Why More Wells Fargo Employees Are Considering Social Security Early — And How Medicare Changes Play a Role
Healthcare Provider Update: Healthcare Provider for Wells Fargo
Wells Fargo partners with UnitedHealthcare as its primary healthcare provider, offering plans that cater to both employees and their families. This partnership includes a range of health insurance options, providing coverage for medical, dental, and vision expenses, while also supporting wellness programs designed to enhance employees' overall health.
Potential Healthcare Cost Increases in 2026
In 2026, health insurance premiums in the Affordable Care Act (ACA) marketplace are expected to surge dramatically, with some states experiencing increases exceeding 60%. This anticipated spike is driven by several factors, including rising medical costs, potential expiration of enhanced federal subsidies, and aggressive rate hikes from major insurers. For Wells Fargo employees relying on these plans, the average out-of-pocket premium could rise by over 75% if these subsidies are not extended, compounding the financial pressure on many families during this tumultuous period., 'sources': [], 'images': []
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'Wells Fargo 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.
'Wells Fargo 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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Wells Fargo 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 Wells Fargo 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 Wells Fargo 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 Wells Fargo 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 Wells Fargo.
📞 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 Wells Fargo 401(k) plan?
The Wells Fargo 401(k) plan is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them build a nest egg for retirement.
How can I enroll in the Wells Fargo 401(k) plan?
Employees can enroll in the Wells Fargo 401(k) plan through the company’s benefits portal during the enrollment period or after they become eligible.
What are the contribution limits for the Wells Fargo 401(k) plan?
For the Wells Fargo 401(k) plan, the contribution limits are set by the IRS and may change annually. Employees should check the latest IRS guidelines for the current limits.
Does Wells Fargo offer a company match for the 401(k) plan?
Yes, Wells Fargo offers a company match for contributions made to the 401(k) plan, which helps employees maximize their retirement savings.
When can I start withdrawing from my Wells Fargo 401(k) plan?
Employees can typically start withdrawing from their Wells Fargo 401(k) plan without penalties at age 59½, but specific rules may apply based on the plan provisions.
Can I take a loan against my Wells Fargo 401(k) plan?
Yes, Wells Fargo allows participants to take loans against their 401(k) balance, subject to certain terms and conditions outlined in the plan.
What investment options are available in the Wells Fargo 401(k) plan?
The Wells Fargo 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.
How often can I change my contributions to the Wells Fargo 401(k) plan?
Employees can change their contribution amounts to the Wells Fargo 401(k) plan at any time, subject to the plan's guidelines and payroll processing timelines.
What happens to my Wells Fargo 401(k) if I leave the company?
If you leave Wells Fargo, you have several options for your 401(k), including leaving the funds in the plan, rolling them over to a new employer’s plan, or transferring them to an IRA.
Is there a vesting schedule for the Wells Fargo 401(k) company match?
Yes, Wells Fargo has a vesting schedule for the company match, meaning that employees must work for a certain period before they fully own the matched contributions.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Wells Fargo offers both a traditional defined benefit pension plan and a defined contribution 401(k) plan. The defined benefit plan provides retirement income based on years of service and final average pay. The 401(k) plan features company matching contributions and various investment options, including target-date funds and mutual funds. Wells Fargo provides financial education and planning resources to help employees manage their retirement savings.
Wells Fargo grants RSUs that vest over time, providing shares to employees upon vesting. The company also offers stock options, allowing employees to buy shares at a set price.
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