Why More Granite Construction Employees Are Considering Social Security Early — And How Medicare Changes Play a Role
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'Granite Construction 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.
'Granite Construction 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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Granite Construction 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 Granite Construction 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 Granite Construction 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 Granite Construction 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 Granite Construction.
📞 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 Granite Construction offer to its employees?
Granite Construction offers a 401(k) retirement savings plan to help employees save for their future.
How can Granite Construction employees enroll in the 401(k) plan?
Granite Construction employees can enroll in the 401(k) plan through the company's HR portal or by contacting the HR department for assistance.
Does Granite Construction match employee contributions to the 401(k) plan?
Yes, Granite Construction provides a matching contribution to employee 401(k) accounts, subject to certain limits.
What is the maximum contribution limit for the Granite Construction 401(k) plan?
The maximum contribution limit for the Granite Construction 401(k) plan is in line with IRS regulations, which can change annually. Employees should check the latest limits for the current year.
Can Granite Construction employees take loans against their 401(k) savings?
Yes, Granite Construction allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.
What investment options are available in the Granite Construction 401(k) plan?
The Granite Construction 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How often can Granite Construction employees change their 401(k) contribution amounts?
Granite Construction employees can change their 401(k) contribution amounts at any time, typically during open enrollment or through the HR portal.
Is there a vesting schedule for Granite Construction's 401(k) matching contributions?
Yes, Granite Construction has a vesting schedule for its matching contributions, which means employees must work for the company for a certain period before they fully own those contributions.
What happens to Granite Construction employees' 401(k) accounts if they leave the company?
If Granite Construction employees leave the company, they can choose to roll over their 401(k) funds to another retirement account, cash out, or leave the funds in the Granite Construction plan, subject to plan rules.
Are there any fees associated with the Granite Construction 401(k) plan?
Yes, there may be administrative and investment fees associated with the Granite Construction 401(k) plan. Employees should review the plan documents for specific details.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Granite Construction provides a comprehensive retirement benefits package, which includes the Granite Construction Profit Sharing and 401(k) Plan. This plan is a defined contribution plan, where employees can voluntarily contribute a portion of their pre-tax earnings towards their retirement. Granite Construction offers a 401(k) matching contribution that is 100% of employee contributions up to 6% of compensation, with employees becoming eligible for this match after six months of service (JobzMall) (SEC.gov). In addition to the 401(k) plan, Granite Construction offers a Profit Sharing Plan, which is tied to company profits. The profit-sharing contributions are discretionary and vary depending on the company's earnings (SimpleQDRO).
Employees who work for Granite Construction for 10 years or more may also qualify for a pension plan, which complements their retirement savings (JobzMall). Furthermore, Granite Construction provides an Employee Stock Ownership Plan (ESOP), where the company contributes newly issued stock or cash that is used to purchase shares for the employees. This further enhances the retirement benefits available to employees
Restructuring Layoffs: Granite Construction has undergone a significant restructuring effort across its operations throughout 2023-2024. The company reported adjusting its leadership and operational segments to align with market trends, which resulted in notable workforce reductions and asset divestitures (World Construction Network). The adjustments have been positioned as necessary to navigate economic pressures, supply chain disruptions, and increased labor costs. This news is crucial due to the current economic climate, as companies in the construction sector are especially vulnerable to market volatility and regulatory changes. Addressing these layoffs is vital to understanding the broader trends in construction employment and their ripple effects on communities and the economy.
Granite Construction offers stock options and Restricted Stock Units (RSUs) under their 2012 and 2021 Equity Incentive Plans. These stock options are performance-based and are made available to employees as part of their compensation packages. Granite (GVA) employees are eligible to participate in the company's equity awards based on their role and performance, which align with the company’s strategic financial and non-financial goals (Last10K) (SEC.gov). Stock options and RSUs at Granite Construction are available to both managerial and supervisory personnel, aiming to enhance retention and reward significant contributors to the company's success (SEC.gov) (SEC.gov).
In 2022, 2023, and 2024, Granite Construction (GVA) continued offering RSUs and stock options as part of its performance-based incentive structure. These RSUs vest over a defined period, typically contingent on meeting certain performance criteria or service durations (SEC.gov). Eligible employees include salaried personnel, primarily those in management roles across the company’s diverse sectors (Granite Construction). The incentive programs are designed to align employee interests with shareholders, promoting long-term growth and value creation
Medical Plans:
Granite Construction offers comprehensive healthcare benefits, including options like PPO (Preferred Provider Organization) and HSA (Health Savings Account) plans.
Anthem Blue Cross is a major provider for Granite's medical coverage, offering various plan structures such as HSA plans with high deductibles (e.g., $3,000 deductible).
Employees typically have access to preventive care, primary care, and specialist visits with coverage based on plan selection.
Acronyms and Healthcare-Related Terms:
PPO (Preferred Provider Organization): Employees can choose providers within a network for lower out-of-pocket costs.
HSA (Health Savings Account): Employees may contribute pre-tax dollars to an account for healthcare expenses.
COBRA: Coverage continuation for employees after employment termination or certain life events.
Open Enrollment: The annual period where employees can select or change their benefit elections.
Recent Employee Healthcare News:
Granite Construction has updated its benefit offerings to comply with federal healthcare reform laws, including the Affordable Care Act (ACA).
In 2023 and 2024, employees have been encouraged to use online benefits platforms like Workday for enrollment.
100% company-paid health insurance for some employee categories continues to be a key benefit, particularly for those enrolled in high-deductible health plans (HDHPs) that integrate with HSAs.
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