You don’t have to downsize when you retire, but it can certainly simplify things — and possibly bring in some extra cash. If you plan on moving at any point in the future, selling a few unused or unwanted things can also help you prepare for that.
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Whether it’s for financial reasons or not, here are some things boomers should consider selling in retirement.
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Your Home
If you decide to sell your home, make sure it’s for the right reasons and that you’re not going to end up with something more expensive. Otherwise, the whole endeavor could end up being more stressful than it’s worth.
“Selling a large home and moving into a smaller, more manageable space can reduce upkeep costs, property taxes, and utility bills,” said Scott Neu, financial advisor at Reinke Gray Wealth Management.
Plus, when you sell a home that’s just a bit too big, you may be able to get a decent chunk of cash out of it. The average home value in the U.S. is $361,282, according to Zillow. For someone who has paid off a house, that can be rather significant.
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Extra Vehicles
The average used car price was $25,172 in August 2024, according to Kelley Blue Book. Even if you don’t get the maximum value out of it, selling a vehicle you rarely or never use could still bolster your retirement savings.
“If you’re no longer commuting or simply don’t need your own vehicle to get around, selling an extra car can save you significantly over insurance and maintenance costs alone, not to mention gas,” said Erika Kullberg, attorney, personal finance expert and founder of Erika.com.
Ask yourself how often you drive now and whether you’ll end up needing at least one vehicle to get around. If you anticipate needing to make it to, say, medical appointments, you might want to keep at least one car in the garage. The same goes for if you enjoy the freedom having a car gives you.
If you own a vehicle that’s eating into your retirement funds, you also could trade it in for a cheaper option. Before you do this, run the numbers to find out if you’re going to end up saving money.
(Some) Personal Belongings
As you get older, chances are you’ve collected quite a few things along the way. While some of these things might have personal or sentimental value, others could just be cluttering your home — and possibly causing unnecessary stress.
In some cases, such as if you have jewelry, high-end furniture or collectibles, these things might actually be worth selling.
“Letting go of excess possessions can bring a sense of freedom and make retirement less about managing things and more about enjoying experiences,” said Conny Gordon, founder of The Simple Adult.
Other personal items you might want to sell include electronics, luxury or vintage clothing, exercise equipment, or even books.
Certain Assets
You might want to hold onto certain assets, like your primary residence. Not only do you probably need them, but you might want to leave them behind to your heirs.
But not all assets are worth keeping.
“Selling items that no longer serve a purpose can also be a proactive step in legacy planning,” Gordon said. “It allows retirees to pass on meaningful items to family members or fund a lasting impact through charitable donations.”
Certain assets, such as a timeshare or vacation home, can also turn into a financial burden. When you have these, you have to pay for things like upkeep. With timeshares specifically, the average yearly maintenance fee can be around $1,000 — though prices can always rise.
If you want to simplify your life and cut down on expenses, sell these extras. In the case of a second or vacation home, you can always reinvest the proceeds and further your legacy that way.
Where To Sell These Things
So, you’ve gone through your things and decided what to keep and what to sell. The next big question is where do you even sell them? Here are a few options:
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Online platforms such as Facebook Marketplace, Craigslist, Poshmark, thredUP, eBay, or Flipsy
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Local consignment shop
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Carmax or local dealership (for used cars)
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Thrift shops such as Goodwill or Salvation Army
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This article originally appeared on GOBankingRates.com: 4 Things Boomers Should Consider Selling in Retirement
