Secret Destroyers of Retirement: Will You Make These 20 Mistakes?

20. Hoarding

Have you ever encountered the term hoarding? Perhaps you’ve been labeled a hoarder yourself. We’ve previously discussed the risks associated with excessive decluttering, but it’s not uncommon for retirees to lean towards hoarding. This tendency was particularly prevalent among those born in the 1920s and 1930s who lived through the Great Depression. Similarly, those of us who weathered the 2008 recession as adults may find ourselves harboring similar sentiments, reluctant to let go of possessions “just in case.”

Yet, this inclination to cling to every item often leads to hoarding behaviors. It’s essential to strike a balance between hoarding and extreme minimalism. When sorting through your belongings, ask yourself if you genuinely require each item. Moreover, if you believe something might prove useful someday, consider the cost of repurchasing it if needed. More often than not, the items we feel attached to are valued at $5 or less, and parting with them is feasible. Chances are, you might discard 20 items valued at $5 or less, and if you happen to need one of those items again, it’s not a significant loss.