Money Magazine recently shared tips from Wes Moss’ book. “Once you reach a certain level, more money doesn’t buy a lot more happiness,” says Moss.
The 5 secrets shared in the article include research from Moss’ survey of more than 1,400 retirees in 46 states. Moss found that the happiest ones had the highest net works but that money’s power to boost your mood diminished after $550,000.
The 5 secrets are:
1. Create a predictable paycheck. According to Moss, where your income comes from is just as important as how much savings you have.
2. Stick with what you know. People who work past 65 are happier than their fully retired peers.
3. Find four hobbies. Busy retirees tend to be happier.
4. Rent late in life. The hassles of home ownership build as you age and a house can be isolating.
5. Keep your kids at arm’s length. Living within 10 miles of their kids leaves retirees less happy.
These secrets were created from a series of studies published by the Journal of Occupational Health Psychology (2009), a Towers Watson happiness survey, and the University of Michigan Health and Retirement Study.
Read the full Money Magazine article here.