Nationwide joins as a key partner to improve older adults’ financial well-being
Arlington, VA, June 19, 2019 — Today, the National Council on Aging (NCOA), a trusted national leader working to ensure that every person can age well, announced it has reached its goal of improving the lives of 10 million individuals by 2020—one year early. It also has set a new goal of helping 40 million by 2030, and it has welcomed Nationwide as an important new partner to achieve this vision.
“By 2030, 93 million Americans will be aged 60 and older. Now is the time to set bold goals and form strategic partnerships to ensure that every person is able to age well,” said NCOA President and CEO Jim Firman. “We’re excited to be working with Nationwide to improve the financial well-being of all older adults.”
The average 65-year-old today will live another 20 years. While this new-found longevity is a bonus, it also poses challenges when it comes to affording a longer life and staying healthy and independent as long as possible.
“We know that millions of older adults are financially insecure, or at risk of becoming so in the future,” Firman explained. “Meanwhile, 80% also are coping with at least one chronic health condition. Our partnership with Nationwide will enable us to reach older adults with trusted information, tools, and resources to empower them to improve their financial health today—and as they age.”
NCOA and Nationwide will work together to create a unique digital financial wellness platform that will guide individuals through key decisions that can help make their money last longer and empower them to stay independent. These include maximizing health care insurance coverage, managing debt, exploring work options, and applying for public and private benefits programs. Nationwide is the first platinum sponsor of the platform to be launched in 2020.
“With a history of strength and stability dating back more than 90 years and a focus of guiding advisors to break down and simplify complex retirement challenges, we understand what it means to help people prepare for living well in retirement,” noted Kristi Rodriguez, leader of the Nationwide Retirement Institute. “There’s a natural match of missions and values between NCOA and Nationwide that makes this partnership genuine in intentions and structured for results. Our research and coaching in the areas of Social Security, health care, long-term care, and tax efficiency, combined with NCOA’s expertise in the needs of aging Americans will bring solutions to the almost 100 million who deserve to live with economic security.”
A Nationwide Retirement Institute survey conducted by Harris Poll found only 45% of future retirees are planning on talking about health care costs with a financial advisor, which is less than those wanting to talk about taxes (59%) and retirement costs (58%). In addition, two-thirds of future retirees wish they understood Medicare coverage better.
Founded in 1950, NCOA is the longest-serving national organization focused on aging. In 2010, it set a goal to improve the health and economic security of 10 million individuals by 2020—both through its online tools and in the community working with thousands of local partners. As of June 2019, NCOA has met that goal one year early.
In calculating social impact, NCOA counts individuals served by the organization and its partners who:
- Realize a reduction in expenses and/or increase in income equaling at least $1,200 per year
- Complete an evidence-based program proven to deliver improvements to health and well-being
- Are able to remain in the community instead of being relocated to a nursing home
- Directly benefit (as defined above) from a policy change that would not have happened without NCOA’s leadership
“We are incredibly proud of the work we’ve achieved so far, but we know that given the demographics, we can’t stop now,” said Firman. “That’s why we’ve set an even more ambitious goal—to improve the lives of 40 million individuals by 2030. But we can’t do it alone. We are grateful that Nationwide shares our passion, vision, and values and has joined our movement to ensure aging well for all—and we encourage other organizations to do the same.”
Nationwide, a Fortune 100 company based in Columbus, OH, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess and surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.
Nationwide and NCOA are separate and non-affiliated companies.
The National Council on Aging (NCOA) is a trusted national leader working to ensure that every person can age well. Since 1950, our mission has not changed: Improve the lives of millions of older adults, especially those who are struggling. NCOA empowers people with the best solutions to improve their own health and economic security—and we strengthen government programs that we all depend on as we age. Every year, millions of people use our signature programs BenefitsCheckUp®, My Medicare Matters®, and the Aging Mastery Program® to age well. By offering online tools and collaborating with a nationwide network of partners, NCOA is working to improve the lives of 40 million older adults by 2030. Learn more at ncoa.org and @NCOAging.