Why More Genesco Employees Are Considering Social Security Early — And How Medicare Changes Play a Role
Healthcare Provider Update: For Genesco, the healthcare provider is primarily through Aetna, which is part of CVS Health and provides a range of health insurance plans and services tailored to meet the needs of Genesco employees and their families.
In 2026, the healthcare landscape could see significant challenges for Genesco due to anticipated insurance premium hikes driven by multiple factors. With the potential expiration of enhanced federal subsidies for Affordable Care Act (ACA) plans, over 22 million Americans could face out-of-pocket premium increases of more than 75%. In addition, rising medical costs, including hospital and prescription drug prices, are expected to further burden employees, potentially leading Genesco to reconsider its benefits strategy, such as shifting more costs onto workers to mitigate rising expenditures. These cumulative factors suggest a critical need for strategic planning in navigating the financial impact of healthcare in the coming year.
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'Genesco 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.
'Genesco 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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Genesco 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 Genesco 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 Genesco 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 Genesco 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 Genesco.
📞 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 primary purpose of Genesco's 401(k) Savings Plan?
The primary purpose of Genesco's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to set aside money.
How can Genesco employees enroll in the 401(k) Savings Plan?
Genesco employees can enroll in the 401(k) Savings Plan by completing the enrollment process through the company's designated benefits portal.
Does Genesco offer a company match for contributions made to the 401(k) Savings Plan?
Yes, Genesco offers a company match for employee contributions to the 401(k) Savings Plan, which helps enhance retirement savings.
What types of investment options are available in Genesco's 401(k) Savings Plan?
Genesco's 401(k) Savings Plan typically includes a variety of investment options, such as mutual funds, target-date funds, and other investment vehicles.
Can Genesco employees change their contribution percentage to the 401(k) Savings Plan?
Yes, Genesco employees can change their contribution percentage to the 401(k) Savings Plan at any time, subject to certain guidelines.
What is the minimum age requirement for Genesco employees to participate in the 401(k) Savings Plan?
Genesco employees must be at least 21 years old to participate in the 401(k) Savings Plan.
Are there any fees associated with Genesco's 401(k) Savings Plan?
Yes, there may be administrative fees and investment fees associated with Genesco's 401(k) Savings Plan, which are disclosed in the plan documents.
How often can Genesco employees access their 401(k) account statements?
Genesco employees can access their 401(k) account statements quarterly through the benefits portal.
What happens to Genesco employees' 401(k) savings if they leave the company?
If Genesco employees leave the company, they can roll over their 401(k) savings into another qualified retirement account or withdraw the funds, subject to tax implications.
Does Genesco allow for loans against the 401(k) Savings Plan?
Yes, Genesco allows employees to take loans against their 401(k) Savings Plan balance, subject to specific 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.
Genesco offers its employees both a 401(k) plan and a pension plan to support their financial future. The company provides a matching contribution for the 401(k), with eligible employees receiving a match of $1 for every $1 contributed up to 3%, and an additional $0.50 for every $1 contributed on the next 2% of salary. This creates a significant incentive for employees to maximize their savings within the plan. The company offers several investment options for employees to allocate their funds.
In terms of the pension plan, the Genesco Master Plan has been structured to provide long-term benefits for employees who meet specific age and service requirements. Eligibility typically involves full-time employees who have completed a certain number of years of service, though exact details of the formula and qualifying criteria may vary depending on the employee's role and hire date
Restructuring and Layoffs: In early 2024, Genesco announced a significant restructuring plan involving the closure of several retail locations and a reduction of their workforce by approximately 10%. This move is part of their strategy to streamline operations and improve financial performance amidst a challenging retail environment.
Genesco provides stock options and RSUs primarily to its executives and key employees. The stock options are granted with an exercise price equal to the market price on the grant date, while RSUs vest over four years. Genesco's RSUs and stock options are designed to reward long-term performance and retention.
Benefits Overview: Genesco’s official website provides an overview of their employee benefits, including healthcare coverage. Check the company’s careers or benefits section for detailed information on health plans, coverage options, and employee resources.
Healthcare Terms: Look for specific terms like PPO (Preferred Provider Organization), HMO (Health Maintenance Organization), FSA (Flexible Spending Account), and HRA (Health Reimbursement Account).
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Employee Reviews: Employees often share insights about their healthcare benefits on Glassdoor. Look for reviews mentioning health insurance plans, deductibles, and employee satisfaction with the benefits package.
Healthcare News: Check for any recent changes or updates in the benefits package as mentioned by current or former employees.
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Company Reviews: Indeed provides reviews from employees that might include information on health benefits. Look for specific mentions of health insurance options, provider networks, and employee feedback.
Benefits Information: Sometimes, benefits information is summarized in company reviews or Q&A sections.
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