The 9 Traits of a Happy Retirement, Ep #230

What makes for a happy retirement? According to Merrill Lynch, “Only 51% of 25–34 year old's say that they often feel happy compared to 76% of people ages 65–74.” So what makes them happy? An article entitled “Why 72% of Retirees Are Happy” talks about three financial traits and six non-financial traits of happy retirees. What are these 9 traits? Find out what they are—and if you are implementing them—in this episode of Best in Wealth. [bctt tweet="What are the 9 traits of a happy retirement? I’ll fill you in on the secret in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:05] What things make you happy? [5:19] 3 financial traits that make for a happy retirement [8:44] 6 non-financial traits of happy retirees [17:07] Why planning your retirement is important 3 financial traits that make for a happy retirement Fritz from The Retirement Manifesto grabbed his information from a book called “What the Happiest Retirees Know: 10 Habits for a Healthy, Secure, and Joyful Life.” What are the three traits? Having at least $500,000 in liquid assets: The book must be a bit older because most people want at least $1 million of liquid assets. Most should strive for $2 million or more, depending on your retirement plan. Fill in the blank: What should your number be? Having your mortgage paid off: I work with countless retirees. This definitely makes for a happier retiree. It is a large burden lifted off your shoulders. But, if you refinanced at a low rate, it might not be in your best interest to pay off your mortgage immediately. Why? You could receive a higher interest rate by putting that money in a money market or high-yield savings account. Having multiple streams of income: If you have liquid assets, it counts as an income stream. Social security is another source. Perhaps you have a pension. What about annuities or rental income? Multiple income streams are imperative. What do you think of this list? [bctt tweet="There are 3 financial traits that will make for a happy retirement. What are they? Listen to episode #230 of Best in Wealth to find out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] 6 non-financial traits of happy retirees What non-financial traits will make you happier in retirement? Curiosity: Those who have a variety of hobbies and interests tend to be happier. It keeps you busy. Curiosity leads you to try new things. Purpose: According to “What the Happiest Retirees Know,” 97% of retirees with a strong sense of purpose were generally happy compared with 76% without that same sense. You have to figure out what your purpose in retirement is. What is near and dear to you? Social connections: Humans need relationships. Retirees who are not married are 4.5x more likely to be unhappy. If you are single, you need to build relationships—and many of them. Put yourself out there and try new things to meet people. The number of friends a retiree has is more correlated with...