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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years<\/strong> Trusted by<\/strong> Retirement should make life simpler, not more expensive.\u00a0However, for many baby boomers, holding on to certain items can quietly erode savings<\/a> or limit flexibility. Whether it\u2019s for comfort, pride, or habit, some things just no longer make sense to keep.\u00a0<\/p>\n Selling them is about making room for a future that\u2019s lighter, freer, and financially sound. Here are the top five things boomers should always consider selling, even if it\u2019s hard to part with them.<\/a><\/p>\n The Family Home<\/p>\n Many retirees hold on to large homes<\/a> out of habit or sentiment. However, as mobility needs change with age, a multi-level house with unused rooms can quickly become more of a burden than a comfort.\u00a0<\/p>\n<\/p>\n Stephen Akin, the founder and investment advisor representative at Akin Investments<\/a>, said he and his wife sold their family home, triggering the sale of other items, including a sailboat.\u00a0<\/p>\n \u201cAll of this can be done even though it hurts to see the things that meant so much go away,\u201d Akin said. \u201cThe simple improvement in quality of life is very beneficial, and money raised from getting rid of things can boost your checking account.\u201d<\/p>\n The Extra or Luxury Car<\/p>\n In retirement, multiple vehicles often go unused, and luxury models can quietly rack up costs. Downsizing to a single, practical car can reduce expenses<\/a> on gas, insurance, maintenance, and registration while still allowing retirees to get where they need to go.<\/p>\n \u201cIf you and your partner are both retired, consider downsizing to a one-car household and save money on gas, insurance, repairs and more,\u201d said Steve Sexton, a retirement planning professional and CEO of Sexton Advisory Group<\/a>. \u201cLuxury vehicles can come with high upkeep and insurance costs that may not align with a simpler, more efficient retirement lifestyle.\u201d<\/p>\n The Business<\/p>\n For many retirees, a business represents years of identity, effort, and sacrifice. However, holding on too long can hurt its value. Selling at the right time allows owners to preserve what they\u2019ve built and step into retirement<\/a> with freedom and clarity.<\/p>\n \u201cMany of our clients who sell their business are surprised by the sense of relief they feel afterward,\u201d said Andy Cagnetta,<\/a> CEO of Transworld Business Advisors. \u201cSuddenly, they have the liquidity to travel, invest or support their families without the daily pressures of operations.\u201d<\/p>\n<\/p>\n Collectibles\u00a0<\/p>\n Many retirees hold on to decades\u2019 worth of collectibles, from baseball cards to teacups, assuming someone will want them. However, unless there\u2019s a clear heir or interested buyer, it\u2019s smarter to sell or gift items early while they can still ensure they end up in the right hands.<\/p>\n \u201cIf you have a collection, especially something niche, consider keeping a few favorites and selling or gifting the rest to someone who understands its value,\u201d said Karin Christenson, senior planner at Wilmington Trust<\/a>. \u00a0<\/p>\n Christenson explained, \u201cUnless you have an heir who is genuinely interested and has the space, your carefully curated belongings are likely to end up in a thrift store or landfill. As an enthusiast, you\u2019re the best person to find the next owner.\u201d<\/p>\n Glory Days Gear<\/p>\n Old sports equipment often lingers in closets and garages, kept for sentimental reasons or with hopes of future use. However, as lifestyles shift and physical needs change, that once-loved gear can quietly become clutter.<\/p>\n \u201cYour knees don\u2019t ever want to see those skis again,\u201d said Mindy Godding, a certified professional organizer and founder of Abundance Organizing<\/a>.<\/p>\n Godding added, \u201cWith rapid advances in technology, sports equipment becomes outdated very fast. We tend to hold on to aspirational gear with the hopes that we will somehow magically become the person who uses it. Or, we remember our glory days when that pursuit was a routine part of life.\u201d<\/p>\n Selling Without Regret<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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