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Exploring Social Media Trends Among Carvana Employees: Insights for Baby Boomers

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Healthcare Provider Update: Carvana's healthcare provider is Aetna. As we look ahead to 2026, significant increases in healthcare costs are anticipated, primarily due to the expiration of enhanced premium subsidies under the Affordable Care Act (ACA). Without these subsidies, many enrollees could see their out-of-pocket premium payments rise by over 75%, exacerbating the financial burden on consumers. Additionally, insurers are projecting higher medical costs due to inflation and increased utilization of healthcare services, leading to average premium hikes that could reach 20% or more across various states. This combination of factors signals a challenging landscape for Carvana's employees and many other Americans seeking affordable health coverage. Click here to learn more

A recent study conducted by Security.org unveiled surprising trends regarding social media usage across generations,  with a significant focus on baby boomers. Contrary to popular belief, which often associates social media prowess with younger demographics like millennials, it appears that baby boomers are not only active users but also greatly benefit from their online interactions. This revelation questions the stereotype of social media being predominantly a young person’s arena.


The research led by Corie Colliton reveals an impressive 84% of baby boomers believe that social media positively influences their lives—a stark contrast to the 33%  of millennials who view their online interactions negatively. This difference is especially striking given the high integration of social media in the daily routines of younger generations.

For baby boomers at Carvana, this affinity for social media may stem from their unique historical context. Having witnessed the dawn of television, the expansion of cable, and the birth of the internet, they have embraced each new technological wave as a fresh media outlet. This extensive exposure to tech innovations likely contributes to their adaptive and favorable use of social media platforms.


However, the way baby boomers engage with social media differs significantly from younger users. They tend to spend less time online, which might lead to a more satisfying and less overwhelming online experience. Carvana employees from this generation typically use social platforms to stay connected with friends and family, enhancing their sense of happiness linked to these interactions.

According to Statista, YouTube tops the charts as the favorite platform among baby boomers, with 70% using it regularly, closely followed by Facebook.  This preference aligns with traditional media consumption patterns that favor content viewing over interactive engagement. Usage rates for other platforms like Pinterest, LinkedIn, and Instagram vary, with Twitter and Snapchat being less popular among this demographic.

When interacting with technology, baby boomers at Carvana often utilize a single index finger for typing on smartphones—a method reminiscent of older dialing techniques. This contrasts with the thumb-typing speed common among younger generations.

The study also sheds light on broader cultural attitudes toward social media. Only 26.5% of boomers believe social media should not exist, compared to 44% of millennials. This indicates a generational divide in how social media is perceived within society.

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Interestingly, the study finds that positive sentiments about social media often come from Southern male boomers who are married, hold at least an associate degree, and lean politically to the right. In contrast, millennial women from the Midwest, who are single and lean left politically, generally have a less favorable view of social media.

For Carvana employees approaching retirement, the role of social media is increasingly vital.  A 2022 Financial Times survey  highlighted that about 60% of baby boomers now engage with financial content on platforms like Facebook and YouTube. They use these sites not only for personal connections but also to monitor market trends, seek financial advice, and manage their retirement planning.

For baby boomers at Carvana, mastering social media is like rediscovering a cherished classic car with modern updates. They appreciate the blend of traditional engagement and new-age digital tools, enjoying the journey much like driving a well-loved, refurbished car on modern roads. This generation values the integration of conventional wisdom with innovative technologies, enhancing their experience as they navigate through the evolving digital landscape.

What is the 401(k) plan offered by Carvana?

Carvana offers a 401(k) plan that allows employees to save for retirement through pre-tax and/or Roth contributions, providing a tax-advantaged way to build savings.

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

Yes, Carvana provides a company match on employee contributions to the 401(k) plan, helping employees increase their retirement savings.

How can I enroll in Carvana's 401(k) plan?

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

What types of investment options are available in Carvana's 401(k) plan?

Carvana's 401(k) plan offers a range of investment options, including mutual funds, target-date funds, and other investment vehicles to suit various risk tolerances.

Can I change my contribution percentage to Carvana's 401(k) plan at any time?

Yes, employees can change their contribution percentage to Carvana's 401(k) plan at any time, typically through the employee benefits portal.

What is the vesting schedule for Carvana's 401(k) company match?

Carvana has a specific vesting schedule for the company match, which means that employees must work for a certain period before they fully own the matched contributions.

Are there any fees associated with Carvana's 401(k) plan?

Yes, Carvana's 401(k) plan may have administrative and investment fees, which are disclosed in the plan documents provided to employees.

How often can I review my 401(k) account with Carvana?

Employees can review their 401(k) account with Carvana at any time through the plan's online portal, allowing for regular monitoring of investments.

What happens to my Carvana 401(k) if I leave the company?

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

Does Carvana allow loans against the 401(k) plan?

Yes, Carvana's 401(k) plan may allow employees to take loans against their vested balance, subject to specific terms and conditions.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Carvana's 401(k) Plan: Carvana offers a traditional 401(k) plan, allowing employees to contribute a portion of their salary to a retirement savings account, which grows tax-deferred until withdrawal. In 2024, employees can contribute up to $23,000, with an additional catch-up contribution of $7,500 for those aged 50 or older, totaling $30,500. The company likely offers a match on employee contributions, though specific match details were not found. The plan includes a variety of investment options, typically mutual funds or ETFs, chosen by the employee from a list curated by the plan administrator​ (Annuity.org)​ (MissionSquare). Pension Plan: Carvana does not offer a traditional defined benefit pension plan as part of its retirement benefits package. Instead, they focus on the 401(k) plan, which aligns with the shift in many modern companies from defined benefit plans to defined contribution plans. The emphasis is on employee-driven retirement savings with employer support, rather than a fixed monthly pension payout​
Restructuring Layoffs (2023-2024): In response to economic pressures, Carvana has been undergoing significant restructuring efforts, including layoffs and reduction in work hours for many employees. These layoffs began in 2022 with the cutting of approximately 4,000 jobs and have continued into 2023 and 2024. The company has been discreetly reducing its workforce to combat financial losses, driven by increased inflation and rising interest rates. Carvana's stock has also suffered, with a 95% drop over the past year, further complicating its financial stability. Addressing these layoffs is crucial because they reflect broader economic challenges that could affect both current employees and investors, particularly in an unstable economic environment​ (markets.businessinsider.com). Benefit, Pension, and 401(k) Changes (2023-2024): Carvana has also been exploring changes to its employee benefits, particularly in terms of retiree health benefits. The company, like many others, is navigating the legal landscape concerning the reduction or elimination of post-employment health care benefits. For current and former employees, understanding these changes is essential as federal law does not protect retiree health benefits unless explicitly promised by the company. Such shifts in benefit structures underscore the importance of staying informed, especially given the volatile economic and political environment that impacts retirement planning
Carvana offers a comprehensive health benefits package including medical, dental, and vision insurance. They also provide access to telemedicine services and an Employee Assistance Program. There were updates to their benefits plan in 2023 to include more mental health resources and enhanced telehealth options.
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For more information you can reach the plan administrator for Carvana at 1930 W. Rio Salado Parkway Tempe, AZ 85281; or by calling them at +1 800-333-4554.

https://markets.businessinsider.com/news/stocks/carvana-layoffs-2023-what-to-know-about-the-latest-cvna-job-cuts-1032017776 https://www.theretirementgroup.com/featured-article/5448081/can-carvana-cut-benefits https://www.kiplinger.com/retirement/cash-balance-pension-plan-options https://www.mercer.com/insights/law-and-policy/taking-a-look-at-secure-2-0-defined-benefit-plan-provisions/ https://www.kiplinger.com/article/retirement/t047-c000-s004-the-pros-and-cons-of-cash-balance-plans.html https://www.annuity.org/retirement/401k/ https://www.missionsq.org/plan-sponsors/plan-rules/contribution-limits https://pensionrights.org/resource/retirement-plan-contribution-and-benefit-limits/ https://www.linkedin.com/company/carvana/ https://www.hrdive.com/

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