3. Your home
Your house also makes the list of things you should sell before retirement. Except if it generates passive income from rent or Airbnb, financial experts recommend selling it and downsizing. Forget the misconstrued idea that a house is an asset; this only applies if your home puts more money in your wallet than it takes out.
So, if you live in a huge, high-end house or apartment that costs you a lot in maintenance and mortgage, you should include it on your list of things you should sell before retirement.
Get a smaller house that costs less to maintain—perhaps even a rental. Save what’s left of the profit for investments or emergencies. Having a smaller house gives you more resources and time to manage other ventures.
4 Responses
Loved the ideas, although I knew most to do it’s just getting it done. I do like the sites/places to go to be able to sell/trade for items that are older without holding a yard sale particularly at my senior age.
So sell your clothes, house, car. and what ever is left like collections and electronics (t.v. And stereo), so what do you do then. Live in s box
Exactly what I thought !
Of course it’s a good idea to eliminate (donate, throw away, or sell) items you no longer need in retirement, or any time, for that matter. It should be noted that personal items such as jewelry are not included in the assets that must be spent down before qualifying for Medicaid, so that’s a reason to keep them to pass on to heirs. Also, a spouse can continue to live in the house that a couple owns, even after their partner qualifies for Medicaid. However, the government can recover their expenses after the house is sold.