1.3 million people aren't claiming the pension credit they're entitled to, says Independent Age.
This figure is based on the Department for Work and Pensions' (DWP) estimates that two in five eligible people aren't claiming.
Pension credit is a means-tested benefit (ie eligibility depends on your earnings) that tops up your basic state pension if you have a low income.
Reasons for not claiming range from a lack of awareness of the benefit and eligibility, to the stigma of receiving a benefit. But as Lucy Harmer, director of services at Independent Age, says: 'There are many reasons why people don't seek financial help during retirement, but it shouldn't be something to be ashamed of.
'With pensioner poverty currently affecting more than a million older people, claiming pension credit can help to alleviate financial strains by boosting weekly income.'
There are two elements of pension credit u2014 guarantee credit and savings credit.
Part of the pension credit eligibility criteria is that you or your partner must have reached pension credit qualifying age.
However, . From this point, you'll only be eligible to start getting pension credit if you and your partner have both reached pension credit qualifying age, or if one of you has reached pension credit qualifying age and is claiming housing benefit for you as a couple.
There are lots of benefits specifically for older people u2014 and it's worth getting clued up on them so you don't miss out on cash or freebies.
From knowing where to find discounts on restaurants and becoming a savvy supermarket shopper to switching your energy supplier, there are plenty of smart things you can do to cut costs.