The secret ingredients to a happy retirement’: Four things experts swear by

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    Financial planner Wes Moss knows a thing or two about investing, he’s just written a book called What the Happiest Retirees Know and he says it’s not all about money. Moss said that money will buy people happiness but only up to $500,000 (£365,363), after that he says, it wears off and he’s done the research to prove it.

    According to CNBC experts recommend four things people can start doing straight away to ensure they can relax happily at age 65 plus. The first thing is to start saving – because saving money can make you feel happier, according to researcher Elizabeth Dunn co-author of Happy Money: The Science of Happier Spending.

    She recommends breaking saving goals into smaller bite-size pieces because taking this approach makes it easier for habits to stick.

    She said: “Just taking the time to create a savings account may have an immediate impact on your overall happiness.”

    Dunn also recommends overpaying one’s mortgage as this leaves people as much as four times happier when it comes to retirement.

    “The psychological side of not having a mortgage, perhaps is even more powerful [than the money side], and kind of outweighs the financial argument to not pay it off,” she said.

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    It’s definitely not all about money but that said having more than one income stream is a key to happiness in retirement, Moss said.

    He added: “There’s a real power in this diversification of different income streams.

    “It can provide a lot of comfort to someone who may worry about relying on one wage.

    “In addition to investment income, which would come from your retirement account and potentially additional investments accounts, owning a rental property is a great way to earn extra money in retirement.”

    • Spend money on what makes you happy – it might not be the same as when you were working says Michael Finke, a professor of wealth management at The American College of Financial Services
    • Have multiple income streams – having more than one income stream is a key to happiness in retirement, Wes Moss advises.

    So it would seem there isn’t one magic ingredient, but four things you can adopt now to ensure a happy retirement when you reach pension age – after all no-one wants to scrimp and scrap when they reach 65 plus. 



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