Yahoo Finance 8 Things Boomers Should Sell Right Before Retiring
If you were born between 1959 and 1964, you’re a younger boomer who is nearing the full retirement age. Even if you’re prepared financially with an effective retirement account and solid investments, selling valuable assets you no longer need can’t hurt. Of course, this is a more important thing to consider if your savings are in need of bolstering. Here are eight things boomers should sell before retiring.
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1. Your Family Home
Whether you’d relocate to a different state or just a different part of the city, you probably don’t need all the space of your family home now that your kids are grown and out of the house. Downsizing is a particularly useful way of increasing your total assets by realizing the equity in your home.
2. Your Car(s)
If you own more than one car, you can sell the additional vehicles you simply won’t need without your commute. If you want to take this a step further, you can sell all of your rides and save money by opting for public transportation or ridesharing.
3. Furniture
You can sell larger furniture that is right for a family home, especially if you’re going to downsize anyway. Facebook Marketplace is an effective, easy way of selling locally.
4. Exercise Equipment
Selling exercise equipment is also a good way of making some extra cash. Switch your exercise to a fresh-air neighborhood walk.
5. Electronics
If you have old phones, appliances, computers, media players and other electronics lying around your home, you should sell them. Amazon offers trade-ins for many different kinds of electronics, though you can also try Best Buy for phones or collectors for CDs and DVDs.
6. Old Clothes and Bags
There’s a good chance your closet is filled with clothes, handbags, and other items you don’t wear anymore. The better their condition, the more you can get from selling them.
7. Jewelry
If you have old jewelry you no longer wear or that has been replaced by newer purchases, think of selling the older pieces. Diamonds, gold and other gemstones can fetch a pretty penny, so you might want to have them appraised.
8. Books
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Books take up space, and you probably have a lot that you will never read again, so take them to a local bookstore or sell them online. You always have tablets like Amazon Kindle to access plenty of literature and save space, not to mention that bookshelf you won’t need anymore.
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This article originally appeared on GOBankingRates.com: 8 Things Boomers Should Sell Right Before Retiring
