Preparing for Retirement
Retirement isn’t just about leaving your job – it’s also about downsizing and making room for what really matters. And chances are, you're hanging onto a bunch of stuff you don’t need anymore. Here’s 10 things you could get rid of as you undergo one of life’s most important transitions.
Luxury or Family Cars
If you’ve got a big SUV, fancy sedan, or a second car, then first of all congratulations! Second of all, it’s probably time for a rethink. In retirement, you don’t need room for a full family in your car. Downgrade to one small and comfortable car and sell the rest - you’ll save on insurance, fuel, and maintenance.
Your (Too-Big) House
Still carrying a huge mortgage or vacuuming endless rooms? Downsizing could be a game‑changer, especially if you’re starting to lose mobility and are finding it difficult to climb stairs. Yes, it sucks to part with the house you raised your family in, but it could be for the best.
Unneeded Furniture
Are you a furniture fan who buys sets you don’t need? It’s time to stop and look at what you already have. Some of your furniture is just taking up space now. Instead of paying to haul it away, sell it! Even secondhand pieces can bring in decent cash.
Valuable Collectibles
T-shirts from ‘80s rock concerts, random vinyl records, antique trinkets passed down from Gran - some of these might be worth a fair amount of money. People love vintage items, especially niche stuff or geeky stuff. Why not check out the prices on eBay?
Volatile or Growth-Focused Stocks
Okay, admittedly this isn’t really a “household” item, but you should pay attention to it anyway. If your investment portfolio is heavy on risky or high-growth stocks, retirement might be the perfect time to sort that out. Consult a financial advisor as you seek a more predictable financial future.
Exercise Equipment
You may have bought that treadmill or rowing machine with big plans to get healthier, but now it's just taking up space. Rather than pay for the upkeep of your machine, consider selling it and using the cash for a gym membership or fitness classes. You’ll get social interaction that way as well.
Old Books
Having your own little library is cool, but if you’re downsizing it’s probably time to part with those shelves full of books you haven’t touched in years. Some old titles - especially first editions or collector's copies - can actually bring in good money. Sell the valuable ones online and donate the rest.
Power Tools and Lawn Care Equipment
If you’re moving to a place with less yard to manage, it might be time to part with all those tools and machines. Lawnmowers especially take up space and require maintenance. And bear in mind there’s a big market for power tools on eBay!
Your Life Insurance Policy
If your kids are grown and financially independent, you might not need that big life insurance policy anymore. Instead of just canceling it, you could actually sell it and get a decent payout. Just talk to your financial advisor before you do anything.
Rental Properties and Other Complex Investments
Managing rental properties can be a real headache in retirement - tenants, maintenance, taxes, the works. If you’re tired of it all, it might be time to sell and simplify. But bear in mind being a landlord is complicated, so don’t do anything rash.
