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Indestata > Debt > Why Thousands of Seniors Miss Out on Free Money Every Year
Debt

Why Thousands of Seniors Miss Out on Free Money Every Year

TSP Staff By TSP Staff Last updated: June 1, 2025 7 Min Read
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Imagine discovering there’s money out there just waiting for you to claim it. That’s the case for thousands of seniors every single year. Yet too many leave this free cash on the table simply because they don’t know it exists or they think they don’t qualify.

From overlooked tax credits to unclaimed Social Security benefits and even forgotten pension payouts, seniors are missing out on financial lifelines that could make their retirement years more secure and enjoyable. Let’s dive into the reasons so many retirees fail to claim this money and how you can avoid being one of them.

1. Not Knowing About the Earned Income Tax Credit

Many seniors think the Earned Income Tax Credit (EITC) is only for working families with young children, but that’s not true. Some seniors with part-time work or self-employment income can qualify, yet nearly one in five eligible people don’t claim it.

The EITC can add thousands to a tax refund, providing extra funds for medical expenses, home repairs, or even a well-deserved vacation. But because it’s complicated to understand and often overlooked, countless seniors miss out on this financial boost every year. A quick conversation with a tax professional or using reliable tax software could reveal eligibility you didn’t even know you had.

2. Overlooking Property Tax Relief Programs

Many states and local governments offer property tax relief for seniors, including exemptions, deferrals, and credits. Yet older homeowners often don’t apply, either because they aren’t aware of the programs or because the paperwork feels too complicated.

This is a real shame, as property taxes can eat into a fixed retirement income, making it harder to cover basic needs. Programs like the Senior Freeze in New Jersey or California’s Property Tax Postponement Program are designed specifically to ease that burden. Don’t assume you’re ineligible. Check with your local tax office or county assessor to find out what’s available in your area.

3. Missing Out on Supplemental Social Security Benefits

While most seniors know about Social Security, many don’t realize they might also qualify for Supplemental Security Income (SSI). SSI provides extra money to seniors with limited income and resources, yet thousands don’t apply each year. Even if you receive Social Security, you might still qualify for SSI, especially if you have high medical expenses or live on a tight budget. The extra funds could help with food, utilities, or prescription costs, giving your retirement income a crucial boost.

4. Forgetting About Old Pensions and Retirement Accounts

In today’s mobile workforce, it’s easy to forget about pensions from previous jobs or small retirement accounts left behind after a job change. Many seniors don’t realize that pension plan administrators are required to help track down unclaimed funds, and the Pension Benefit Guaranty Corporation (PBGC) even runs a database for this very purpose.

Unclaimed pensions can amount to thousands of dollars in retirement savings that you didn’t even know you had. A quick search through the PBGC’s database or asking former employers could unearth funds you thought were long lost.

5. Not Applying for Health-Related Subsidies

Healthcare is one of the biggest expenses in retirement, but many seniors miss out on free or low-cost assistance. Programs like Medicaid, the Medicare Savings Program (MSP), and Extra Help for prescription drugs can save seniors thousands of dollars each year.

Unfortunately, complex applications and confusion about eligibility cause many retirees to give up before they start. But these programs exist for a reason—to keep seniors from having to choose between food and medicine. Community agencies and elder law specialists can help simplify the process and get you the help you deserve.

Image source: Pexels

6. Skipping Utility and Phone Bill Assistance

Did you know that programs like the Low-Income Home Energy Assistance Program (LIHEAP) and the Lifeline program for phone and internet bills can put money back in your pocket every month? Many seniors don’t, meaning they pay more than they need to for basic services. These programs aren’t just for younger low-income families; seniors on a fixed income often qualify, too. A quick call to your local community action agency can show you how to apply and start saving money right away.

7. Thinking “I Won’t Qualify Anyway”

One of the biggest reasons seniors miss out on free money is a simple one: they assume they won’t qualify. Maybe they think their income is too high, or they worry they’ll need to jump through bureaucratic hoops they can’t manage.

But eligibility requirements often surprise people, and even moderate-income seniors can qualify for help in certain situations. Taking the time to ask questions, apply, or get assistance from local aging agencies or tax professionals can unlock benefits you didn’t know you were missing.

Don’t Leave Free Money on the Table. Get What You’re Owed

Retirement is supposed to be a time to enjoy the fruits of your labor, not to worry about every penny. Yet, too many seniors make it harder on themselves by missing out on benefits, tax breaks, and other financial assistance that’s already available.

Don’t let confusion or assumptions stop you from getting the money you’ve earned. Ask questions, seek help, and do a little research because every extra dollar counts in retirement.

Have you (or someone you know) ever missed out on a benefit or tax credit because you didn’t know it was available? Let’s talk about how to make sure you get every dollar you deserve.

Read More:

Senior Scam Warning: 10 Scams Specifically Target Seniors

Why Some Seniors Are Better Off Not Having a Will – The Shocking Case for Simplicity

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