Why More Toro Employees Are Considering Social Security Early — And How Medicare Changes Play a Role
Healthcare Provider Update: Healthcare Provider Information for Toro
Toro's healthcare coverage is typically managed through third-party providers who offer employee benefit plans. A notable provider for Toro's health insurance is UnitedHealthcare, known for comprehensive coverage options tailored to corporate employees.
Potential Healthcare Cost Increases in 2026
As Toro employees approach 2026, they should be prepared for significant increases in healthcare costs. The combination of record ACA premium hikes-potentially exceeding 60% in some states-alongside rising medical expenses contributes to a challenging financial landscape. With many insurers, including UnitedHealthcare, poised to raise rates dramatically, employees may face steeper out-of-pocket costs if enhanced federal subsidies expire. This evolving scenario underscores the importance of reviewing benefit options and strategizing to mitigate financial impacts in this coming year.
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'Toro 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.
'Toro 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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Toro 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 Toro 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 Toro 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 Toro 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 Toro.
📞 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 purpose of the 401(k) plan offered by Toro?
The purpose of the 401(k) plan offered by Toro is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or Roth basis.
How does Toro match employee contributions to the 401(k) plan?
Toro matches employee contributions up to a certain percentage of their salary, typically dollar-for-dollar up to a specified limit, to encourage savings for retirement.
When can employees at Toro start contributing to the 401(k) plan?
Employees at Toro can start contributing to the 401(k) plan after completing their eligibility period, which is typically outlined in the employee handbook.
Are there any fees associated with Toro's 401(k) plan?
Yes, there may be administrative and investment fees associated with Toro's 401(k) plan, which are disclosed in the plan documents provided to employees.
Can employees at Toro take loans against their 401(k) savings?
Yes, employees at Toro may have the option to take loans against their 401(k) savings, subject to the terms and conditions outlined in the plan.
What types of investment options are available in Toro's 401(k) plan?
Toro's 401(k) plan typically offers a range of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
How can Toro employees access their 401(k) account information?
Toro employees can access their 401(k) account information online through the plan's designated website or mobile app, where they can view balances and make changes.
What is the vesting schedule for Toro's 401(k) plan?
The vesting schedule for Toro's 401(k) plan determines how long employees must work at Toro to fully own the employer's contributions, typically ranging from immediate vesting to a graded schedule.
Can Toro employees change their contribution percentage at any time?
Yes, Toro employees can generally change their contribution percentage at any time, subject to the plan's rules and any designated enrollment periods.
What happens to the 401(k) savings if an employee leaves Toro?
If an employee leaves Toro, they can either roll over their 401(k) savings to another retirement account, leave the funds in the Toro plan (if eligible), or cash out, subject to taxes and penalties.
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