Leaving the workforce does not mean stepping away from financial vigilance. Retirees must keep monitoring accounts, managing withdrawals and — critically — protecting their identities from cybercriminals who increasingly target older adults.
According to the FBI’s most recent internet crime report, individuals aged 60 and older who filed complaints in 2025 reported average losses of $38,500 per incident. Retirees face elevated risk because they often have substantial savings accumulated over decades and routinely interact with new online portals for Social Security, Medicare and pension benefits. Scammers exploit that exposure, posing as government agencies, financial institutions and healthcare providers.
This guide outlines a 15-minute checkup that can significantly reduce exposure. No technical expertise required.
Step 1: Review Your Credit Report
Pull a free copy of your credit report from each of the three major bureaus — Equifax, Experian and TransUnion. You are entitled to one free report per bureau annually. Spread your requests across the year, or request all three at once through AnnualCreditReport.com.
Look for any accounts you did not open, loans you did not apply for or addresses you do not recognize. Dispute anything suspicious directly with the bureau that issued the report. If you find evidence of fraud, visit the FTC’s IdentityTheft.gov resource to develop a recovery plan tailored to your situation.
Step 2: Check Your Social Security Account
Log into your my Social Security account at ssa.gov/myaccount. Confirm that your earnings record is accurate and that benefit payments route to the correct bank account. Watch for unfamiliar changes to direct deposit information or benefits that have been claimed in your name without authorization.
If anything looks off, contact the Social Security Administration immediately. Scammers have filed fraudulent claims using stolen retiree information, and catching these early minimizes damage.
Step 3: Scrutinize Medicare and Insurance Statements
Review Medicare Summary Notices and any private insurance Explanation of Benefits documents you receive. Flag any claims for medical services, equipment or prescriptions you did not receive. Even small discrepancies can signal that someone is billing your coverage fraudulently.
Report suspected fraud to the Department of Health and Human Services Office of Inspector General through its online portal or by calling 1-800-MEDICARE or 1-800-HHS-TIPS. Prompt reporting helps authorities shut down fraudulent billing before it compounds.
Step 4: Strengthen Login Security
Audit passwords across financial accounts, email and any portal tied to benefits or insurance. Use unique, strong passwords for each account. Resist the temptation to reuse passwords — a breach at one service exposes all accounts sharing that credential.
Consider changing passwords every 90 days. If managing multiple credentials feels unwieldy, a reputable password manager can generate and store complex passwords securely. Many browsers also offer built-in managers that can reduce friction without sacrificing protection.
What to Do When Something Looks Wrong
Acting fast matters. The moment you spot unauthorized activity, freeze the affected account — whether it is a bank account, credit card or insurance policy — by contacting the institution directly. A freeze prevents further transactions and blocks new account applications.
After securing the account, file a report at IdentityTheft.gov. The FTC’s portal walks users through recovery steps, generates sample letters for creditors and provides a checklist tailored to specific types of fraud. For Social Security-specific scams, contact the SSA or its Office of Inspector General. Medicare fraud should be reported to Medicare directly.
Why This Matters for Your Bottom Line
Identity theft recovery is time-consuming and emotionally draining. The financial toll — from stolen funds to legal fees to months of resolving disputes — can erode a carefully built retirement nest egg. Prevention costs far less than remediation.
Treat this 15-minute checkup like any other annual financial task: review it quarterly or at minimum twice a year. Rebalance your portfolio, pay bills and check your identity health. These habits together form the foundation of a secure retirement.