As more Americans are planning for retirement, the top question they are asking is: How much money will I need to last the rest of my life?
Wes Moss, sat down with Yahoo! Finance to share the importance of preparing for retirement and preparing in a way that can allow you to retire happy.
“I wanted to go beyond simple income numbers,” Moss says. “I wondered what it really takes to get somebody to a point where they truly feel they have a cushion and they are also enjoying life.”
The tips the Moss provided Yahoo came from his book You Can Retire Sooner Than You Think. A book that was based on research that Moss and advisors from Capital Investment Advisors completed in 2012. The online survey of more than 1,200 workers addressed individuals who had either already retired or were fewer than 10 years away from retirement. He asked them questions about what type of cars they drove, where they shopped, how much their homes were worth, and, of course, how much they had saved for retirement.
3 tips that came from the study included:
1. Retirees’ happiness hit a wall once they reach $500,000 in savings.
2. Happy retirees fill their time with three to four “core pursuits.”
3. Happy retirees pay off their mortgage early.
Read the remaining tips and details in the original article on Yahoo! Finance.