" It shows the received wisdom that people on the lowest incomes get the most in benefits is turned on its head in retirement."
The analysis by Just Group suggests that ‘property rich, cash poor’ pensioners could be failing to claim State help.
ONS figures show that retired households with the lowest incomes receive the lowest benefits at just £806 a year on average excluding State pension.
Nearly nine out of 10 (89%) of this group are owner occupiers, a higher proportion than among middle-income retired households and a stark contrast to non-retired households where those on lower incomes and receiving higher benefits are the least likely to own homes.
Previous analysis from Just Group found that more than half of retired homeowners miss out on some or all the State support they are an entitled to, with an average £1,013 going unclaimed.
Stephen Lowe, group communications director at Just Group, said: “This research is striking because it shows the received wisdom that people on the lowest incomes get the most in benefits is turned on its head in retirement.
“We noticed that there is a surprisingly high rate of home ownership among retired households who have the least annual income. In fact the 20% with the lowest incomes and the 30% with the highest incomes are far more likely to be owner occupiers and are also likely to receive less in benefits than the 50% with middle incomes.
“It is likely that some chose to buy homes rather than save into a pension and now find themselves ‘property rich, cash poor’ and struggling in retirement. The worry is that these people, despite having the lowest incomes, don’t appear to be getting help in the form of extra benefits on top of the basic State pension which almost every pensioner gets.
“Every pound of income counts, yet many pensioner homeowners are missing out on hundreds and in some cases thousands of pounds that would make a significant difference to their lives.
“It is crucial anyone struggling for income doesn’t think owning a home somehow exempts them from receiving State help and that they seek guidance to find out what they could be entitled to.”