And there's one more danger many retirees may not be aware of: getting botched advice from the Social Security Administration.
A recent report from the agency's Office of the Inspector General estimates that 9,224 widow and widower beneficiaries age 70 and above were underpaid approximately $131.8 million.
The report also projects that Social Security will underpay 1,899 beneficiaries by about $9.8 million annually when they turn 70.
Those estimates are based on a random sample of 50 beneficiaries that led the office to conclude that 11,123 recipients could be eligible for a larger monthly benefit.
