Collectibles You Should Sell Before Retiring To Save A Ton Of Money

As we go through life, we have a tendency to build collections of things we enjoy having and holding onto. Items like baseball cards, comic books, Hot Wheels, and Barbie dolls are all fun things that some of us start picking up as kids. However, along the way those collections can morph into much larger beasts. In 2022 Magnify Money conducted a survey of over 1,500 consumers and found that a whopping 61% were self-reported collectors of something, with the top preferred collectible being rare coins (which you might have lying around), followed closely by toys, trading cards, and jewelry. Many people also favor things like beer steins, figurines, or comic books, and some people go very specific with salt and pepper shakers or felt paintings. There is even quite the collector's market for vintage Christmas ornaments. 

But as the saying goes, you can't take it with you, and many people find it beneficial to shed these collectibles as they prepare for the next stage of life — retirement. As you leave your earning years behind you, many aspects of your life can change — From your finances to how much space you might want to maintain. Since large living spaces are costly in terms of upkeep, property taxes, and utilities, many might choose to downsize. This means no longer having extra space to house those treasured baseball cards, Hot Wheels, Barbie dolls, and comic books. All of this is to say that, as you prepare for retirement, it might be the right time to sell off those collectibles.

Perhaps the biggest financial benefit of selling off your collectibles before you retire lies in the newfound freedom of a smaller space — which also often comes with more affordable housing costs. Items like comic books, baseball cards, figurines, and sports memorabilia can all take up significant space, especially if they are valuable collectors' pieces and need to be stored under specific conditions. By no longer needing the space to store these items you can save money on everything from utilities to property taxes, allowing you to have more fun during your retirement or maybe even consider retiring abroad to save even more money.

Another reason to sell before retirement is that your collection could be worth a nice chunk of change. While some people hang on to collections for sentimental reasons, others collect with the intention of making a profit when the value goes up — in fact, 83% of those that Magnify Money surveyed believed their collections would go up in value. However, this is ultimately a gamble since you can't predict the future of the market. If you do have a collection, getting it appraised by an expert can ensure you know precisely what you have and allow you to effectively watch the market. While the value of your collection may go up after you retire, waiting to sell on the chance of an increase that may never come might not be the best financial decision. Don't miss the chance to recoup your investment and sock away that money for a rainy day.

Just as selling off beloved treasures you've spent a lifetime collecting is not easy, downsizing to a smaller home is not as easy as it might sound. Not only do you have to give up cherished belongings that have been a part of your life for years, but you also have to give up having the extra space you've become accustomed to. While Senior Living found that 51% of retirees ultimately do downsize to smaller homes, they also found that not all seniors wanted to. The major upside to consider when deciding to selling your home and your things is the money you can save — and even potentially make from offloading large collections. 

The price you can get for certain collections could make it especially worth it. Take the 1952 Topps Micky Mantle baseball card, for example, which is estimated at more than $13 million. If you've got a collection with just one of these gems, your collecting hobby will have earned you enough money to retire more than comfortably. Barbie dolls can also make you quite a bit of money depending on the doll. Some vintage Barbie dolls in mint condition can fetch over $20,000, and if you've got a specific collectible doll then you might be able to further build your retirement savings account just as you enter your golden years.