The shape of happiness over the life cycle is in the news. Several studies involving a large number of Americans and Europeans suggest that happiness is U-shaped. Apparently, happiness declines from the late teens through the fifties, and then it increases until the last few years of life, when it declines once again. The studies also suggest that this finding is not universal, but applies mostly to rich countries. Interestingly, students of happiness curves include a large number of economists. Starting with Franco Modigliani (1918-2003), the so-called life-cycle hypothesis has been used to explain people’s consumption and saving patterns over their lifetimes. According to Modigliani, consumers would aim for a stable level of consumption through their lifetimes, which could be achieved by saving during their working years and spending during their retirement. He received a Nobel prize in economics in 1985 for his work. Returning to the shape of happiness, it stands to reason that it increases with retirement, and especially if savings are adequate to maintain reasonably stable consumption. The decline in happiness in the last few years also stands to reason, for it has to do with illness and the approaching demise. Why am I going on and on about the U-shaped happiness curve, though? I am rejoicing at my early retirement, which was my first step up the happiness curve. Besides, there is no sign of terminal illness in my life yet! And the happiness curve is climbing ever more precipitously as I get longer in the tooth!