America may be becoming the land of the free and the home of thegrey as more adults are living longer lives.

According to the Administration on Aging, the number ofcentenarians more than doubled between 1980 and 2013. But lifespansaren’t the only thing increasing – so are the expenses that manyolder Americans face.

Retiree health care costs have surged exponentially – theEmployee Benefits Research Institute (EBRI)estimates that the average healthy 65-year-old man will need$124,000 to handle future medical expenses. For a healthy woman ofthe same age, the expected amount is $140,000.

Related: Financial literacy boosts retirementpreparedness, study shows

Many of these extra years – or decades – will be spent inretirement, so it’s crucial that Americans plan to have the incomethey need not only to retire, but to last throughout a potentiallylong retirement.

Since many adults use employer-sponsored retirement plans as asource of retirement funding, plan sponsors are in a key position toact as retirement “coaches” by encouraging employees to plan aheadand help them plan for their financial security in retirement.

Engage employees early and often

We have found that employers are a trusted source of financial information foremployees. Plan sponsors can leverage this trust to engageemployees with a variety of programs and tools that help themunderstand their future retirement income needs.

A plan sponsor’s role as coach begins when employees begin theircareers by providing financial education. Education can helpnew employees recognize the importance of contributing to aretirement plan and the benefits of saving early, as well as helpto optimize employee participation in retirement programs.Education designed for mid-career employees, and those nearingretirement, can cover more complex topics as they encounter lifeevents that require a change to their road map for retirement.

And if employees can get started earlier in their careers, thereis an increased likelihood that employees will have a positiveretirement experience. A recent survey among current TIAA retirees found that those whobegan retirement planning before age 30 are more likely to retirebefore the age of 60, and 75 percent say they are very satisfiedwith their retirement.

Coach employees through education and advice to create aretirement road map

Many Americans need help in setting and achieving theirretirement goals – a recent survey found that 29 percent ofAmericans are saving nothing at all for retirement. It’s importantto develop a retirement coaching strategy that can help putparticipants in the right frame of mind and offers the resourcesthey need to establish clear retirement goals and a road map forachieving those goals.

Many people think about their retirement savings in terms ofaccumulation – how much of a “nest egg” they’re able to build tofund their retirement. But employers should help their employeesthink about their retirement savings in terms of the amount ofincome they will have each month to cover their livingexpenses. Having a source of guaranteed lifetime income can helpemployees mitigate the risk of outliving their retirementsavings.

As a rule of thumb, most employees will need between 70 percentand 100 percent of their pre-retirement income. If employeesfind they are not on track to meet this ratio, plan sponsors canhelp identify the necessary actions to increase the chance ofsuccess. For example, employees may need to increase their savingsrate. Plan sponsors can help by encouraging employees to saveenough of their own dollars to get the full employer match. Ifemployees already are saving enough to get the full match, theythen should aim to increase their contributions each year untilthey are saving the maximum amount allowed. Many employeesolder than 50 also can take advantage of catch-up provisions tosave additional funds.

Perhaps the most important function of education is to driveemployees to receive personalized advice from a licensed financialconsultant supporting the employer’s retirement plan. This is wherethe road map is created, with the advisor providing turn-by-turnguidance. For most employees, an annual meeting can help keep themon track.

Why is it important to “coach” employees to create the road map?Simply put, it can improve both plan outcomes and the employees’retirement outcomes. Advice is proven to positively correlatewith positive action – enrolling, saving or increasing saving oroptimizing allocations. (See this Retirement Readiness research for moreinformation). Individuals who have discussed retirement with an advisor are muchmore likely to “run the numbers” and calculate how much incomethey’ll need in retirement – 79 percent versus only 32 percent whohave not met with an advisor.

Helping employees along the road to retirement is a win-win foremployees and plan sponsors, even beyond the fiduciaryrequirements. A 2015 EBRI report found that 54 percent ofemployees who are extremely satisfied with their benefits, such astheir retirement plan and health insurance, also are extremelysatisfied with their current job. Similarly, a 2013-2014 Towers Watson study revealed thatnearly half (45 percent) of American workers agree that theirretirement plan is an important reason why they choose to stay withtheir current employer. Establishing strong connections betweenemployees and their retirement plans may aid employers’ retentionefforts.

Supporting employees on their retirement readiness journey

Once employees have a better sense of the actions they need totake, plan sponsors can provide additional support by highlightingthe investment choices that may help employees achieve theirdesired level of income. Many employees may understand how to save,but they are far less familiar with how and when to withdraw anduse their savings after they have stopped working. Offering accessto lifetime income options, such as low-cost annuities, through theplan’s investment menu can help employees create a monthlyretirement “paycheck” that they can’t outlive.

The peace of mind that these solutions offer can last alifetime, too. A survey among TIAA retirees found that thosewho have incorporated lifetime income solutions into theirretirement have been satisfied with that decision. Among theretirees with a fixed or variable annuity, 92 percent are satisfiedwith their decision to annuitize.

Employers also should set a benchmark for regularly evaluatingemployees’ progress toward their retirement goals. This will allowemployees to monitor their retirement outlook and identifyopportunities to adjust their savings strategy so they don’t veeroff their retirement road map.

Remember the emotional aspect of retirement

In addition to the financial aspects of retirement planning,it’s important to factor in emotional considerations. Offering amentoring program, one-on-one advice and guidance sessions, orworkshops and seminars to guide people on how to navigate thismajor milestone could be helpful for new retirees.

For some employees, going from working full time to not workingat all may be a too abrupt change. Employers may want to consideroffering a phased approach to retirement that gives employees theopportunity to work part time or consult to help ease thetransition. An alumni program that offers occasional reunions orother programming can help retirees still feel connected to theirorganization for many years after they stop working.

Employers are uniquely positioned to guide employees through theretirement planning process, from early in their careers to theirlast day in the office – and beyond. It’s not enough to simply getemployees to retirement: Plan sponsors need to help them getthrough retirement as well. Establishing a coaching mindset can bean effective way to actively engage employees in retirementplanning and help them see that the end of their working careerscan be the beginning of a wonderful new stage of life.

TIAA-CREF Individual & Institutional Services, LLC,Teachers Personal Investors Services, Inc., and Nuveen Securities,LLC, Members FINRA and SIPC, distributesecurities products. The material is for informationalpurposes only and should not be regarded as a recommendation or anoffer to buy or sell any product or service to which thisinformation may relate. Certain products and services may not beavailable to all entities or persons. C32892