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Why More OneMain Holdings Employees Are Considering Social Security Early â€” And How Medicare Changes Play a Role

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'OneMain Holdings 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.

'OneMain Holdings 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 OneMain Holdings 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 OneMain Holdings 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 OneMain Holdings 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 OneMain Holdings 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 OneMain Holdings.

ðŸ“ž 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.

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Sources:

1. CNBC. ' Does it still make sense to wait to claim Social Security retirement benefits? ' by Lorie Konish. 29 Apr. 2025.
2. U.S. Bureau of Labor Statistics. ' 15 percent of private industry workers had access to a defined benefit retirement plan ,' 10 Apr. 2024.
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. 2025.
Other Resources:
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 401(k) plan offered by OneMain Holdings?

The 401(k) plan at OneMain Holdings is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.

Does OneMain Holdings match employee contributions to the 401(k) plan?

Yes, OneMain Holdings offers a company match on employee contributions to the 401(k) plan, which helps employees save for retirement more effectively.

What is the eligibility requirement for OneMain Holdings' 401(k) plan?

Employees of OneMain Holdings are eligible to participate in the 401(k) plan after completing a specified period of service, typically outlined in the employee handbook.

How can employees at OneMain Holdings enroll in the 401(k) plan?

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

What types of investment options are available in the OneMain Holdings 401(k) plan?

The OneMain Holdings 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles tailored to different risk levels.

Can employees at OneMain Holdings take loans against their 401(k) savings?

Yes, OneMain Holdings allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan documents.

What happens to my 401(k) savings if I leave OneMain Holdings?

If you leave OneMain Holdings, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing it out (which may incur penalties), or leaving it in the OneMain Holdings plan if allowed.

Is there a vesting schedule for the company match in the OneMain Holdings 401(k) plan?

Yes, OneMain Holdings has a vesting schedule for the company match, which determines how much of the employer's contributions you own based on your length of service.

How often can employees at OneMain Holdings change their 401(k) contribution amounts?

Employees can change their 401(k) contribution amounts at OneMain Holdings during designated enrollment periods or as allowed by the plan guidelines.

Does OneMain Holdings provide financial education resources for employees regarding the 401(k) plan?

Yes, OneMain Holdings provides financial education resources and workshops to help employees understand their 401(k) options and make informed investment decisions.