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Why More Morgan Stanley Employees Are Considering Social Security Early — And How Medicare Changes Play a Role

November 11, 2025
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How Oil Volatility Affects Your Morgan Stanley Retirement

The sustained volatility in crude oil markets, with prices ranging from $50 to $120 and annualized swings near 80%, creates economic effects that extend far beyond energy companies. Energy-sector lending exposure, investment portfolio concentrations, and the broader macro channel of inflation and interest rates connect financial institutions to oil market volatility. Comprehensive financial planning at Morgan Stanley benefits from understanding how energy price volatility creates indirect effects on inflation, interest rates, and portfolio valuations that affect long-term wealth building. Consulting with a financial advisor can help you understand how energy conditions affect your specific situation and build a plan that adapts accordingly.

 'Morgan Stanley 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.

'Morgan Stanley 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:

  1. How Social Security filing age affects retirement income.

  2. How Medicare expenses factor into when retirees claim benefits.

  3. 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  Morgan Stanley 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 Morgan Stanley 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 Morgan Stanley 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 Morgan Stanley 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 Morgan Stanley.

📞 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.

Remote-work tax implications add complexity, making it essential to understand how Morgan Stanley's benefit programs factor into your overall financial picture. Morgan Stanley's defined benefit pension is closed to new entrants but continues accruing for legacy employees enrolled before the closure. If you joined Morgan Stanley before the plan closed, your pension continues to grow with additional service. If you joined after the closure, your retirement income at Morgan Stanley rests primarily on your 401(k) and Social Security. Morgan Stanley may offer a 401(k) employer match - review your Summary Plan Description for current match rate and vesting details.

Looking at the healthcare component, Morgan Stanley does not offer continued medical coverage to retirees, which means coverage through the company ends when employment does. Planning for the cost of health insurance during any gap between your retirement date and Medicare eligibility at age 65 is a critical step - marketplace coverage, COBRA continuation, or a spouse's employer plan are common options. Building an accurate estimate of bridge-coverage costs into your retirement income projection prevents underestimating one of the largest variable expenses retirees face. Connecting your specific Morgan Stanley benefits situation to a comprehensive retirement income plan - and understanding how each component interacts - gives you the most complete picture of what retirement will look like.

Sources:

  • 1. CNBC. ' Does it still make sense to wait to claim Social Security retirement benefits? ' by Lorie Konish. 29 Apr. 2026.

  • 2. U.S. Bureau of Labor Statistics. ' 15 percent of private industry workers had access to a defined benefit retirement plan ,' 10 Apr. 2026.

  • 3. Kaiser Family Foundation. “ Health Costs Consume a Large Portion of Income for Millions of People with Medicare ,' by Ochieng, Nancy; Juliette Cubanski; Tricia Neuman; Anthony Damico. 21 Aug. 2026.

  • Other Resources:

  • 1. Social Security Administration.  When to Start Receiving Retirement Benefits: Publication No. 05-10147 . May 2026. 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. 2026.

  • 3. Medicare Payment Advisory Commission.  Report to the Congress: Medicare Payment Policy – Chapter 11: The Medicare Advantage Program: Status Report . Mar. 2026, medpac.gov/wp-content/uploads/2026/03/Mar25_Ch11_MedPAC_Report_To_Congress_SEC.pdf.

  • 4. Board of Trustees, Social Security.  2026 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds . 30 June 2026. U.S. Government Publishing Office, Washington D.C.

What is the 401(k) plan offered by Morgan Stanley?

The 401(k) plan at Morgan Stanley is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

Does Morgan Stanley match employee contributions to the 401(k) plan?

Yes, Morgan Stanley offers a matching contribution to the 401(k) plan, which helps employees increase their retirement savings.

What is the maximum contribution limit for Morgan Stanley's 401(k) plan?

The maximum contribution limit for Morgan Stanley's 401(k) plan is in line with the IRS limits, which may change annually. Employees should check the latest IRS guidelines for the current limit.

Can employees at Morgan Stanley take loans against their 401(k) savings?

Yes, Morgan Stanley allows employees to take loans against their 401(k) savings under certain conditions, subject to the plan's rules.

What investment options are available in Morgan Stanley's 401(k) plan?

Morgan Stanley's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to tailor their investment strategy.

How can employees at Morgan Stanley enroll in the 401(k) plan?

Employees can enroll in Morgan Stanley's 401(k) plan through the company's benefits portal or by contacting the HR department for assistance.

Is there a waiting period for new employees to join Morgan Stanley's 401(k) plan?

Morgan Stanley typically allows new employees to enroll in the 401(k) plan immediately or within a short period after their start date, but specific details can vary.

How often can employees change their contribution amount to Morgan Stanley's 401(k) plan?

Employees at Morgan Stanley can change their contribution amount to the 401(k) plan on a regular basis, usually at any time during the year.

What happens to my 401(k) savings if I leave Morgan Stanley?

If you leave Morgan Stanley, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing it out, or leaving it in the Morgan Stanley plan if permitted.

Does Morgan Stanley provide financial education regarding the 401(k) plan?

Yes, Morgan Stanley offers financial education resources and tools to help employees understand their 401(k) plan and make informed investment decisions.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Morgan Stanley is a global financial services firm providing investment banking, securities, wealth management, and investment management services. The company is recognized for its comprehensive financial solutions.
Morgan Stanley offers RSUs and stock options to eligible employees. The stock options vest over time, providing long-term incentives.
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For more information you can reach the plan administrator for Morgan Stanley at , ; or by calling them at .

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