Downsize Your Home with These 10 Items to Sell for Extra Retirement Cash

Key Takeaways Planning where you'll live and whether to downsize your home is one of the biggest factors in planning for retirement. You can clear out the clutter and make extra cash by selling possessions you'll no longer need like your work wardrobe, extra electronics, kids' toys, and even your second car. Working with a financial planner can help you envision and plan for your retirement, including what you will and won't need. Many people downsize their living situation to simplify their lives when they retire. But your home isn't the only thing you can downsize, and it isn't even the only thing you can sell. Consider some of the ways you can de-clutter your home, streamline your financial portfolio , reduce your living expenses, and even make some extra cash to enjoy after retiring. Planning for retirement is an opportunity to simplify and downsize.miniseries/ Getty Images 1. Your House When you retire, the first thing you'll need to decide is where you want to live. Whether you choose to relocate to a new city or stay where you are, you may want to consider downsizing as part of the process of preparing for retirement. "Many times when people think about retirement, they think first about downsizing their house," says Summer Broadhead , CPA, CFP, and a financial advisor at Everthrive Financial Group. "Maybe you want to move to a one-level or a smaller house. You might want fewer stairs or less to clean and maintain." Selling your house and moving into a smaller one can reduce your living expenses significantly, including your costs for: Property taxes Electricity, water, and other utilities Yard or garden maintenance Household repairs Downsizing isn't right for everyone. It might be something you choose to do later in retirement. However, Broadhead suggests paying attention to current market conditions if you're considering downsizing in the future. "Downsizing may not be an immediate need, but if the market is in your favor for either buying or selling, you might want to expedite the process to take advantage of that," she explains. 2. Furniture If you're moving to a smaller house, you could be getting rid of a lot of furniture. While it's quicker to simply drop everything off at the Goodwill, if you have furniture in good condition, it may make more sense to try to sell it first. Try listing it on sites like Facebook Marketplace. If you have a local consignment store that sells furniture, you can take pieces there, particularly if they are vintage or antique items made from real wood or with upholstery in good condition. While you're at it, take a look at all of the decorative objects, collectibles, sets of china, tools, and other stuff you've accumulated over the years. Ask yourself if you'd rather be free of some of it. However, if you're selling furniture, don't expect to make back what you paid for it unless it is a very popular vintage style or brand. Secondhand buyers are, first and...

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