7 Costly Retirement Mistakes to Avoid

With so much at stake, AARP's Setzfand says seniors should consult reputable advisers who can help them make informed decisions.

“For many seniors, the main source of financial information still comes from family and friends,” she says, noting even the most savvy family members may inadvertently steer you wrong since they’re often providing guidance based on an incomplete financial picture. “Even a one-time investment in a professional financial planner who can look over the global aspects of your finances is better than relying on informal sources alone.”