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Bad Social Security advice cost recipients $131 million, report finds

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Making a decision as to when to start claiming Social Security benefits can be fraught with risks.

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.

The research found that claimants were not informed that they had the ability to take widow or widower's benefits while delaying their own retirement benefits, which would allow those checks to increase.


Source :- cnbc
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