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Consider making this decision as soon the kids are gone rather than when you’re ready to retire. Even if your home is already paid for, there are still significant costs in owning more space than you really need, including taxes, utilities, insurance and repairs. Plus, it will force you to downsize other belongings, too. You’ll also have an excuse for why the kids can’t move back in with you later!

 

Debt

Over the course of a lifetime, the average American today will pay more than $600,000 in interest on all the money he or she borrows, according to CreditLoan.com. Pay off debt as quickly as possible.Definitely pay it off before you retire. Live by this old-school rule: If you can’t afford to pay for it now, you simply can’t afford it.

 

Clothes

If your wardrobe has outgrown your closet and dresser, start by purging enough pieces so that everything will fit. Get rid of unwanted clothing at yard sales or online, or by donating items to charity.

 

Read more here from AARP!