The 'secret ingredients' which could secure a happy later life for Britons

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.

© Getty A retired couple dancing outside

Michael Finke, a professor of wealth management at The American College of Financial Services, believes that what you spend money on matters.

He said people think that they want to buy a dream home or live abroad but what makes retirees happiest is spending money socialising with other people.

Mr Finke explained: “What makes us happy during our working lives are not necessarily the things that will make us happy when we retire.

“Oftentimes what makes us happy is being around other people. Things like driving around in an RV or buying a home in the mountains can make us less happy if it results in social isolation.”


Inheritance tax: Expert’s top tip for how savers could get ‘£18,000’ tax break [INSIGHT]

DWP update: Thousands could be entitled to Employment Support Allowance worth £450 a month [UPDATE]LinkGet 1% cashback and 5% on your savings! There is a catch, though [WARNING]

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.”

© Express ultra wealth infographic

The four ‘secrets’ to a happy retirement:

  • Start saving now – Saving money can make you feel happier, according to researcher Elizabeth Dunn
  • Focus on paying off your mortgage – Dunn also recommends overpaying your mortgage as this leaves people as much as four times happier
  • 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.

Internet Explorer Channel Network
News Related


Soaring prices force Glasgow climate delegates to stay in Edinburgh

Cop26 summit Glasgow Glasgow’s “gold rush” has spread to Edinburgh ahead of Cop26 with locals charging attendees accommodation bills of more than £30,000. Around 30,000 people are expected to join ... Read more »

Iztapalapa: How Mexico City's most dangerous borough is breaking the stigma

© Quetzalli Nicte Ha. (EL PAÍS) The cable car in Iztapalapa. On October 9, actress Mercedes Hernández won a coveted Ariel Award for her role in the film Sin señas ... Read more »

Jeff Bezos may have lied to Congress about Amazon's practices, five House lawmakers claim

© AFP via Getty Images GettyImages-1142462855.jpg Lawmakers have written to Amazon CEO Andy Jassy to accuse the company’s senior executives including founder Jeff Bezos of lying or misleading the House ... Read more »

EU denies nuclear talks with Iran in Brussels, contradicting Tehran

© Iranian foreign ministry, AFP The EU will not hold talks in Brussels on Thursday with Iran on restarting negotiations over the nuclear deal, a spokeswoman for the bloc said, ... Read more »

Gal Gadot Talks Reporting Joss Whedon for His On-Set Comments: 'My Sense of Justice Is Strong'

© Greg Williams Gal Gadot had no qualms about speaking out against Joss Whedon. In an interview with ELLE for its November Women in Hollywood November 2021 issue, the 36-year-old actress recalls how quickly ... Read more »

Giant refugee puppet Little Amal to arrive on UK beach for last leg of European journey

© ANDRE LIOHN Little Amal is nearing the end of her journey. A giant moving puppet that has traversed Europe over four months on stilts will reach the final leg ... Read more »

U.S. manufacturing output declines in September

© Reuters/Charles Mostoller FILE PHOTO: Autonomous robots assemble an X model SUV at the BMW manufacturing facility in Greer WASHINGTON (Reuters) – Production at U.S. factories unexpectedly fell in September ... Read more »

Universal Credit claimants could be due £600 DWP payment after PIP rule change

PIP is a benefit scheme which is available to anyone who suffers from a long-term physical or mental condition or disability, with the payment going directly to the financial costs ... Read more »

More super Saturdays await Cole Palmer at Man City as Pep Guardiola dusts off winning formula

It’s fair to say that as Saturdays go, Cole Palmer’s was a pretty good one. The young Manchester City talent found himself named on the bench for the Blues’ Premier ... Read more »

Pep Guardiola makes prediction about Cole Palmer development at Man City

Pep Guardiola says that he and Manchester City “believe” in exciting young talent Cole Palmer after his remarkable weekend. The 19-year-old Wythenshawe lad made his second Premier League appearance as ... Read more »

Callum Wilson tells Newcastle fans to ‘stick with us' in bid for first Premier League win

Newcastle striker Callum Wilson has urged fans still awaiting a first Premier League win of the season to stick with their team as they attempt to halt their slide. © ... Read more »

'I'm sure of it' - Luke Hatfield delivers confident verdict regarding Wolves' transfer plans

Wolves will make a centre-back signing in the January transfer window, according to reliable Express & Star journalist Luke Hatfield. © Provided by Transfer Tavern General view inside the Molineux ... Read more »

Danny Cowley issues battle cry to his Portsmouth players

© Provided by Football League World League One – Portsmouth v Accrington Stanley Portsmouth face off against Ipswich in midweek in a crunch League One clash and Pompey boss Danny ... Read more »

How will COP26 impact Celtic and Rangers fixtures?

For an event of the scale of COP26, the knock-on effects are being felt in various areas across the city. © The climate conference is expected to attract over 100 ... Read more »

Storm Maring toll: 40 reported deaths, 22 towns, cities under state of calamity

© Provided by BusinessWorld REPORTED deaths due to floods and landslides triggered by severe tropical storm Maring, with international name Kompasu, has reached 40 while 11 others were missing and ... Read more »

Transport dep't eyeing to increase subsidy for PUVs amid fuel price hikes

© Provided by BusinessWorld THE TRANSPORTATION department on Monday said it is planning to increase the incentives it provides, through the service contracting program, to public utility vehicle (PUV) operators and drivers ... Read more »

Girl, aged 6, falls to death from hotel room

© Provided by New Straits Times GEORGE TOWN: A 6-year-old girl fell to her death at a hotel in Tanjung Bungah, here, this morning. Sources said the child could have ... Read more »

Italy's president criticizes violent COVID-19 pass protests

FILE – In this Friday, Oct. 15, 2021 file photo, port workers gather during a protest in Trieste, Italy. Italy’s president on Monday strongly criticized the violent protests that have ... Read more »

Freed murderer charged in Florida with slaying of single mom

Missing Woman Slain (ASSOCIATED PRESS) Police have charged a convicted murderer who was released from prison last year with the slaying of a South Florida woman whose body was found ... Read more »

1 killed, 7 hurt in shooting near Grambling homecoming event

GRAMBLING, La. (AP) — Officials at Grambling State University have blamed “outsiders” for a recent spate of violence on campus, including a shooting that left one person dead and seven ... Read more »

Arkansas man allegedly beat son to death with a rock then stabbed police officer before being shot

An “extremely violent attack” in Arkansas early Sunday morning left three people, including a teenage boy, dead and a police officer hospitalized. Police responded to a Fort Smith home around ... Read more »

Expo 2020 Dubai: UAE astronauts dreamt of reaching the stars since childhood

© Provided by Khaleej Times Expo 2020 Dubai: UAE astronauts dreamt of reaching the stars since childhood Emirati astronauts Sultan Al Neyadi and Nora Al Matrooshi got candid on how ... Read more »

Who are 400 Mawozo? Notorious Haiti gang blamed for kidnapping missionaries

© VALERIE BAERISWYL Haitians demonstrate in Port-au-Prince, demanding human rights amid an upsurge in kidnappings perpetrated by gangs. AFP A notorious Haitian gang known for brazen kidnappings and killings has ... Read more »

Pope Francis condemns 'lack of empathy' towards global hunger crisis

© REMO CASILLI Pope Francis voiced concern over global hunger and the ‘silent pandemic’ of chronic anxiety affecting young people. Reuters Pope Francis has criticised the lack of attention towards ... Read more »

Bersih moots voting over 3 days for Melaka polls

© Provided by Free Malaysia Today Electoral watchdog Bersih 2.0 has called for a special lane for fully-vaccinated voters. PETALING JAYA: The Election Commission (EC) has been urged to spread ... Read more »

Kriti Sanon gives ethnic look a modern ruch in pearl white Sukriti & Akriti gown; Yay or Nay?

Kriti Sanon and Rajkummar Rao starrer Hum Do Hamare Do is all set for Diwali release. The stars are busy promoting the movie and have been serving exciting fashion looks ... Read more »

New party led by Ismail Sabri's brother skips Melaka polls, to campaign for ruling coalition

© Provided by Malay Mail Parti Kuasa Rakyat (Kuasa) president Kamarazaman Yaakob speaks during an interview with Malay Mail October 15, 2021. — Picture by Choo Choy May KUALA LUMPUR, ... Read more »

'Bold' titles break taboos at Saudi book fair

© Fayez Nureldine An Arabic book titled “The Sociology of Homosexuality” (C) on display at the Riyadh International Book Fair, where works on long taboo subjects like intimacy, secularism and ... Read more »

Polish PM warns EU leaders of threat to bloc's future

© JOHANNA GERON Polish PM Mateusz Morawiecki warned of “a very dangerous phenomenon whereby various European Union institutions usurp powers they do not have under the treaties and impose their ... Read more »

Competition for surgical staff hitting recruitment

© BBC Manx Care said competition from UK hospitals had lead to recruitment issues Competition for specialist theatre staff as a result of the coronavirus pandemic meant there was no ... Read more »

Centre-left poised to win Italian mayoral run-offs as right flounders

© Reuters/REMO CASILLI FILE PHOTO: Italy holds elections for mayors and councillors By Gavin Jones and Angelo Amante ROME (Reuters) -Centre-left candidates looked set to win resounding victories in mayoral ... Read more »

Shocking Hibs deserved Jack Ross baring his fangs and our season is in danger of nosediving – Tam McManus

Lazy, slow and selfish. All that was missing was fat and Jack Ross would have had a full house on the Tam McManus bingo. Listening to him slaughter his players ... Read more »

Hearts reveal extent of hard running by players in draw with Rangers as one star covers 12.6km

The hard work in and out of possession ensured Robbie Neilson’s men stayed with Scottish champions before Craig Halkett earned the Tynecastle side a point with a late equaliser. © ... Read more »

Sebastian Vettel shares his 'easiest' retirement plan from F1 as he contemplates future

Sebastian Vettel knows what “the easiest way out” of F1 would be as he contemplates his future. Vettel, a four-time world champion, struggled at Ferrari in 2020 but then defied ... Read more »

Arsenal make William Saliba decision as he aims "pressure" message at Mikel Arteta

Arsenal will reportedly not recall William Saliba from Marseille in January as a mid-season return is ‘out of the question’. The centre-half is enjoying his loan spell at the Stade ... Read more »

Regional Liberals make case for Nationals to back net zero emissions target

© Provided by ABC NEWS Warren Entsch says the benefits of “moving for a decarbonised society far outweigh any of the negatives”. (ABC News: Ian Cutmore) Regional Liberals are making ... Read more »

West Brom injury update on Mowatt, Diangana & an O'Shea boost

Like all other clubs in the EFL, West Brom will have to deal with missing players at various points of this season. These 46-game campaigns are gruelling and demanding, and ... Read more »

UFC fans bemused by Dominic Cummings advice to Nate Diaz over Dana White

Former chief adviser to the Prime Minister Dominic Cummings has given UFC fighter Nate Diaz advice on his next move in the sport. 49-year-old Cummings left his Downing Street position ... Read more »

Diego Simeone shoots down Jurgen Klopp criticism with blunt response to Liverpool manager

Diego Simeone was in no mood to dredge up a war of words with Jurgen Klopp ahead of Atletico Madrid hosting Liverpool on Tuesday. The Reds head for the Spanish ... Read more »

TikTok star Clinton Kane robbed at gunpoint: ‘I was peeing my pants'

Australian TikTok star Clinton Kane claims he and his friends he were robbed at gunpoint while visiting San Francisco for a documentary shoot. Clinton Kane Instagram He almost had a ... Read more »