People often downsize in retirement, but downsizing isn’t just about saving money — though that’s certainly part of why people do it.
Freeing up space and getting rid of clutter can simplify life and makes it easier to enjoy retirement without the mess or excessive responsibility. But while ditching unwanted or unneeded items is part of the downsizing journey, it might help to buy a few things, too.
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The goal isn’t to spend a ton of money, but a few deliberate purchases can make the process easier — and it can make life a whole lot less messy.
So, what should retirees buy to help them downsize? Here are just a few things.
Retirees should also be conscious of these things they’ll regret downsizing.
Home Maintenance and Repairs
For retirees who want to switch to a smaller home, it might be wise to pay for some maintenance or repairs first. Even a few minor renovations and basic upkeep can make the property more attractive to prospects.
“If you can pay for home repairs out-of-pocket, that’s the least costly option,” said Laura Adams, a financial spokesperson and real estate expert with iBuyer.com. “However, if you have at least 20% home equity, you might get approved for a home equity line of credit (HELOC), equity loan or a cash-out refinance.”
Know that using your home equity for repairs does put you at risk of losing your home if you default on the loan. HELOCs and similar options can also come with interest charges, so ask yourself whether it’s worth it.
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Smaller Home
A survey by Merrill Lynch (in partnership with Age Wave) found that roughly half of retirees who move also downsize.
Some people do this for financial reasons — that is, to save money. Others do it because they can’t maintain their current home, they want to be closer to loved one or other emotional or health-related needs.
If you’re retired — or retiring soon — and anticipate needing a smaller home, it might be wise to purchase a smaller property before putting yours on the market. It all depends on your financial situation and whether or not this path to downsizing suits your needs and desires.
Organizational Solutions
From boxes to standing shelving units to storage bins, home storage solutions can go a long way toward sifting through and organizing all that clutter.
These items also make it easier to separate what’s important — like those sentimental items or personal collections you love — from what’s not.
Once organized, you can start getting rid of the things you don’t need. If you have a few boxes lying around, you can even box up items like clothes and dishes for donation.
Library Card
Library cards are often free when you live in the same county or city as the public library. But you may have to pay some money if you live outside the county limits.
For example, non-residents need to pay $25 a year for a Wake County library card in North Carolina. Residents don’t have to pay.
Getting a library card means you can donate — or even sell — your old books and still read whatever you’d like, whenever you’d like.
You might not want to do this if you’re an avid collector, and you may want to keep any first editions of favorite page-turners, but it’s a good option for decluttering your life.
Versatile Furniture Items
Retirees who want to minimize their existing furniture may want to invest in some versatile pieces — but only the ones they need. In an Apartment Therapy article, a couple shared their story of doing just that.
“We did buy new things. We had been holding onto a lot of stuff that we’d accumulated over the years (like from college still), and it was a good opportunity to shed some stuff and invest in new pieces,” they said.
“With the downsize, we needed to be creative with furniture solutions. We bought a few pieces from IKEA like a bookshelf to hold all of our books, and the KALLAX cube (which I turned into a bar cart to hold extra dishes).”
Professional Services
Investing in a few professional services can make downsizing much easier.
For example, there are downsizing home specialists whose primary goal is to help seniors simplify their lives. Fees vary by service and project size.
Another professional service might be a landscape maintenance technician or someone similar. These individuals can spruce up your yard, which can be especially helpful if you plan on selling.
Photo Albums or Binders
You probably want to keep sentimental items like photographs or even concert tickets. The same goes for important documents like birth certificates, marriage licenses, Social Security cards, insurance policies, wills, and pension plan documents.
But these items can add clutter and stress to your life. One solution is to purchase a few photo albums to hold those photos or other important mementos. Binders with sheet separators can be used for larger documents.
Landline Phone
If you need to keep in touch with people, and if you can find a cheaper plan than your cell phone, a landline phone might be a smart investment.
Keep in mind that these can be limiting, especially if you have relatives or friends who prefer to text. On the other hand, they could potentially save you money.
According to Forbes, a typical landline phone plan costs between $10 and $60. A Verizon cell phone plan starts at $55 a month.
All-In-One Everything
Retirees who never seem to have enough room may want to buy all-in-one devices to replace multiple items that take up space.
For example, a single reliable desktop computer could replace a tablet, laptop and smart phone (if infrequently used). A combination washer and dryer takes up less space than two separate appliances.
New (Used) Car
When it comes to Supplemental Security Income (SSI) benefits, certain things, like the number of vehicles owned, can impact retirees’ eligibility.
Under Social Security Administration (SSA) rules, you can have one vehicle that doesn’t count toward your assets or resources — that is, the things you own. Additional vehicles may limit your ability to receive benefits.
Buying one reliable vehicle, even if it’s used, and getting rid of the rest can help you keep your eligible status while giving you the opportunity to get around. It can also free up space in the garage or driveway.
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This article originally appeared on GOBankingRates.com: 10 Items Retirees Should Buy To Help Them Downsize
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