More people than ever are calling it quits and retiring from the professional workforce for good. After the pandemic, “50.3 percent of U.S. adults 55 and older said they were out of the labor force due to retirement,” according to a Pew Research Center analysis of the most recent official labor force data.
For all these people quitting the workforce, it begs the question: what do you do with all your belongings? Whether you’re downsizing, moving or simply scaling down, here’s what to do with your belongings after retirement.
Decide What You Really Want to Keep
First, do an inventory of what you have and determine what belongings you don’t want to get rid of any time soon. You can set up categories of what to keep, what to give away, what to donate and what to sell—then label any boxes or containers appropriately. This is the first step you should take, as it dictates many of the other best practices on this list.
Visualize How You Want to Live
Do you want to live it up in a large mansion somewhere during your retirement days or would you prefer to downsize and live the simple life? Maybe somewhere in between? This is another important early step, as you might need more or less belongings to make it happen. Decide on how much space you want to live in and adjust accordingly.
Give Family Members First Dibs
Once you decide what belongings you no longer need, consider giving close friends and family members the first opportunities to claim them. For starters, this is a form of storage, as you keep these items in the family, but don’t have to take up valuable space in your residence. Also, it improves family relationships and lessens potential tensions after you pass.
Find a Flexible Storage Solution
Another option is renting a portable storage container to keep any extra belongings you don’t want to part with quite yet. At SAM (Store & Move), our containers can be delivered to your location, loaded at your convenience and then stored at our secure storage facility (or delivered to your new location). Since you pay by the month, you enjoy ultimate flexibility for your golden years as you decide what to do with your belongings.
Consider the Tax Benefits
Finally, don’t forget the tax savings and write-offs you can enjoy by donating items to nonprofit organizations. Tax benefits are often few and far between for non-working professionals without dependents, so take advantage of what you can, while you can.
If you’re considering retirement (or have recently retired), consider using a SAM (Store & Move) container to downsize or relocate. Call us at 972-GET-A-SAM today for a no-obligation quote.