Money Magazine recently wrote a great article about happiness and retirement. Here are a few key take-aways:
- People rate happiness highest in their teens and twenties. Then it drops down between their 30’s and 60’s. But it rises again in retirement.
- The age at which folks are happiest, according to a study by Wes Moss, is 85!
- According to the Moss study, retirees can buy happiness. The more money in savings/investments the happier the retiree. But anything over the $550,000 level isn’t as effective at increasing happiness. There is a leveling off effect that occurs.
- Retirees have more enjoyment in spending money that comes from a pension or social security rather than spending money from investments in their 401(k)/IRA or savings.
- The Moss survey suggested that retirees with 4 hobbies are happier than those with 1 or 2.
- Retirees who find a part time job tend to have fewer major diseases. In many cases, they can find jobs that are fun or connected to a hobby.
- Retirees who rent tend to be happier than those who own their own homes
- Retirees who live within 10 miles of their children tend to be less happy than those who live farther away. The reason why remains a mystery.
- The satisfaction someone receives from spending time with friends and family is highest among those aged 65+.