If you’re still working but approaching retirement in the next few years or sooner, it’s time to not only get a hold of your finances but also make some extra cash to pad your nest egg. The baby boomer generation is mostly retired or about to be, so there may be a few things you can do to boost your retirement savings.
For You: Here’s Why You Might Want To Invest Your Retirement Savings in a Roth 401(k)
Learn About: 3 Advanced Investing Moves Experts Use to Minimize Taxes and Help Boost Returns
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 require bolstering. Keep in mind that there are things you can sell right before retirement, and then a separate list of stuff you can sell once you are retired. With that in mind, here are six things boomers should sell before retiring.
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.
Exercise Equipment
Selling exercise equipment is also a good way to make some extra cash. Switch your exercise routine to a fresh-air neighborhood walk … or join a pickleball league!
Read Next: I Help People Retire Every Day — Here’s the Most Common Retirement Mistake People Make
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.
Old Clothes and Bags
There’s a good chance your closet is filled with clothes, handbags, and other items you don’t use anymore. The better their condition, the more you can get from selling them.
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If you have old jewelry you no longer wear or that has been replaced by newer purchases, think of selling the older pieces.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.
Books
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, You can also unload that bookshelf you won’t need anymore for some extra retirement cash.
Caitlyn Moorhead contributed to the reporting for this article.
More From GoBankingRates
- Vivian Tu: The Simple Money Rule That Can Keep You Out of Debt
- Why You Should Start Investing Now (Even If You Only Have $10)
- This Account Grows Your Money 4x Faster Than a CD
- Too Many People Overlook This Retirement Income Stream
This article originally appeared on GOBankingRates.com: 6 Things Boomers Should Sell Right Before Retiring
