9 Ways to Downsize When You Retire

5) Donate Old Things

Chances are you’ve accumulated a lot of “stuff” over the years. The garage may be packed with old sport equipment, bikes, tools, furniture, and more items that you may no longer use. Some items may be keepsakes and hard to part with.

Others, however, could be money-making opportunities. Depending on the condition of the items, donating them to a charity has several benefits. One, you are helping others in need. Two, you can get a tax write-off for the items you donate. This can result in cash at the end of the fiscal year. Tip: consider your professional work clothes from when you were a part of the work force. As a retiree, you don’t need those expensive suits, shoes, and accessories anymore. If they’re still in good condition, those are high value items and can net you a pretty penny when it comes to the write-off.