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20 Things Boomers Should Consider Selling in Retirement

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The journey of retirement involves more than just financial planning and investment. It’s also about simplifying life and making room for new experiences. If you are a baby boomer about to retire, consider selling these items to declutter and add some extra money to your retirement nest egg.

Vacation Homes

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Owning vacation homes can be costly in retirement. Selling these properties reduces expenses like taxes and maintenance and frees up money for retirement. This extra income can be used for a smaller home or added to your retirement savings.

Timeshares

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Timeshares may have been a great vacation option in the past, but their yearly maintenance costs can burden your retirement budget. If you’re not using it frequently, consider selling your timeshare or looking into ways to exit the contract.

Underperforming Investments

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For a stress-free retirement, you must review your investment portfolio and let go of underperforming assets. Sell off any stocks or funds that aren’t performing well or are in declining industries. Reinvest the money from these sales in more stable, income-generating assets that are better suited for retirement. Holding onto underperforming stocks and funds reduces your retirement income and risks potential losses to your principal.

Extra cars

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Retirees often keep two cars out of habit. However, retirement is a good time to reassess your needs. If your lifestyle has become simpler or you live in an area with efficient public transport, you may not need multiple cars. Upkeep, insurance, and registration costs for several vehicles can add up. You can increase your finances and reduce annual expenses by selling your extra vehicle.

Furniture

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If you are downsizing or even simplifying your lifestyle after retirement, it’s essential to evaluate the contents of your home. Keeping excess furniture can lead to clutter and unnecessary moving or storage expenses. So, consider selling what you don’t need for a more streamlined and cost-effective retirement lifestyle.

Work Clothes

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Retirement means saying goodbye to work clothes. Instead of storing or discarding your professional attire, consider selling, donating, or sharing them. You should keep a suit for special occasions, but the rest can be sold. Online platforms like Poshmark and thredUP, or local consignment shops, are great places to sell them.

Outdated Devices

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In the fast-paced world of technology, older devices can quickly become outdated. Selling these items, like old gadgets, computers, or cameras, can declutter your home and add some extra cash to your pocket in retirement. Services like Best Buy’s Trade-In or online marketplaces like Flipsy can turn your old tech into money, making your retirement more comfortable and your home more spacious.

Unused Sporting Goods

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While staying active in retirement is good for your health, you might not need all the sporting equipment you own. For instance, if your golf clubs are gathering dust in the garage, it could be time to sell them. Unused skis or kayaks can take up unnecessary space in your home. Selling these sporting goods can provide extra cash and help declutter your storage areas. Remember, you can always rent equipment if you need it.

Collectibles

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Many boomers have expensive collections ranging from art and coins to stamps and memorabilia. These collections, while valuable, might just be lying forgotten somewhere. While these items may hold sentimental value, they can occupy considerable space, especially if you’re downsizing your home. Selling these items can unlock significant hidden wealth and provide funds for your retirement activities.

Exercise Equipment

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Moving to a smaller home in retirement might mean there’s less room for big exercise equipment. Even if you’re not moving, selling items like treadmills or stationary bikes could be a good idea, particularly if you have other ways to stay fit. For example, if your Medicare Advantage Plan includes the SilverSneakers senior fitness program, you can attend specific gyms and take fitness classes for free.

Kitchen Gadgets

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Retirement is a great time to reassess your kitchen appliances. If you have gadgets like a bread maker or pressure cooker that haven’t been used in a year or more, it might be time to sell them, especially if you’re downsizing. Selling these unused items can declutter your kitchen and add to your retirement funds.

Children’s Belongings

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Retirement is an excellent time to reassess what’s stored in your attic or basement, especially items belonging to your adult children. Let your children sort through their old belongings and take what they want. Some of these toys could even be valuable collectibles. If your children don’t want them, you could sell them on platforms like eBay.

Books

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Books can often take up a lot of space. If a book doesn’t hold sentimental value, consider selling or donating it. You can sell books through programs like Amazon’s Trade-In or to local bookstores that buy used books. Alternatively, donating to a local library can also be a great option.

Expensive jewelry and watches

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Over time, you may have accumulated jewelry or watches you no longer use. Selling these valuable items can add to your retirement funds. You can sell them online or to local jewelers. This can provide a financial boost for your retirement fund.

Handbags

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If you’ve amassed a collection of handbags over the years, consider selling the ones you no longer use. Handbags, particularly designer brands like Hermes, Chanel, and Louis Vuitton, can have high resale value and may even appreciate in cost over time. Selling these could declutter your space and significantly boost your retirement funds.

Luggage

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You may have accumulated many pieces of luggage over the years. Retirement is an excellent time to sell it. If you are planning to travel, you only need one suitcase, one bag, and possibly a purse (or two). If you’re not using all your bags, consider donating the practical ones to organizations like Goodwill. For the nicer ones, try selling them online or at vintage stores like Buffalo Exchange.

Fine China

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Fine China, once a staple in every household, may not hold the same appeal for younger generations. If your fine China is gathering dust and doesn’t hold any sentimental value, consider selling it. Companies like Replacements Ltd. specialize in buying such items.

Power Tools

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Retirement often brings lifestyle changes, and if you’re planning to rent or move to a retirement community, you might not need your power tools anymore. Since you won’t be responsible for your repairs, these tools could take up space. Consider online platforms or local sales to find them a new home where they’ll be put to good use.

Unused Musical Instruments

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If you have musical instruments that you have no plans to use in retirement, sell them. This could be that guitar you never learned how to play or a forgotten violin. You can sell your instruments to a pawn shop or via an online marketplace like Reverb.

Crystal

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As you near retirement, selling the crystal glassware sets that you use only for special occasions is a good idea. These sets are too valuable, and the amount they hold may be too little to use. Replacements Ltd. is a convenient option as they buy well-maintained crystal glassware. This could be an easy and beneficial way to declutter.