Tuesday, July 23

7 Things Boomers Need to Leave Behind in Retirement

Boomers need to ensure they do not bring unnecessary things in retirement, so they do not make their golden years cluttered!

Baby boomers have started to join the retirement ranks, and there are many things to rejoice about when it comes to the golden years.

However, retirement is not all about how you can further invest or even buy to make sure that you’re set, but also about what you can let go of and declutter.

The sad reality is that a lot of boomers (and not only them) end up accumulating a lot of things in the hopes that they are going to have a safe and relaxing retirement, but some of those things are not actually useful for their retirement.

Those things can end up costing you money, and since they may not even serve a purpose, they are going to make you lose money rather than safeguard your retirement.

If you are curious about what baby boomers should be looking into getting rid of so that they can simplify their retirement lives and boost their finances, keep reading!

What do you think you should get rid of in retirement? Let us know in the comments down below!

boomers
Image By YAKOBCHUK VIACHESLAV From Shutterstock

1. Unused cars and vehicles

Downsizing is a big thing for most baby boomers, and it may be the conclusion you also reach. And while a lot of people think about how downsizing their home is the biggest part of this movement, another part they should focus on is their garage.

You may have more vehicles than you need! Once you retire, there are a lot of chances that you will commit to a routine, and you may even move to a community where you may not need all those vehicles anymore.

Be it that you have better access to public transport or you do not need multiple cars or even bikes, this is going to become apparent very soon.

If you happen to have more vehicles, look into selling the ones you do not need; the extra cost of maintaining, registering, and insuring more vehicles adds up, and in the end, you could use the money from them on better things.

2. Expensive collections

A lot of baby boomers are big into collections.

Be it that you have gotten into the whole stamp or coin collecting back in the day, or if you have started to collect art or memorabilia, there are a lot of collections that are going to be worth a lot of money.

No one is saying that you should be getting rid of collections that you hold dear or that have sentimental value, but if you have even forgotten about them, there is a high chance that you could be better off selling them.

Not only will you no longer have a collection that is gathering dust somewhere, but it can also help you bring more income for your retirement if you have been dabbling in an expensive hobby back in the day.

boomers
Image By chalermphon_tiam From Shutterstock

3. Gas-guzzling, big cars

Really big cars can end up eating gas up at a way faster rate. If you are retired and are not living in an area where you need a really big car, there is a chance that you do not need to have such a large and costly vehicle.

A good route to take is to sell the vehicle that is costing you a lot in terms of fuel and look into investing in a more fuel-efficient or hybrid car!

They are more and more common on the market and more affordable than they have been, and they can be a blessing when you have a fixed retirement budget!

Not to mention, getting a more economical car is a blessing for anyone’s wallet, and you can also save the environment while at it!

4. Extra real estate

If you have multiple properties, you may want to think about what you can afford to keep.

If you have them rented and they end up being a source of extra income for retirement, there is no need to consider getting rid of them. But if you have significant acres of land and extra homes that you are not using, then the smart financial move for baby boomers is to sell them.

Think about it like this; maintaining these properties, along with insurance, property taxes, and any other costs associated with them, can easily add up and become a burden in retirement!

Selling them off can both boost your retirement funds, reduce your expenses, and help you be more at peace. That is unless you find a way to make them work in your favor!

5. Timeshares

Maybe you invested in one in the past, and it has surely paid off if you have used it for vacations over the years. However, they should remain a thing of the past.

If you are in a timeshare and retirement is approaching, you should look into your contract and see how you can sell your share or get out of the agreement.

Timeshares can easily end up draining your retirement budget, and they can also limit the ways in which you can vacation. Why put your money into maintaining your old timeshare when you can put that money into traveling to new and exciting places?

boomer
Image By Shaiith From Shutterstock

6. Old tech

Technology has been advancing fast over the years, and chances are that you may still have some old devices around the house. A good idea is to sell all the old devices you have lying around to make space and to also get some cash for them.

Sure, most of the old tech items we have are no longer valuable, so they will not sell for a lot, but you can still get a couple of bucks for some old cameras and gadgets and a little more for old computers.

If you have some iconic old devices that are still in good condition, you can truly get a pretty penny for them, so be careful not to lose on this opportunity!

If you do not want to handle the hassle of selling everything, you can easily just look for a place that recycles electronics and either have them collect them or drive them over to get rid of them in an eco-friendly way!

7. Excess furniture and household items

Since we mentioned downsizing earlier, you should see what you need to keep in your living space.

Excess furniture or any household items that you have been holding onto for years but have never used are bound to just create clutter and make your spaces less appealing.

You can easily put them up for sale online (for example, on Facebook Marketplace), or you can hold a good old-fashioned yard sale. That way, you can clear all the excess items in your home, make some money back, and enjoy your retirement in peace.

Believe us, getting rid of clutter and regaining space for items you truly want and use is extremely liberating and will improve your outlook on your home!

If you are looking for different ways to have a worry-free retirement and make sure you are comfortable and stress-free when it comes to finances, we recommend you give these books from Amazon a try!

No matter if you think you should be selling these or not, there are a lot of things that boomers do that could cause them to have a tough retirement. If you have retired recently or are going to retire soon, ensure that you are not overspending! Check out all the things boomers are known to overpay for!

Leave a Comment

Your email address will not be published. Required fields are marked *

Related Posts