10 Keys to a Happy Retirement, According To Expert Wes Moss
Written by
Andrew Lisa
Edited by
Zuri Anderson
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Certified financial planner Wes Moss spent 20 years interviewing and studying retirees. Along the way, he’s identified 10 habits that breed happiness in retirement. Moss, the author of several books and the host of several podcasts, including the “Happiest Retirees” show, has said that he believes most retirement experts focus too singularly on money.
While sound financial health is, of course, essential, Moss has learned that there’s more to it than money — you don’t need mountains of it to be happy, and it’s more than possible to be rich and miserable.
In his book, “What the Happiest Retirees Know,” Moss outlines 10 broad themes that he believed hold the key to contentment for people in their golden years.
The Pursuit of Passion
Moss’s research found that happy retirees tend to have “core pursuits,” which he calls “hobbies on steroids.” They vary by person, but those who have them channel their passions into them, derive joy from them and improve through them.
Whether it’s gardening, rebuilding car engines, drawing or riding horses, Moss said happy retirees have an average of 3.6 core pursuits compared to less than two for unhappy ones.
Faith
Moss’s research shows that retirees who attend religious services at least once a week are 1.5 times more likely to be happy. However, Moss says the “inflection point” is two services per year — even that is enough to bring a smile in retirement.
Strong Social Connections
Moss found that “close human connections” are another crucial element — but that’s not to be confused with mere acquaintances. No matter how large their broader social group is, the average happy retiree has 3.6 close, intimate and trusted relationships, while unhappy ones have only 2.6.
Good Health and Diet
Moss found that while happy retirees have a broad range of exercise regimens and diets, most had a “nutritional game plan” and participated in physical activity. In many, but not all cases, those activities were among their core pursuits.
Love
While Moss found that single retirees can be happy — provided they have other close human connections — unmarried people are four times more likely to be unhappy. Divorce isn’t a knockout punch — at least not one — but three marriages or more cause happiness levels to plummet.
A Paid-Off Home
As mortgage balances fall, happiness levels rise. Retirees within five years of paying off their home loans are four times more likely to be happy. Most live in nice but not extravagant homes that cost just under $600,000.
Adult Children Who Are Stable, Independent and Nearby
Independent children make for happy retirees. Moss found that those who spend less on their adult children — $500 per month versus $700 — are more likely to be satisfied. When spending exceeds $2,000 per month, they’re four times more likely to be unhappy in retirement. While financial dependence is unhealthy, proximity is crucial. Those who live close to several of their kids tend to be happier than those whose kids live far away.
A Half-Million Dollars or More
Moss’s research shows that, in the great debate over net worth, $500,000 is “the inflection point” between happiness and unhappiness. If you can save a half-million bucks, you can retire happy, even if you can’t retire rich.
Modest Spending Habits
You can save a half-million, a million or $10 million if you’re able — but none of it matters if you overspend. Moss found that happy retirees of all income levels live by the 4% rule as a spending guideline.
Ongoing Investments
Happy retirees are retirees who invest. There are many paths, but Moss finds that the most common one is dividend investing. Dividend stocks let you draw income from your holdings without selling any shares — a steady stream of golden eggs without ever having to eat the goose.
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