When most people think about retirement, they think about saving as much money as possible. But there’s more to a happy, secure retirement than money. In their 2024 Retirement 65 Survey, Nationwide Retirement Institute® surveyed adults age 60 to 65 and found that nearly one-third of retirees indicated they might return to work. When asked why, 45% cited financial worries. But among those who had already returned to work, 46% said they returned because they were bored in retirement.¹

These findings suggest we have needs in retirement that go beyond financial. While money is critically important, retirement readiness also means ensuring we have quality social connections, a sense of purpose, and good health.

In our webinar Retiring in Confidence, Ramsey Alwin, NCOA President and CEO, and Amelia Dunlap, Vice President of Retirement Solutions at Nationwide, discussed a holistic set of three strategies that support aging well on all fronts.

3 strategies to help you prepare for life after work

Strategy #1: Stay socially active and mentally engaged

Loneliness can take a devastating toll on older adults, who face a higher risk of social isolation due to health reasons, loss of mobility, separation from family and friends, and lack of transportation. That’s why it’s important to find ways you can stay connected during retirement.

Friends and family can serve as a social lifeline when you’re retired. Work, too, can help you stay mentally active and provide a sense of purpose and satisfaction. Are you an animal person? Consider getting a pet for companionship—and an excuse to get out of the house (in one poll, 86% of pet owners said their pets have a positive impact on their mental health²).  

A great place to enrich your social connections is your local senior center. In fact, research shows people who take part in senior center programs have lower levels of depression and stress and more supportive friendships. These destinations offer a compelling mix of programming to help you stay informed, active, and engaged, such as:

• Social activities
• Congregate meals
• Educational and arts programs
• Benefits counseling and enrollment assistance
• Health education and screenings
• Transportation
• Intergenerational programming
• Volunteer opportunities

“When it comes to social connectedness, it's so important to have those circles of support, those community resources, to help us ride out different transitions, different life experiences, and key moments that we experience as we age,” Alwin explained.

Take action to improve your social engagement:

• Get the facts on senior centers and what vital services they provide.
• Find your nearest senior center by visiting the Eldercare Locator and typing in your ZIP code. Stop by and see what they’re all about!
• If you think you may work in retirement, get tips for mature job seekers and create a personalized plan to land a job you love.

Strategy #2: Prioritize your health

Health is closely intertwined with our overall well-being in retirement. Practicing healthy lifestyle behaviors—like eating well, exercising, and seeing your doctor annually can help you stay one step ahead of illness and disease.

Falls prevention is another aspect of retiring with confidence—since falls are the leading cause of fatal and nonfatal injuries for older Americans.³ Learning how to prevent falls inside and outside of your home can help you stay safe and maintain your independence for as long as possible.

Ask your local senior center if they offer falls prevention programs and other evidence-based programs that help older adults manage diabetes, hypertension, arthritis, and more.

“As you're thinking proactively about all the domains of your well-being, one strategy is to think about exercise and programs that can help you get in front of some of these challenges that we experience as we age,” said Alwin.

Take action to protect your health:

• See which preventive vaccinations and regular cancer screenings are recommended for older adults.
• Visit NCOA’s Falls Prevention resource library. Take our Falls Free CheckUp® to find out your personal falls risk and get actionable strategies for preventing falls.
• Get more tips and resources for taking care of your physical and mental health as you approach retirement.

Strategy #3: Explore all your financial options for retirement

Financial security is the critical foundation for a secure retirement. However, many people are not well-prepared for the financial realities of retirement—especially women.

NCOA’s recent What Women Say™ survey of women age 25+ found that many women, especially those with low income and in rural areas, are struggling to save for retirement. Similarly, Nationwide Retirement Institute’s In-Plan Protected Retirement Survey of 1,200 employer-sponsored retirement plan participants revealed:

• One in four women (23%) feel they’re “on the wrong track” for retirement, versus 15% of men.
• More than half of women are concerned about outliving their income in retirement (52%).⁴

These concerns are all the more reason to find ways to build a strong and diversified retirement portfolio. It’s never too late (or too early) to double-down on financial planning—but the time to act is now.

“Whether it be emergency savings and having that rainy day fund so that we're prepared … or long-term goals related to retirement and family and legacy, it's really important to make sure we’re building it in time, and we’re getting the right support to make the most of our limited dollars,” Dunlap said.

The good news? Thanks to legislative changes in recent years, there are more solutions available to help you enjoy greater financial certainty in retirement. One example, Dunlap says, are investment options that provide guaranteed income—a consistent, reliable flow of cash you can use to cover your expenses for the rest of your life.

“There are now solutions that can exist within your workplace retirement plan that give you certainty of income all the way through your lifetime … It starts to make your workplace retirement plan feel like it's giving a more pension-like income.”

Once you ensure your financial needs will be covered in retirement, you can focus on all the other aspects of your well-being and shape the next chapter you’ve always imagined.

Take action to improve your retirement financial security:

• Talk to a financial advisor, like Nationwide, to review all your options, evaluate your retirement strategy, and ensure your plan is tailored to meet your long-term retirement and savings goals.
• If you don’t have a financial advisor but have a workplace retirement plan, ask your plan provider about guaranteed income strategies for retirement.

Visit NCOA’s Work & Retirement Pathways resource library for more ways to plan for a secure retirement.

Sources

1. Nationwide Retirement Institute® Retirement 65 Survey, 2024

2. American Psychiatric Association. Americans Note Overwhelming Positive Mental Health Impact of Their Pets in New Poll; Dogs and Cats Equally Beneficial. March 1, 2023. Found on the internet at https://www.psychiatry.org/news-room/news-releases/positive-mental-health-impact-of-pets

3. Centers for Disease Control and Prevention. Older Adult Falls Data. Found on the internet at https://www.cdc.gov/falls/data-research/index.html

4. Nationwide Retirement Institute® In-Plan Protected Retirement Survey.