3 habits shared by happy retirees—and why you should start doing them now

Wes Moss says retirement well-being depends on more than the size of a nest egg. He argues that younger workers can improve their odds by building financial security, identifying pursuits that give life purpose, and maintaining close relationships before retirement arrives.

Reading notes

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• Start investing early, because compounding makes the target easier to reach over time, and an underfunded retirement makes it harder to finance your planned lifestyle.
• Moss uses a $1 million portfolio as a general rule of thumb, while saying the right target depends on retirement length, other income, and the cost of the life you want.
• Find passions to pursue, since happy retirees tend to have five or more core pursuits that give them purpose and fulfillment.
• Build a list of activities you have not done yet but would like to try or learn, and put them on paper as possible retirement pursuits.
• Cultivate community by keeping close friendships, because happy retirees are much more likely to say they have enough close friends.
• Moss says five or more close friendships are associated with a higher chance of a happier retirement, and that social habits matter as much as saving for a 401(k).