Retirement is a special phase of life most people anticipate, especially those in the workforce. This is a time when the paychecks will cease to exist unless you have a passive income. You’re probably familiar with the drill: work hard, save hard, and enjoy life while you’re young. But we also want to enjoy the benefits of retirement — in its modest way.
At this point, many people consider downsizing, not just to reduce expenses, but also to sail through their remaining years smoothly. This could mean selling that massive luxury condo that feeds deep into your wallet or getting rid of items you no longer want. In other words, sell these things when the time comes!
Except your home generates passive income from rent or, let’s say, Airbnb, you should sell it. Forget the misconstrued mantra that a home is an asset; it can only be if it puts more money in your pocket than it takes out.
So, if you have a huge, high-end apartment that costs you a lot in mortgage and maintenance, you should sell it before retiring.
Get a smaller apartment that costs less to maintain — It may be a rental. Save what’s left of the profit for emergencies or investments. Having a smaller home gives you more time and resources to manage, alongside other ventures.
Antiques and Collectibles
For many of us, our collectible items hold more memories and emotions than other things in our lives. If you’re struggling with what to sell, take it all in, and ask yourself if it has sentimental value. If you’re an artist, you may consider what will be your next piece. Besides, having such items may cause clutter if you plan to downsize.
Selling your collectibles and antiques may put more money in your pocket to cater to retirement. With such finance, you can focus on the things you love and the people you cherish. Retirement is a time to simplify your lifestyle, not complicate it.
Similar to your home, your car may be a liability as you have to spend money on auto loans, maintenance, repairs, insurance, and gas. Selling it will probably provide you with the flexibility to pay down some debts and have extra money. You wouldn’t want to spend your golden years battling mounting bills with little or no income.
If you have many cars, sell them, leaving only one for mobility and convenience. These automobiles will only add to your expenses, except you have lucrative investments that cater to their upkeep. Even so, they would sit in your garage idling away.
Another area to consider downsizing is furniture. If you’re selling your furniture piece by piece or taking your time to liquidate it, you’ll certainly save money. With the right buyers, you could have hundreds or thousands of dollars in your pocket in a few weeks, which will come in handy for other needs.
However, furniture can be tricky to liquidate as it is more vulnerable to damage, especially not stored in a warehouse. If there are defects, you might be able to sell it at a flea market or online, but at a lesser profit, which may be enough to meet some financial demands.
Old Electrical Appliances
Do you have old appliances in your home that have no use? Are they collecting dust because you’re afraid to part with them? If so, will they ease your retirement or will they become a burden? If they’re no longer useful why not try selling them to a buyer in need of household appliances?
What do you have to lose? Besides, you may have new appliances that serve better purposes. Consider having a garage sale, if you’re in a bigger house; otherwise, list them on Craigslist and other classifieds in the area. As much as those items invoke special memories, they shouldn’t take a toll on you.
Handbags, Jewelry, and Clothes You No Longer Use
A good wardrobe can be expensive. If you’re one of the few people who’s lucky enough to have a closet full of fashionable clothes, handbags, and jewelry, how can you possibly part with them? But the truth remains that you wouldn’t be needing all of these. Besides, most of them will idly waste away, using up more space than needed.
So, what better way to declutter your home and contribute to a benevolent cause by giving those items to your children, friends, and extended family members. If you don’t have much to share, consider giving away clothes that no longer fit you. You might be able to sell them on eBay, Swap.com, or ThredUp.
Unused Garage Tools and Junks
When stuck in a tight situation, your garage could be your best friend. “What’s valuable in my garage?” You wouldn’t know until you take out those neglected items for cleaning and valuation. Consider your spare tires, leather car care products, ride-on mowers, snowblowers, building materials, hand tools, and camping gear.
You could make good bucks by holding a garage sale. Some online sites, such as OfferUp, allow you to sell your tools and even set a price. If you’re struggling with what to keep, create an inventory to narrow your preferences. As a retiree, you want to make sure you have enough income.
Unused Kitchen Appliances
What do you do with your kitchen appliances? Let’s say, you bought them all from various hardware stores over the years. You currently have one in use, but five others tucked in the pantry or garage with no intentions to utilize them. Your unused appliances may have monetary value, or you may choose to keep them for sentimental reasons.
In any case, they do create unnecessary waste. Your retirement years shouldn’t be ladened with excesses, especially when these items have respective applications and are in good condition.
Your “grounded” toasters, pots, pans, and blenders could find meaning again in someone else’s home. So, sell them to create a win-win situation — more money for you and satisfaction for your customer.
CDs and DVDs
Now is the time to sell CDs and DVDs you’ve accumulated since they were released. If you’re lucky, the songs you recorded are still popular and can fetch a bit of money at an online auction. They may help fill a gap in your retirement, especially if you travel often.
Presumably, you’ve kept more than 100 CDs at home for years. That’s a lot of hard drives, a huge data loss if a fire breaks out, and wasted space. You can get a nice monthly income from a site like CD Baby, which lets you sell your CDs online. You’ve probably also kept more DVDs than you can watch. Trade them for other things on eBay.
Now, as the kids move on, their toys are also no longer as fun and interactive. The same goes for your other belongings — a nice bike, hobby, music collections, or car. Unless you sell it, you won’t be able to channel all your energy and resources into refreshing adventures, and they’ll only eat up valuable space in the garage or other locations.
Why cling to them when you can sell them and pocket a couple of wads. If your children are too young, this may be a hard sell as they would want to hold onto their stuff. In this case, leave them with a considerable number of toys and sell the rest.
Retirement is a period when you can devote more resources to doing the activities you enjoy. As you do so, you will also be able to free yourself from the excesses of life. But once the kids move out and you don’t really have any more hobbies, it can be very hard to get motivated to throw out stuff.
You might have difficulties deciding which item to get rid of. Hopefully, this guide has provided clarity. Start preparing for your retirement from a more confident, informed point of view. Good luck, and be sure to share the tips with your family and friends.
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