How much difference does money make?

Money definitely matters, but it’s not everything. Research by Nobel-winning economist Angus Deaton has shown that money stops adding significantly to people’s happiness at an annual salary of $75,000. A recent survey of 1,400 retirees found that happiness tapered off after they attained $550,000 in net worth. “Once you reach a certain level, more money doesn’t buy a lot more happiness,” says financial planner Wes Moss of Capital Investment Advisors.