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Planning for retirement can feel overwhelming, but selling assets can provide a much-needed boost. However, the key lies in knowing the right time, method, and assets to sell, as this can greatly impact your golden years. To help you make informed decisions, here are some time-tested strategies and tips to consider if you’re contemplating selling assets before retirement.

Research the Market

The first step is to research the current market conditions. This will help you determine which investments may be more profitable in the short term and what strategies make sense for your financial situation. Take into account any additional costs associated with selling an asset, such as taxes or brokerage fees, so that you have a complete understanding of what you can expect to gain from the sale. 

Consider Your Needs

Before selling any assets, it’s important to consider your current and future needs. Determine whether you need the money right away or if you can wait for a longer period of time before selling. Factors such as your age, income, and other investments should be taken into account. 

Consider Tax Implications

The tax implications of selling assets should also be considered. Different types of investments come with different tax rates and requirements, so it’s important to understand how the sale may affect your taxes before committing to any decision. You may want to speak to a financial advisor or accountant to get more information on the potential tax implications of your decision. 

Maximize Your Return 

When selling assets, it’s important to maximize the return you receive from the sale. Take into consideration any fees associated with the sale and whether there are other ways to get a better return on your investment. Researching market trends is also helpful in understanding when and how much you can expect to make from the sale. 

Plan for Unforeseen Circumstances 

No matter how thorough your research is, there are always unforeseen circumstances that could occur. Be sure to plan ahead so you have access to funds if something unexpected happens, such as a sudden medical issue or job loss. 

Selling assets before retirement can be a great way to secure your financial future. By researching the market, considering your needs, understanding potential tax implications, maximizing your return, and preparing for unforeseen circumstances you can make sure that you get the most out of selling your assets. Ultimately though, it is always wise to speak with a professional financial advisor who can provide personalized advice on how to best manage your money in retirement. 

Additional Tips

Besides selling your assets, there are other options available to help you save for retirement. Building up an emergency savings fund is one way to ensure that you have money set aside should any unexpected expenses arise. Increasing the amount of money saved in your 401(k) or IRA can also be beneficial, as this will allow you to take advantage of tax breaks and compound interest. Lastly, investing in stocks and bonds can also be a great way to make your money grow over time. Be sure to speak with your financial advisor to determine which strategies are best for you. 

Work with us

Our experienced financial advisors at Independent Financial Services hold numerous designations and accreditations. We pride ourselves in serving clients with devoted guidance and individualized service. We are well-versed in handling your financial needs through every phase of life. 

Contact us to learn more about our retirement planning services!