Book Review: You Can Retire Sooner Than You Think

There is good news for retirees. It does not take as much money as you may think in order to have a happy retirement. Investment adviser Wes Moss, in his book "You Can Retire Sooner Than You Think," decided to stop focusing on how much money future retirees can accumulate. He realized there was a diminishing return when people spent their lives just trying to save more and more money. Instead, Mr. Moss decided to investigate what it takes to simply have a happy retirement. It appears there really is some truth to the concept that "you can't take it with you" when you die. You don't need unlimited resources; you just need enough to be happy.

In addition, there are other factors which may be as important, or even more important, than having a huge bank account. Issues such as staying connected with others and enjoying activities you are passionate about may be just as important.

In order to find out what people needed to accumulate or behaviors they needed to develop in order to be happy in retirement, Mr. Moss conducted an online survey of approximately 1200 people who had either retired already or were within 10 years of retirement. His survey covered a wide variety of topics including the types of cars they drove, their favorite stores, the amount of equity they had in their homes, and their retirement savings. He also asked about the ways they enjoyed spending their free time ... their passions.

The results of his research are fascinating. Some people will be encouraged by what he discovered; others may feel discouraged. However, everyone who reads his book will have some achievable goals to strive towards if they want to have a happy retirement, too.

Here is just a small sampling of his more interesting findings:

* Once people had saved $500,000 in retirement savings, they were no happier than people who had accumulated much more. That seemed to be the "sweet spot." People who had saved less could also be happy, if they developed some of the behaviors which kept them socially engaged.

* He discovered that people who have three or four activities they really enjoy are happier than people who only have one or two. It also seems to be important for retirees to find activities which are socially engaging or altruistic, such as volunteering.

* People who have paid off their mortgage are happier than those who have not. This may be because they are under less financial stress.

* Having multiple streams of income is beneficial, rather relying solely on Social Security. People who have a pension, investment income and/or a part-time job are happier than those who only rely on only one or two sources of retirement income. Perhaps they feel more comfortable knowing they are not dependent on just one income stream, even if that means they have to continue to work during retirement.

* A retirement income of about $53,000 a year seems to be ideal. Of course, this may depend on other factors, such as where you live, whether or not your house is paid off, and other debts and expenses you may be carrying. However, $53,000 in Social Security benefits alone is realistic for retired couples who had two incomes for most of their lives. Others can realistically achieve that amount when a part-time retirement job or investment income is added to their Social Security benefits.

To discover more of the very interesting facts he discovered, I highly recommend that both retirees and people who are planning to retire someday should read this book ... and start planning their own happy retirements.

The more you know, the better off you will be. The research that this author has put into the subject is fascinating ... and will help millions of people enjoy their retirement years more.

Learn more about the research that this author has done.