Aim As the aging population (including baby boomers) retires, its members face the problem of retirement security. Social security, including the national pension, is the most important source of retirement security and thus directly affects the well‐being of retired older adults. We investigated the relationship between national pension receipt and quality of life (QoL) among Koreans aged 60 years or older. Methods We used data from the Korean Longitudinal Study of Aging obtained in 2006–2012 from 340 baseline individuals who had retired. We measured QoL using a visual analog scale. A generalized estimating equations model was used to carry out a longitudinal regression analysis on longitudinal data. Results When participants who received a national pension were used as the reference group, those participants who did not receive a national pension had a QoL of –4.40 (SE = 1.73; P = 0.0109). Additionally, individuals without a national pension and with a low household income showed the most drastic decrease in QoL (–10.42; SE = 4.53; P = 0.0214). Individuals without a national pension and with a low wealth level showed a considerable decrease in QoL compared with individuals with national pension and with a low wealth level (–8.34; SE = 4.14; P = 0.0438). Conclusions National pension receipt among retired older adults influences QoL, and the present results suggest that guaranteed income is very important to retired older adults with a low economic status. Thus, we require national pension schemes that aim to address retirement security for these individuals. Geriatr Gerontol Int 2017; 17: 1205–1213.