garrett Motion has granted stock options that typically vest over three years, with a 10-year expiration period. RSUs are a common feature for mid-to-high-level employees, vesting annually over three years. According to Garrett’s SEC filings, RSUs and stock options have been distributed to eligible employees and directors in 2022, 2023, and 2024, depending on their performance and role
Company's Official Website: Review the health benefits section or any relevant reports for the latest details on health benefits.
Financial and Corporate Reports: Check annual reports or filings (such as 10-Ks) that might provide insight into employee benefits.
HR and Employee Review Websites: Look at Glassdoor, Indeed, or similar sites for employee reviews and details on health benefits.
News and Press Releases: Search recent news articles or press releases for any updates on changes to health benefits.
Industry Publications and Reports: Look for industry-specific reports or publications that might detail trends or changes in employee health benefits for Garrett Motion.
Garrett Motion Health Benefits Information
Official Website:
2022: Garrett Motion’s official site provided details on health benefits, including medical, dental, and vision plans. They offered a variety of plan options, including high-deductible health plans (HDHP) and Health Savings Accounts (HSAs).
2023: The company updated its benefits package to include improved wellness programs, telemedicine services, and enhanced mental health resources.
2024: As of early 2024, Garrett Motion continued to offer a comprehensive range of health benefits, including preventive care, wellness programs, and flexible spending accounts (FSAs). Specific plan details are often updated annually.
Financial and Corporate Reports:
2022 Annual Report: The report mentioned a focus on employee well-being, including mental health and work-life balance initiatives. Specific spending on health benefits was not detailed.
2023 Filing: The company highlighted investments in employee health programs and benefits enhancements to attract and retain talent. Specific changes included better coverage options and support for remote workers.
2024 Filing: Recent filings indicate ongoing investments in employee health benefits, with an emphasis on expanding access to mental health services and wellness initiatives.
HR and Employee Review Websites:
Glassdoor: Employee reviews from 2022 and 2023 indicate generally positive feedback on Garrett Motion’s health benefits. Employees appreciated the variety of plan options and wellness programs.
Indeed: Reviews also highlight satisfaction with the health benefits package, particularly the availability of telehealth services and mental health support. Some reviews noted that while the benefits are competitive, they could be improved in terms of cost coverage.
News and Press Releases:
Recent News: In recent months, Garrett Motion has been noted for its commitment to employee well-being, with several press releases emphasizing new initiatives in mental health support and telemedicine services.
Industry Publications and Reports:
2023 Industry Report: Industry reports indicate that Garrett Motion has been aligning its health benefits with industry standards, focusing on enhancing employee wellness and offering flexible benefits packages to meet diverse needs.
Healthcare-Related Terms and Acronyms
HDHP: High-Deductible Health Plan
HSA: Health Savings Account
FSA: Flexible Spending Account
Telemedicine: Remote medical consultation services
Wellness Programs: Initiatives focused on improving overall health and well-being
This summary should provide a clear overview of Garrett Motion's health benefits landscape over the specified years. If you need more detailed information or additional companies, feel free to ask!
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