Are You Making 6 Outdated Retirement Decisions?

Are you prepared for retirement? Whether you've saved a thousand or a million dollars, now's the time to reevaluate your retirement decisions and make sure you're not making six outdated decisions.

While you can start taking social security payments at age 62, this decision could mean you have less money for your future. Consider your life expectancy, inflation, survivor benefits, marital status and income needs as you choose whether to withdraw social security now or later. 

Retirement withdraws may start when you turn 70-1/2, but you don't have to wait. Instead, consider taking distributions early and repay debt, invest in mutual funds or bump up your assets so that you're in a better position financially during your golden years. 

The principal of your investments will continue to grow interest for years to come. You can touch that money, though, as you take a balanced retirement savings approach. Using that cash to repay debts or invest in higher interest assets can mean you make even more money in the long run.

Medicare will cover about half of your medical expenses after you turn 65. That means you need to begin saving now for your out-of-pocket expenses and the medical care you need. 

Carrying no debt is wise, especially for retirees who have limited financial resources. However, if you're financially secure, use debt to boost your assets and build a solid and diverse retirement portfolio.

If you subconsciously plan to die early, you won't approach retirement savings aggressively. Plan to live a long life as you save enough money to enjoy your retirement no matter how long or short it lasts.