It is estimated that millions of pensioners across the country are missing out on benefit entitlements. It has been estimated in a recent survey that around half of pensioners are missing out on some benefit entitlement that they have. This could be hundreds of pounds every year that pensioners are missing out on, pounds that could be gratefully used especially in these times of economic hardship.
Many pensioners do not find that by the time they reach retirement age that they have enough money to live. Benefits are designed to ease this burden, but because people are not claiming them properly, they are often turning to other schemes to free up cash for themselves. A popular way of doing this is to pursue an equity release scheme on their homes.
A survey by Just Retirement Solutions show that around 20 percent of pensioners who were applying for an equity release scheme were not claiming any benefit at all. It is estimated that this costs the average pensioner just under £900 a year. In the most extreme case the company found in a survey, one pensioner was missing out on nearly £9000 of benefits each year.
The company also found that around one in every three pensioners are not receiving all of the benefits that they are entitled to, which is a significant increase on the figures for 2010. For pensioners who are not claiming all of their benefits they are losing an average of nearly £700 every year.
Many pensioners have the misconception that because they own a property of their own they are unable to claim any extra benefits other than the state pension. This is simply not the case and pensioners should consider going to see an adviser if they want to find more information about what benefits they might be entitled to. If pensioners want to access more money it can be a good idea to pursue an equity release scheme to boost their monthly incomings.