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New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

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Why Western Union Employees May Never Retire

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Healthcare Provider Update: Healthcare Provider and Cost Increases for Western Union Employees Western Union employees' healthcare coverage is typically provided through a major health insurer, with specific details often outlined in their employee benefits package. As 2026 approaches, Western Union employees should brace for potential increases in healthcare costs. Significant hikes in premiums are anticipated, particularly due to the expiration of enhanced federal ACA premium subsidies that could push out-of-pocket costs up by over 75% for many. Additionally, as a response to rising medical expenses driven by inflation3 (projected at 7-10% annually) and the high costs of certain medications, employers, including Western Union, may shift additional financial burdens onto employees by increasing deductibles and out-of-pocket maximums. Understanding these changes and preparing accordingly is crucial for employees navigating the upcoming healthcare landscape. Click here to learn more

The findings from a recent survey conducted by the AARP and the NORC Center for Public Affairs Research  reveal a concerning outlook that will impact Western Union employees' readiness for retirement. Approximately 25% of U.S. adults aged 50 and older, who are still in the workforce, doubt they will ever be able to retire. This belief is fueled by growing anxieties, with 70% worried their earnings are not keeping pace with escalating costs.


This study, which involved more than 8,000 participants, underscores the deep financial concerns plaguing many individuals in this demographic. Notably, about one in four respondents reported having no retirement savings whatsoever, exposing the formidable challenges they face in securing financial stability for their later years.

Key hindrances to saving adequately for retirement include high housing costs—both rent and mortgage payments—and daily living expenses, which intensify financial pressures.  The data reveals  that 12% of older adults are burdened with credit card debts exceeding $20,000, and a third have balances over $10,000. Moreover, 37% voiced concerns about their ability to afford basic necessities such as housing and food.

These financial strains have far-reaching implications, affecting not only individual retirement strategies but also the broader economic landscape. 'The lack of accessible retirement saving options combined with inflation is making it increasingly difficult for individuals to decide when they can retire,'  noted Indira Venkateswaran, AARP's senior vice president of research .


Continued polling by AARP  shows a steady number of adults aged 50 and older who foresee an inability to retire—23% in January 2022, slightly rising to 24% by July. David John, Senior Strategic Policy Advisor at the AARP Public Policy Institute, points out that a significant number of older adults remain in the workforce primarily due to inadequate retirement funds.

Political leaders have also taken note of these issues, given the high voter turnout rates among older Americans. President Joe Biden has focused on policies like allowing Medicare to negotiate directly with drug companies to reduce prescription costs and capping insulin prices at $35 for Medicare beneficiaries. Conversely, former President Donald Trump hinted at potential entitlement program reforms in a CNBC interview in March, although his campaign later assured that, if reelected, he would uphold Social Security and Medicare.

The sustainability of Social Security and Medicare remains a pressing concern.  According to the latest trustees' report, Medicare may not fully cover nursing home stays and inpatient hospital visits by 2031.  Social Security faces similar challenges, with its fund expected to deplete before it can continue full payments by 2033.

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Public sentiment strongly opposes any cuts to Medicare or Social Security, as reflected in a March 2023 AP-NORC poll.  The majority of respondents favor imposing higher taxes on the wealthiest Americans to maintain Medicare's solvency.

The necessity for robust policy measures to ensure the financial well-being of America's elderly population is more urgent than ever, as demographic and economic pressures converge. Recent trends indicate many older Americans, including Western Union employees, are turning to part-time entrepreneurship—a viable means to supplement income and remain active. A 2021 study by the Ewing Marion Kauffman Foundation found individuals over 55 increasingly starting their own businesses, driven by desires for flexible work schedules, personal fulfillment, and financial security.

For many Western Union employees approaching retirement, the journey increasingly resembles navigating a sailboat through stormy seas. Facing financial turbulence, these near-retirees must frequently adjust their course, akin to sailors adapting to changing winds and currents. For about 25% of these individuals, the lack of sufficient retirement funds means they must keep sailing, working into old age and exploring alternative income sources such as side jobs. This ongoing journey is not only a necessity but also an opportunity for personal growth and redefining life goals.

What is the 401(k) plan offered by Western Union?

The 401(k) plan offered by Western Union is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How can employees enroll in Western Union's 401(k) plan?

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

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

Yes, Western Union offers a matching contribution to employees who participate in the 401(k) plan, up to a certain percentage of their salary.

What are the eligibility requirements for Western Union's 401(k) plan?

Employees are typically eligible to participate in Western Union's 401(k) plan after completing a specified period of employment, which is outlined in the employee handbook.

Can employees change their contribution rate to Western Union's 401(k) plan?

Yes, employees can change their contribution rate to Western Union's 401(k) plan at any time, subject to the plan’s rules.

What investment options are available in Western Union's 401(k) plan?

Western Union's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Is there a vesting schedule for Western Union's 401(k) matching contributions?

Yes, Western Union has a vesting schedule for its matching contributions, which means employees must work for a certain period before they fully own those contributions.

How often can employees access their 401(k) account statements at Western Union?

Employees can access their 401(k) account statements online through the benefits portal, typically on a quarterly basis.

What happens to the 401(k) plan if an employee leaves Western Union?

If an employee leaves Western Union, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave it in the Western Union plan if allowed.

Are there loans available against the 401(k) plan at Western Union?

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

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For more information you can reach the plan administrator for Western Union at , ; or by calling them at .

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