Seven big things to do before retirement
As retirement nears, preparing for your financial future is essential. While savings and investments often take priority, there’s another way to strengthen your nest egg: selling items you no longer need. Decluttering not only frees up space but also generates extra cash and simplifies your lifestyle, which is especially beneficial for retirees worried about stretching their savings.
Photo: unsplash.com by Christian Langballe langballe, https://creativecommons.org/public-domain/pdm/
Pensioner
Here’s a closer look at seven categories of items to sell before retirement, potentially adding thousands to your retirement fund and making life a little easier.
1. Downsize Your Home to Unlock Equity
Your home is likely one of your largest assets—and expenses. Selling your family home and moving to a smaller property, condo, or rental can free up a substantial amount of cash while slashing costs for property taxes, utilities, and maintenance.
In major U.S. metro areas, homeowners can save an average of $196,000 by downsizing from a four-bedroom house to a two-bedroom, according to financial expert Clark Howard. If your home is paid off or you have significant equity, the proceeds from selling it could provide a sizable boost to your retirement savings. Plus, smaller living spaces often mean less upkeep and more time to enjoy your retirement.
2. Sell Extra Vehicles for Immediate Savings
If you no longer need multiple vehicles, selling an unused car can add a significant amount to your nest egg. The average price for a used car in late 2024 was $27,177, according to Edmunds, meaning selling a vehicle could provide a quick cash infusion.
Beyond the sale itself, shedding a vehicle can save you thousands annually on insurance, registration, maintenance, and fuel. For retirees driving less frequently, consolidating to one car is an easy way to cut expenses.
3. Part with Unused RVs or Boats
RVs and boats may seem like ideal retirement assets, but their costs can outweigh their benefits. From storage fees to maintenance and insurance, these big-ticket items can drain your retirement budget.
Selling an RV or boat before you retire can recoup tens of thousands of dollars. Even if you initially bought these items for adventure, letting them go can help fund other retirement goals while eliminating ongoing expenses.
4. Cash in on High-End Furniture and Antiques
As you prepare to downsize, bulky furniture and antique pieces might not fit into your new space. Selling them can not only free up room but also generate surprising amounts of cash.
Platforms like Chairish and 1stDibs specialize in high-end furniture and antiques, connecting sellers with buyers willing to pay top dollar. Downsizing your belongings also means you’ll save on moving costs. For instance, selling heavy or oversized items before relocating can trim hundreds—or even thousands—from your moving expenses.
5. Sell Designer Clothes, Jewelry, and Accessories
Closets full of designer handbags, fine jewelry, or luxury clothing that you rarely wear are prime candidates for selling. Platforms like The RealReal, Poshmark, or eBay make it easy to fetch fair market value for these items.
Shedding luxury goods not only puts money in your pocket but also simplifies your wardrobe, making it easier to maintain. It may also help curb future spending on similar items, contributing to long-term savings.
6. Offload Unused Exercise Equipment
That treadmill or weight set gathering dust in your basement could be worth more than you think. High-quality exercise equipment holds considerable resale value, especially with the ongoing popularity of home fitness.
Selling your unused gear could net you hundreds or even thousands of dollars, depending on the brand and condition. Plus, clearing out bulky equipment creates more space in your home, which is especially useful if you’re downsizing.
7. Turn Collectibles and Memorabilia into Cash
From old baseball cards to vintage comic books and rare coins, collectibles can hold surprising monetary value. Many retirees find that items gathering dust for years can fetch significant sums when sold to serious buyers.
The market for collectibles is often unpredictable, so timing your sale is important. For instance, a rare Superman comic sold for $6 million in 2024, while sports memorabilia continues to command sky-high prices. Even if your collection isn’t worth millions, appraising and selling it could yield an unexpected financial boost.
Declutter Your Way to Financial Freedom
Selling unused assets before retirement not only pads your savings but also sets the stage for a simpler, more cost-effective lifestyle. Whether it’s downsizing your home, letting go of extra vehicles, or parting with collectibles, these actions can help reduce expenses and maximize your retirement funds.
Take stock of what you own and consider how each item fits into your future plans. By turning clutter into cash, you’ll be better prepared to enjoy your retirement with peace of mind.
