13 Things That Boomers Should Never Sell in Retirement
Retirement is a time when we naturally look to boost our nest egg. We want to be as comfortable as possible in our post-work years so that we never have to worry about money again.
Each of us will likely have unwanted clutter lying around, and there are certain occasions when selling makes perfect sense. In other cases, however, experts advise that we shouldn’t let go in any circumstances.
The items here are a mix of big and small, but in each instance, Boomers who are coming up to retirement should resist the urge to sell.
1. Your Home
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It’s probably the biggest question of all: Should I sell my home in order to boost my retirement fund? If you are downsizing, it may be a good idea, but you should always remember to consider the costs of moving house.
If, however, you want to sell up and rent, those rental fees will be a drain on your finances. If you are mortgage-free, it makes no sense to take on those housing costs post-retirement.
2. Life Insurance
Selling life insurance in retirement makes little sense, but many boomers continue to fall into this trap. You may feel that the premiums are too excessive, and it becomes tempting to sell the policy on to a third-party company.
Unfortunately, the buyer enjoys the proceeds when you die while the sale may also exclude you from certain benefits such as Medicaid. It’s far better to keep the policy and let your heirs inherit while keeping those benefits during your lifetime.
3. Stock and Assets
Once again, your heirs are pivotal to this decision. If you have appreciated stock and other assets, you may want to sell them and boost your retirement fund. If you are comfortable with your finances, it can be better to hold on, as your inheritors may receive tax benefits.
In this category, we’re not saying you shouldn’t sell under any circumstances, but please speak to a professional financial advisor to understand your options.
4. Sentimental Items
This is a tricky category to call, but selling sentimental stuff will frequently lead to later regrets. The problem is that you can’t get those trinkets and heirlooms back once they are gone, so think very carefully about selling.
If you are in any doubt as to whether it’s the right thing to do, the best advice is to hang on to those sentimental items.
5. Valuable Collections
It’s another tough decision. If you need some extra cash to boost your retirement pot then you could consider selling your rare stamps, coins, vinyl, or any other valuable collection you’ve built up over your lifetime.
If, however, you’re financially comfortable then keep them. You’ll get more pleasure out of them in later years, and this is the perfect time to build up your collections.
6. Your Car
Independence is a valuable thing, and when it comes to getting around, nothing can replace the car. Trains, buses, and other forms of transportation may possibly be cheaper with seniors discounts, but they are unreliable and don’t always take you exactly where you want to go.
It’s an unpleasant feeling to be at the mercy of public transport, and selling the car is a big regret among many retirees.
7. Gardening Equipment
Gardening can be one of the most satisfying hobbies. Whether you plant flowers for an attractive look or you’re growing fruits and vegetables to harvest and eat, it’s a joy to see the yard develop.
Tools can be highly sought after, and expensive to replace if you do sell on. If you’ve never worked on your yard up to this point, just give it a year to see if it gives you as much pleasure as the many millions of home gardeners worldwide.
8. Walking Boots
A sturdy pair of walking boots in good condition would fetch interest if listed at an online sales site, but don’t be tempted. There is that need to stay active in later years, and walking is one of the best exercises you can do.
The great thing about it is you need very little equipment. As long as you dress for the weather, you’re covered, but the most important part of that walking wardrobe is a solid pair of boots.
9. Furniture
Retirement can often lead to downsizing and that means letting go of some of the bigger objects in the home. Furniture is an obvious area to consider, but you should be very careful about what you dispose of.
High-quality furniture is expensive, even in the secondhand market, so you may quickly regret selling your best couches and chairs. If there is any doubt, keep it.
10. Social Club Memberships
Avoiding isolation is vital in later life. Spending long periods of time on your own isn’t for everyone, and can lead to mental and even physical health problems.
Maybe you took out a membership subscription to a local sports club or another social society before retirement. If so, now is the time to embrace it rather than cancel or sell.
11. Smartphones
During your career, you may have only kept a smartphone for work-related things. Checking emails and keeping up to date with news in your sector is so much easier when you’re connected.
Having retired, it can be tempting to ditch the phone, especially as some models fetch good sums on the resale markets. Technology is, however, your connection to the outside world, including friends and family. You can keep your smartphone, while simply using it in a different way.
12. Craft Supplies
Similarly to sports equipment, you should look to hold on to any supplies that help with crafts and hobbies. It could be wool, knitting needles, paint and canvasses, model kits, or anything that can pass the time while keeping your mind and body occupied.
Maybe you purchased those products a few years ago, and have yet to pursue the hobby in question. If so, now is the perfect time.
13. Books You Haven’t Read
I’ve built up a huge collection of books in my lifetime, and I know this is a major hobby for many others. Deciding what to dispose of and what to keep is a tricky decision, and then you have to find a selling method that attracts the best possible prices.
Maybe it could all come down to a simple decision of which books you’ve already read. The copies that you’ve yet to get around to can remain on the shelves.
