Many retirees downsize as a means of reducing costs and simplifying their lives. Some people move to a smaller house or a retirement community. Others simply get rid of items they no longer need.
You may sell many items to reduce clutter and boost your retirement savings if your retirement plans include downsizing. Here are some of them.
1. Your Car
Your car might still be a significant expense even after you have finished paying it off because you have to pay for gas, insurance, upkeep, and repairs. Consider selling one of the cars you and your partner have if you each have one.
Even if you only have one automobile, selling it and commuting by public transportation or ridesharing can be less expensive.
2. Your House
Where you wish to reside is a crucial decision when preparing for retirement. Your current home, which is likely your most valuable asset, may need to be sold to do this.
You can use the money to rent a smaller space, buy a smaller home, or save any extra cash. You can generate funds by downsizing your home. You’ll also save time and money because you’ll have fewer properties to maintain.
3. Your Furniture
Selling larger furniture pieces that you won’t have a place for if you move to a smaller home is a wonderful option. Furniture can be sold on Craigslist, Facebook Marketplace, or directly to a consignment company or secondhand furniture retailer.
4. Exercise Equipment
Your home may no longer have room for exercise equipment if you downsize. However, even if you intend to remain in your existing home, you might consider selling your treadmill or stationary bike since you’ll have access to alternative fitness options through programs like Medicare Advantage.
5. Old Mobile Phones
Moving old cell phones with you if you are downsizing or moving and having them lying around is pointless. The time has come to sell. Depending on the age and quality of your used phone, you can receive hundreds of dollars. You can sell your phone online through websites like Best Buy Trade-In, Flipsy, Amazon Trade-In, Gazelle, and others.
6. Children’s Toys
It’s time to let go of any toys you’ve kept for sentimental reasons. Even collectibles might be used to describe some of these toys. If so, you can make a lot of money by selling them on eBay.
7. Your Work Clothing
When you leave the workforce, you are no longer required to dress professionally for daily activities. One suit should be kept for weddings and other special events, while the rest should be sold. You can consign your clothing at a nearby consignment store or sell it online at places like Poshmark and thredUP.
8. Dated Computers
If you replaced your computer but kept the old one, it’s likely gathering dust when it could be earning money. You have two options for selling your computer: either use Best Buy’s Trade-In program and receive a gift card in exchange for its value or sell it online using a site like Flipsy.
9. Antiques and Collectibles
Antiques and collectibles can take up a lot of space, which you might not have if you reduce your home, much as books do. Holding onto a few items with sentimental significance is acceptable, but consider whether your value would increase if you sold them and used the proceeds to fund your retirement.
10. Bags You’ll Never Use
Similar to suitcases and other bags, you may have amassed a sizable collection of handbags over time, but you probably only used one or two of them. Some handbags can sell for a lot when resold, particularly if they are designer names.
11. Decoration Items
If you downsize to a smaller house, holiday decorations and other décor items may be taking up room you don’t have. Think about organizing a yard sale if you have any random décor items you no longer want or need.
12. Books
Books take up so much space and frequently remain unread on shelves. There’s no reason to save a book unless it has sentimental value or you genuinely believe you’ll read it again. You can sell books to nearby used bookstores or through Amazon’s trade-in program.
13. Sporting Goods
While it’s crucial to be active in retirement, you might not regularly use all of your sporting equipment. It might be time to sell your skis if they have spent more time in your garage than in the snow. Renting is always an option if you ever find yourself needing sporting goods later on.
Contact Information:
Email: [email protected]
Phone: 6232511574
Bio:
Todd Carmack grew up in Dubuque, Iowa, where he learned the concepts of hard work and the value of a dollar. Todd spent years in Boy Scouts and achieved the honor of Eagle Scout. Todd graduated from Iowa State University, moved to Chicago, spent a few years managing restaurants, and started working in financial services and insurance, helping families prepare for the high cost of college for their children. After spending years in the insurance industry, Todd moved to Arizona and started working with Federal Employees, offing education and options on their benefits. Becoming a Financial Advisor / Fiduciary can help people properly plan for the future. Todd also enjoys cooking and traveling in his free time.
Disclosure:
Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice has been filed, or is excluded from notice filing requirements. This information is not a complete analysis of the topic(s) discussed, is general in nature, and is not personalized investment advice. Nothing in this article is intended to be investment advice. There are risks involved with investing which may include (but are not limited to) market fluctuations and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making any investment decision. You should consult a professional tax or investment advisor regarding tax and investment implications before taking any investment actions or implementing any investment strategies.
