5 Things to Let Go of Before You Retire

 I’m George Jameson with Capital Wealth Group. Retirement isn’t just about what you buy — it’s about what you let go of. Discover 5 things you may want to sell, simplify, or declutter to make your retirement freer, easier, and more enjoyable.

 Welcome to "The Retirement Guide" Podcast! I'm your host George Jameson, owner of Capital Wealth Group, a Fee Only Advisory firm. Whether you’re nearing retirement or already retired, Join me each week as we explore the world of retirement planning and equip you with the knowledge and tools you need for a successful retirement.

Thank you for tuning in to this episode of The Retirement Guide. If you enjoyed this episode, please subscribe & leave a review. If you'd like a free 30-minute retirement review, visit our website at www.capitalwealthplan.com to schedule.

This is for education only.It is not tax, legal, or investment advice. Before  acting on any information consult your tax, legal, or investment advisor.

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Transcript

 Hi, and welcome back to your Retirement Guide. I'm George Jameson, certified financial planner and founder of Capital Wealth Group in Columbia, South Carolina. So let's get started. When most people think about preparing for retirement, they think about what they need to add, buying things, building accounts, investing more.

But there's another side of the equation that doesn't get talked about as much, what to let go of. Simplifying can sometimes have a bigger impact on your retirement lifestyle than adding more. So today I'm going to walk you through five things you may want to sell before you retire.

So let's start with the big one, your home. Not everyone should downsize . If you love your home, if it's where you see yourself for the rest of your life, by all means stay. But for many retirees, what used to be the dream home can slowly become a burden. A house that's too big means more maintenance, more property taxes, higher utility bills, and more times spent in managing it.

Instead of enjoying retirement by downsizing, you can reduce expenses free up cash flow. And in many cases, unlock home equity that can be used to fund travel, invest for income, or simply give you more breathing room in retirement. The truth is a smaller home often equals a bigger lifestyle. Now let's move on to number two, storage units and stuffed closets.

The second thing to think about is selling all the extra stuff that's piled up over the years. Storage units are a booming business for a reason. We all have too much. It's in the attic, the garage, the basement. We're spread across storage units we're paying for every month. Some of it is just junk, but some of it might actually be worth quite a bit.

That's why retirement is the perfect time to go through it all. It's also a good time to have a garage or yard sale list items online or even ask your grown kids if there's anything they'd like before you sell.

The big stuff that takes up the most room. Old furniture, exercise, equipment you don't use, collectibles you've lost interest in, can free up both space and cash once you let it go. May even want to sell your jewelry. You no longer wear. But you may want to keep your gold or gold coins if you have any. Just make sure it's in a safe or better yet, a safety deposit box at a bank. If it's a substantial amount, of course those can still play a role in your portfolio. Focus first on the things that clutter your life and drain your energy or cost you money to store.

By cleaning house now, you'll not only lighten the load, but also step into retirement with less stress and a little extra money in your pocket. Now let's move on to number three, expensive or overly complex investments. Here's one that might ruffle a few feathers. Investments that are too complex are too expensive.

I'm talking about things like variable annuities with multiple layers of fees, actively managed funds charging well over 1% a year, or insurance based products that someone once convinced you were the best things to slice bread. It often, these investments benefit the sales person more than the client.

And as you move into retirement, simplicity usually wins. That doesn't mean you need to sell everything, but it does mean taking a hard look at whether your portfolio is efficient, cost effective, and structured for retirement income. And this goes for old insurance policies too. If you're paying for coverage, you no longer need.

Maybe the mortgage is gone, the kids are grown, and your spouse is taken care of. It may be a good time to let go of those high premium payments. Of course, every situation is unique and you should consult with your advisor. For many retirees, simplifying down to low cost diversified funds or ETFs not only reduces stress, but can improve results over the long run.

Now let's move on to number four. The big toys you don't use, these are the ones that are just sitting collecting dust. That RV you haven't used in years and you don't plan on using in retirement. The boat that's been sitting in dry storage, the a TV, the motorcycle, the timeshare, or even that old car you bought and wanted to restore , but you no longer have the desire to mess with.

Now, if that's part of your retirement plan, by all means keep it. And it's not just physical toys, sometimes it's expensive memberships like a golf club or a country club that you don't really use anymore. Now, if you plan to retire to the golf course, by all means keep it and go enjoy it.

But if it's not used, this can quietly drain thousands of dollars a year. Selling or canceling them, not only gives you some extra cash, but also creates a huge sense of relief. You'll be lighter, freer, and better able to focus on the experiences that actually bring you joy. Now move to number five, side businesses or rental properties. For years, they may have been fantastic income streams, but at some point you have to ask, are they still worth the stress? Managing tenants dealing with 2:00 AM plumbing emergencies, running, payroll handling paperwork, it all adds up.

And while extra income is nice, the time and energy cost can sometimes outweigh the financial benefits. Now for some people, keeping these makes perfect sense. For instance. My dad is 79 and he still owns a duplex in an office building. He's been a realtor for over 50 years, and honestly, he enjoys it.

It gives him something to do, but not everyone feels this way. I've also had clients who sold their rentals and small businesses before retiring and told me it was the best decision they ever made. Not because they didn't value the income. But 'cause they valued peace of mind more. Retirement is about freedom, and sometimes that means letting go of the things that keep you tied down.

So let's recap the five things you may want to sell before retirement. Number one, a home that's too big or too expensive to maintain. And then number two, the extra clutter and storage unit items you don't need. And then three. Complex, high cost investments and maybe old insurance policies you no longer need. And then four big toys and memberships you rarely use, and then five side businesses or rental properties that eat up your time and energy. Remember, this isn't about depriving yourself. It's about clearing away the things that no longer serve you so you can create more space for the things that truly matter.

If you enjoy today's episode, I'd love for you to follow the podcast so you don't miss future conversations on retirement planning, investments, and tax strategies.

And if you'd like help reviewing your retirement plan, whether it's simplifying your investments, adjusting your income strategy, or just making sure you're on track, head over to Capital Wealth Group sc.com and schedule a free call with me. Thanks for listening, and until next time, this is George Jameson. Have a great day.