Happy Retirement Secrets
“10 Secrets for a Happy Retirement” was inspired by a book called “You Can Reire Sooner Than You Think” by Wes Moss. He is the host of Money Matters and Barons 2014 top financial advisor. Jeff Haden wrote “10 Surprisingly Attainable Traits of a Very Happy Retirement” for Inc.com. based on the Wes Moss book.
1. Need a healthy income but not six figures
The household income of very happy retirees is $92,000 at the peak earning years. The was for total household income not for each person. It is LESS THAN six figures.
2. You Don’t Need a Huge Income Now
The household income currently is $82,000 for happy retirees. This is a high income but it is for the household not per capita. It is still less than six figures in income.
3. You Do Need a Substantial Net Worth But Not Millions
Happy retirees have a net worth of $500,000 in liquid assts. This is fairly high but even the happist retirees did not have $600,000 in assets producing income and providing a cushion. $500,000 is like a magic number for a comfortable and happy retirement. You don’t need a million dollars for a happy retirement.
4. Do Not need a huge house
The average happy retiree had a house worth $300,000. It does not require a mansion to have a happy retirement. In some areas this would be a very modest house.
5. Happy retirees have no mortgage
Happy retirees have no mortgage. Their house is paid off. This gives one a sense of security. No mortgage means no chance of losing your home even if your income changed drastically. Pay off your mortgage early . It should be possible for nearly everyone if you make that your focus.
6. Happy Retirees Have 2 or 3 Sources of income
This makes a lot of sense. I met a man who was living on social security alone. His medication took half his income. He was in poverty. Two or three sources of income would have helped his situation enormously.
7. Happy Retirees Have a Strong Sense of Purpose in Life
It is important to have a purpose in life. And it is important to know what it is. It gives you a focus and satisfaction.
8. Happy Retirees Have 3 or 4 Core Pursuits
Happy retirees have activities that give them a good feeling about themselves and their life. it could be a hobby or a business or travel or playing with grandchildren.
9. Happy Retirees Live in the City or Suburbs
According to the research happy retirees live in the city or suburbs. 37% of “unhappy” retirees reported living in a “rural” area. We need the stimlation of being able to interact with other people. Watching television all day is not going to do it.
10. Happy Retirees Take Vacations Every Year (2 at Least)
This is one place where it pays to spend some money. The payoff is greater happiness. Vacations are both stimulating and relaxing.
Use These Secrets as a Checklist
See where you stand in each one of these areas. Then work on the ones where you are weakest. This will put you on track to be a very happy retiree. Good luck and have a happy retirement.
Purpose and Core Pursuits
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