5 Unexpected Sources of Retirement Income – Arizona Daily Star

Another strategy is to pare one vehicle from your household’s fleet. If you have three, try living with two. If you have two, see if you can get by with one. It can be fairly easy for many couples to share just one vehicle once they’re retired and not commuting to jobs. By shedding one vehicle, you can collect some cash for it upfront, and then you’ll simply save money in the future, not having to pay for insurance, maintenance, and repairs.

4. Your junk

Some of the money you’ll want in retirement is all around you, in the form of items you no longer need or desire — and perhaps have never even used. Spend a little time reviewing things in your attic, basement, garage, and even your storage unit, if you have one. All those unnecessary things could fetch lots of dollars at a yard sale — and some you might want to offer online. Particularly valuable items, such as some collectibles, might be sold to dealers or others who appreciate their value.

5. Downsizing

Finally, an often overlooked way to generate more money for retirement while getting to keep more money in your pocket over time is downsizing. You can downsize in a variety of ways. If you love your neighborhood or town, you could sell your home and buy a smaller and/or less costly one in it. If you’re not so attached to your current location, you might move to a less costly town or state — or even a less costly country. You might be able to move closer to family or loved ones that way, too.

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