Retirement life is becoming longer, and older individuals require more financial and social support to maintain overall life satisfaction. Providing social insurance benefits to older people is crucial to enhancing their financial well-being and life satisfaction. This study examines the relationship between social insurance, including long-term savings and retirement benefits, and life satisfaction in pre- and postretirement adults aged 45–59 years and 60 years and above, respectively, using the Longitudinal Aging Study in India (LASI), wave I. The study finds a positive and significant association between social insurance and life satisfaction among older adults. The coverage and expectation of receipt of pension benefits the preretirement age group the most. The findings suggest the need to expand the spectrum of social insurance to include workers who are not eligible for such benefits, such as those in the informal sector. Additionally, financial literacy and long-term financial planning can help bring these individuals into the mainstream and benefit from social insurance. Providing social insurance benefits is vital for older people to maintain their financial independence and enjoy their remaining years with high satisfaction levels.