Additional Coverage:
- 32 Things Every Retiree Should Get Rid Of (cheapism.com)
Looking Ahead to Retirement? Time to Downsize Your Belongings (and Your Expenses)
Retirement should be about freedom, but financial burdens can hold you back. Downsizing your home and possessions is a great way to lighten the load and enjoy your golden years to the fullest. Here’s a look at some items you can part with to achieve financial freedom in retirement.
Your Home: Downsizing to a less expensive house can significantly impact your finances. A smaller home often means lower property taxes, insurance, maintenance, and utility costs. The savings can free up thousands of dollars annually.
Debt: High credit card debt can be a major drain on your retirement funds. Use savings from downsizing your home to pay off outstanding balances and improve your credit score.
Storage Unit: Paying monthly for a storage unit full of items you rarely use? Reclaim that money and consider selling, donating, or discarding the contents.
Clothes: Most of us have more clothes than we need. Declutter your closet and donate or sell items you no longer wear.
Your Car: Owning and operating a car is expensive. Explore alternative transportation options like public transit, especially if you live in an area with senior discounts.
Kitchen Gadgets: Be honest about which kitchen appliances and gadgets you actually use. If you haven’t used something in six months to a year, it might be time to let it go.
Furniture: Downsizing your home likely means less space for furniture. Sell or donate pieces that won’t fit or that you no longer need.
Exercise Equipment: If that treadmill is collecting dust, consider selling it and joining a senior fitness program like SilverSneakers, which offers free access to numerous facilities nationwide.
Your Kids’ Stuff: Have your adult children reclaim their belongings that have been stored at your home. This clears up space for you and avoids future storage hassles for everyone.
Books: Keep the books you cherish and donate the rest to your local library. You can always borrow books or utilize e-book services.
Files: Organize and digitize important documents. Dispose of outdated files securely.
Holiday Decor: If you’re downsizing, you might not need as much holiday decor. Donate items you no longer use or have space for.
Collections (and “Collectibles”): Keep a few representative pieces from your collections and sell or donate the rest, especially items purchased as investments rather than for enjoyment.
Bags and Baggage: Unless you’re a frequent traveler, you likely don’t need an abundance of luggage. Donate or sell extra bags.
Sports Equipment: Rent or borrow sports equipment instead of storing items you rarely use.
Music Equipment: Hold onto cherished instruments, but sell or donate equipment you no longer play.
Knick-Knacks: Declutter your home by getting rid of decorative items you don’t truly value.
Bulk Items: Avoid buying in bulk if you have limited storage space.
The Good China and Silverware: If younger generations aren’t interested in inheriting fine china or silverware, consider selling these items.
Magazines: Keep your favorites and recycle the rest.
Outdated Electronics: Dispose of old electronics responsibly.
The Mismatches: Get rid of mismatched items like socks without pairs or containers without lids.
Beat-Up Board Games: Donate or discard board games with missing pieces.
CDs, DVDs, and VHS Tapes: If you’re not using them, consider donating or selling them.
The Family Sewing Machine and Film Projectors: These items are rarely valuable and take up significant space. Consider selling or repurposing them.
Crystal and Linens: Sell or donate excess crystal and linens, especially if they are not being used.
Expired Medications and Makeup: Dispose of expired medications and makeup safely. Expired medications can be a safety hazard, and expired makeup can harbor bacteria.
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- 32 Things Every Retiree Should Get Rid Of (cheapism.com)