Over 55s might be lacking out on £13,000 in unclaimed advantages – this is what to examine

A poll of over 55s shows millions could be missing thousands in unclaimed benefits including pension credit and attendance allowance – here’s how to check eligibility

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Over 55s could risk missing out on £13,000 a year by not knowing what financial support they are entitled to. The poll of 1,000 adults aged over 55, commissioned by McCarthy Stone, revealed 43% have never checked whether they are eligible for age-related schemes. And 16% find it difficult to understand the information about financial support.

Research found 65% of adults over 55 are unclear about their later life financial options, with 71% lacking confidence in their understanding of the support they’re entitled to. McCarthy Stone, a developer for retirement communities teamed up with personal finance and consumer expert Sue Hayward to highlight the schemes flying under the radar.

One of the key areas Hayward said is often overlooked is the Later Life Shared Ownership scheme. The initiative allows buyers aged 55 and over to purchase a share of a home while paying reduced rent on the remaining portion, potentially saving thousands in housing costs each year.

Data from McCarthy Stone revealed that 178 homeowners using this model saved a combined £14.5 million in 2025 – an average saving of around £80,000 per home.

Nearly half (43%) have never checked Pension Credit. Hayward added around one million retirees fail to claim it each year, despite it being worth an average of £2,600 annually for those over state pension age.

Hayward explains this scheme acts as a vital ‘top-up’ payment and can unlock additional support, including a free TV licence and other cost-of-living benefits.

Many are also overlooking the likes of Attendance Allowance, which could be as much as £4,750 a year, to travel discounts at £200 and around £500 of council tax benefits.

“Planning and research is key when it comes to having the power to choose the retirement you want,” hayward said.

“If you’ve built up equity in your property, it’s worth exploring all avenues, as it may not be practical to stay in your current home forever and there are other options when it comes to supporting an independent, but safer and more secure lifestyle”.

When asked what might prompt them to move home aged 55 or over, the main reasons were reducing household bills (32%) and cutting down on maintenance (28%).

Nearly a fifth (18%) would consider relocating to be closer to family, according to the OnePoll.com figures.

Chrissy Fice, from McCarthy Stone, which has launched its government-backed later-life shared ownership scheme, Home Buyers Help, delivered in partnership with Homes England, added: “When people understand the financial and housing options available to them, it can unlock confidence, flexibility and meaningful savings.

“Through our government-backed later-life shared ownership scheme, we’ve already seen customers save a combined £14.5 million in 2025 while enjoying the benefits of a safe and secure new home – proof of how the right information can turn options into real financial and lifestyle outcomes.”

SUE HAYWARD’S TOP 10 TIPS FOR BRITS APPROACHING RETIREMENT:

Downsizing:

Downsizing and buying a smaller property may be one solution if you still live in a large family home with high energy bills and maintenance costs. There are schemes in place that can help you with this. McCarthy Stone, for example, offers a Smooth Move package to help ‘declutter’ and generally streamline the moving process.

Shared Ownership:

You can also consider later life shared ownership, where you buy a share of a purpose-built home with flexible ownership options. In some cases, you may not need to pay rent on the remaining share.

Travel:

Check your eligibility for a free bus pass; the age requirements vary depending on where you live. You can also buy a Senior Railcard for £35 a year and save a third on train travel from age 60. You can buy coach discount cards too, such as the National Express one at £15 a year.

Pensions:

Give yourself a financial health check. Start by checking pension pots as you may be worth more than you think if you have lost or forgotten pots from past jobs. It’s easy for paperwork to go astray with house moves, so use the free Pension Tracing Service if you need help contacting previous pension providers.

Pension Credit:

Check you’re claiming everything you’re entitled to. Around a million people who could claim Pension Credit miss out. Worth an average of £2,600 a year to those over state pension age, it’s a ‘top-up’ payment that unlocks the door to other benefits, including a free TV licence. Use the free Pension Credit calculator on the government website

Forecast:

Get a free state pension forecast to see how much you’ll get and when. You can delay taking your state pension, which means boosting payments by nearly 6% a year.

Council Tax:

If you’re the only adult living in your property, you can claim a 25% council tax discount. You could also have up to 100% of your bill waived under the Council Tax Reduction scheme if you are on a low income or claim benefits. Contact your council for details.

Discounts:

There are lots of age-related deals and discounts, from supermarket savings to meal deals, cinema tickets, and reduced entry at attractions. Always worth asking – and take proof of ID for eligibility.

Attendance Allowance:

If you need extra help with daily tasks like washing or getting dressed due to a health condition or disability, and are state pension age or older, you may be eligible for Attendance Allowance. This is worth from £3,800 a year up to £5,700.

Deadlines:

Some benefits and payments can only be backdated for a limited time, typically one to three months, so always apply as soon as you can to avoid missing out. Be sure to declare any change in circumstances too.