Sell These 5 Things BEFORE You Retire

About this video

• Video Title: Sell These 5 Things BEFORE You Retire
• Channel: Streamline Financial
• Speakers: [Not specified in transcript]
• Duration: 00:11:53

Overview

This video provides advice to individuals nearing or in retirement on five key things to consider selling or letting go of to improve their retirement experience, peace of mind, and financial well-being. The speaker emphasizes that effective retirement planning often involves strategically decluttering rather than solely focusing on accumulation.

Key takeaways

• Oversized House: Selling a large family home that is no longer needed can free up significant equity and reduce maintenance, utility, and living expenses.
• Financially Supporting Adult Children: It's crucial for retirees to prioritize their own financial security and avoid sacrificing their limited retirement time to support adult children who have their own decades to build wealth and learn financial responsibility.
• Expensive Toys/Burdens: Items like boats, RVs, or classic cars, while once enjoyed, can become significant financial drains in retirement due to storage, insurance, and maintenance costs. It's often wise to sell these if they are not actively used or enjoyed.
• Multiple Vehicles: In retirement, when commuting is no longer necessary, couples may find they no longer need two cars, and selling one can free up funds for travel or other goals.
• Work Identity/Need for Validation: Letting go of one's professional identity and the need for external validation from a job is essential for discovering a new identity and purpose in retirement.
• Three-Step Framework: A framework is provided to help evaluate what to sell or let go of, focusing on whether an item serves the new retirement life or the old working life, its true cost versus worth, and what becomes possible by letting it go.
• The 90-Day Test: Before making a permanent decision, try living without a particular item or commitment for 60-90 days to gauge its true impact and whether it's genuinely missed or if its absence brings relief.