Many people downsize as a method to reduce costs and simplify their lives in retirement. For some people, this may entail moving to a smaller house or retirement community. For others, this may simply entail getting rid of possessions they no longer need.
You may sell many items to reduce clutter and boost your retirement savings if your downsizing plans include retirement.
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1. Your Home
Where you wish to reside is a crucial decision to make when preparing for retirement. This may require selling your present home, which is typically your most valued asset. You can use the proceeds to buy a smaller property or to pay your rent, with the remainder going into savings.
2. Old Computers
If you replaced your computer but kept the old one, it’s likely gathering dust when it could be earning money.
3. Collectibles and Antiques
Antiques and collectibles can take up a lot of space, which you might not have if you reduce your home, much like books do.
4. Other Unused Electronics
If you have outdated electronics laying around collecting dust, sell them to make money.
5. Your Car
Your automobile might still be a significant expense even after you have finished paying it off because of gas, insurance, upkeep, and repairs. Consider selling one of the cars you and your partner have if you each have one.
6. Other Unused Electronics
Numerous of the websites on the list above will also pay you for other electronics, such as tablets and Apple TVs, that you no longer use.
7. Kitchen Appliances You Never Use
When was the last time you used a pressure cooker or a juicer? You should sell any small kitchen appliances you have as you downsize if you haven’t used them in a year or longer.
When they quit working, some seniors discover that money is harder to come by. Being retired has challenges like these. But the fact that many regular sources of retirement income are taxed tends to really throw seniors off their game.