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Upcoming Social Security Changes: What Boyd Gaming Employees Should Know for January 2025

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Healthcare Provider Update: Healthcare Provider Information for Boyd Gaming: Boyd Gaming provides healthcare benefits to its employees through a partnership with several major insurance carriers. While the specific provider may vary by region and plan, it is known that companies like UnitedHealthcare are frequently used to provide ACA-compliant health insurance options for Boyd Gaming employees. Potential Healthcare Cost Increases in 2026: In 2026, Boyd Gaming employees can expect significant healthcare cost increases, driven by various market dynamics. With health insurance premiums under the Affordable Care Act projected to rise sharply-and in some states exceeding 60%-many enrollees could face a staggering 75% hike in out-of-pocket costs if enhanced federal subsidies expire. Factors such as ongoing medical inflation, rising prescription prices, and hefty insurer rate increases are complicating the landscape, thereby necessitating strategic financial planning for employees approaching early retirement or anticipating major healthcare needs. Click here to learn more

Social Security remains a pivotal topic in modern political discourse, with imminent changes poised to affect millions, including Boyd Gaming employees. As the program contemplates potential reforms, understanding the nuances of these upcoming adjustments is crucial. Post-2025, several significant alterations to Social Security are expected, impacting financial planning and stability.

Anticipating the Cost of Living Adjustment (COLA) for Boyd Gaming Employees

Initially, an annual Cost of Living Adjustment (COLA) is anticipated. The Social Security Administration (SSA) calculates COLA based on the Consumer Price Index (CPI) increases during the third quarter of each year. While the definitive COLA figures for 2025 won't be published until October 2024, current forecasts by the Senior Citizens League suggest a 2.6% increase. This moderate rise, still above the Federal Reserve's long-term inflation target of 2%, could enhance the purchasing power of Social Security benefits, offering Boyd Gaming employees some solace after the higher inflation rates that began in 2021.

Full Retirement Age Changes Impacting Boyd Gaming Employees

Another significant shift is the gradual increase in the full retirement age. Established by a Congressional Act in 1983, the full retirement age is progressively extending to 67. For those born in 1954, the full retirement age was 66. However, this threshold increases by two months each year for individuals born after 1954. By 2025, those born in 1958 will reach their full retirement age at 66 and 8 months, while those born at the start of 1959 will reach 66 and 10 months. Boyd Gaming employees need to be aware that this measure directly impacts the calculation of monthly benefits, whether claimed at full retirement age or deferred until age 70.

Social Security Contribution Adjustments for Boyd Gaming Employees

Additionally, changes to Social Security contributions are on the agenda. Typically, individuals contribute 6.2% of their wages to Social Security, matched by their employer for a total of 12.4%. However, there's a cap on taxable income, adjusted annually based on wage inflation. For 2024, this cap was set at $168,600, with any income above this limit exempt from Social Security taxes. Projections for the coming year, aligned with COLA adjustments, suggest a slight increase in this cap due to lower inflation rates, potentially leading to higher tax burdens for high-income earners at Boyd Gaming.

Strategic Planning for Boyd Gaming Employees Nearing Retirement

While these changes predominantly impact those nearing or already at retirement age, they are also relevant for active Boyd Gaming employees, affecting their future benefits and tax liabilities. Often, many are not fully aware of potential enhancements to their Social Security income. For instance, certain strategies could significantly increase annual retirement income. This opportunity highlights the importance of informed planning and engaging with available resources to effectively maximize Social Security benefits.

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Staying Informed on Social Security Adjustments

As the Social Security landscape evolves each year, staying informed and proactive in analyzing these changes is vital to optimize financial planning. The adjustments slated for 2025 underscore the dynamics of this essential program and the need for meticulous preparation to ensure a stable and comfortable retirement for Boyd Gaming employees.

Income Limits and Working While Receiving Social Security Benefits

In addition to the anticipated adjustments, beneficiaries should be aware of modifications to Social Security's income limits. For those continuing to work while receiving benefits before reaching full retirement age, the earnings test limit is expected to increase in 2025. This adjustment allows Boyd Gaming employees to earn more through their work without losing Social Security benefits, offering greater flexibility and financial comfort during the transition to full retirement. According to the 2024 Social Security Administration Fact Sheet, this adaptation aims to accommodate economic changes and support retirees' engagement in the workforce.

Observing the forthcoming Social Security changes for 2025 is akin to preparing for a seasonal transition in gardening. Just as a gardener anticipates the first frost and modifies their planting schedule, Boyd Gaming employees nearing retirement need to adjust their financial plans. The forecasted cost of living adjustment (COLA) resembles the slow release of essential nutrients needed for plants' survival amid temperature fluctuations, thus providing necessary aid to retirees' budgets. Simultaneously, the gradual increase in full retirement age reflects the practice of planting perennials, which require time to reach their full bloom. Lastly, the adjustment of the tax ceiling is similar to pruning—ensuring one does not remove too much from their earned income, thus promoting better financial health upon retirement. Just as gardeners prepare their tools and knowledge for the upcoming season, it's crucial for Boyd Gaming employees gearing up for retirement to equip themselves with information to optimize their benefits.

What is the 401(k) plan offered by Boyd Gaming?

Boyd Gaming offers a 401(k) plan that allows employees to save for retirement by contributing a portion of their salary on a pre-tax basis.

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

You can enroll in Boyd Gaming's 401(k) plan by completing the enrollment form provided by the HR department or through the employee benefits portal.

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

Yes, Boyd Gaming offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

What is the maximum contribution limit for Boyd Gaming's 401(k) plan?

The maximum contribution limit for Boyd Gaming's 401(k) plan follows IRS guidelines, which may change annually. Employees should check the latest limits each year.

When can I start contributing to Boyd Gaming's 401(k) plan?

Employees at Boyd Gaming can start contributing to the 401(k) plan after completing their eligibility requirements, typically within the first few months of employment.

Can I change my contribution percentage in Boyd Gaming's 401(k) plan?

Yes, employees can change their contribution percentage at any time by submitting a request through the employee benefits portal or HR.

What investment options are available in Boyd Gaming's 401(k) plan?

Boyd Gaming's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

How often can I change my investment choices in Boyd Gaming's 401(k) plan?

Employees can change their investment choices in Boyd Gaming's 401(k) plan as often as they wish, subject to any trading restrictions set by the plan.

Is there a vesting schedule for Boyd Gaming's 401(k) matching contributions?

Yes, Boyd Gaming has a vesting schedule for matching contributions, which means that employees must work for a certain period to fully own the employer's contributions.

How can I access my Boyd Gaming 401(k) account?

You can access your Boyd Gaming 401(k) account online through the employee benefits portal or by contacting the plan administrator for assistance.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Boyd Gaming announced a restructuring plan to reduce operational costs by 10% over the next year, including potential layoffs in non-core departments. The company is also reviewing its pension plan to ensure sustainability amidst current economic pressures.
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For more information you can reach the plan administrator for Boyd Gaming at 3883 Howard Hughes Pkwy Las Vegas, NV 89169; or by calling them at +1 702-792-7200.

*Please see disclaimer for more information

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