Retirement is not just about what you should buy or invest in — it’s equally about decluttering and letting go of assets that may no longer serve a purpose or even cost you money. For baby boomers, the following are items worth considering selling in retirement to potentially simplify life and boost finances.
1. Extra Real Estate
Owning multiple properties might have been a status symbol or a wise investment in the past. But in retirement, the cost of maintaining extra homes or lands, including property taxes, insurance and upkeep, can be burdensome. Selling off extra property can provide a substantial boost to your retirement funds and reduce ongoing expenses.
2. Unused Vehicles
If you’ve downsized your daily routine or live in a community with good public transportation, you might find that you don’t need as many cars as you did before. Maintaining, insuring and registering multiple vehicles can be costly. Selling an extra car can provide a financial boost and cut down on yearly expenses.
3. Expensive Collections
Many boomers have collections, whether it’s art, coins, stamps or memorabilia. While these items may have sentimental value, they could also represent a significant hidden wealth. If they’re just gathering dust, selling them can provide funds for your retirement activities.
4. Outdated Technology
With the rapid advancements in technology, many older devices become obsolete quickly. Selling old gadgets, computers or cameras can free up space in your home and provide a little extra cash. Plus, it reduces the clutter of items you no longer use.
5. Excess Furniture and Household Items
If you’ve downsized your living space or simply want to embrace a more minimalist lifestyle in retirement, selling off excess furniture and other household items can be both liberating and financially beneficial.
6. Timeshares
While timeshares might have been appealing for vacationing in the past, the annual maintenance fees can be a drain on your retirement budget. If you’re not using it as much, consider selling your timeshare or exploring options to get out of the contract.
7. Expensive Jewelry or Watches
Over the years, many accumulate jewelry or watches that they no longer wear. These items can have significant value. Selling them can provide extra security or fund new experiences in your retirement years.
8. Unused Sporting Goods
From golf clubs to kayaks, if you have sporting goods that you no longer use, they’re likely taking up space. Selling them can provide extra cash and declutter your storage areas.
9. Large, Gas-Guzzling Vehicles
Fuel-efficient or hybrid cars can save a lot on gas money, especially if you’re on a fixed retirement budget. Consider selling gas-guzzling vehicles for something more economical, both for your wallet and the environment.
10. Stocks That Don’t Fit Your Strategy
Your investment strategy might shift in retirement. If you have stocks or funds that no longer align with your retirement goals or risk tolerance, consider selling and reallocating the funds more appropriately.
Final Take
Retirement offers a fantastic opportunity to reevaluate what truly matters. By selling items or assets that no longer serve a purpose or even cost you money, you can simplify your life, reduce unnecessary expenses and redirect funds to activities and experiences that enhance your golden years. Always consider consulting with a financial advisor or expert when making significant financial decisions.
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