940,000 French Miss Out on Full Pension Benefits by Skipping This Step!

Every year, thousands of retirees unknowingly forgo valuable financial resources they are entitled to. Due to lack of clear information or the mistaken belief that they don’t qualify, they miss out on money that could significantly impact their daily lives. A simple action could sometimes enhance their standard of living, especially when considering that “76% of retirees believe they need an average of $531 more per month to live comfortably,” according to the latest CSA barometer for Silver Alliance and its member companies.

This issue actually affects more people than one might think. A report from the Retirement Insurance indicates that 940,000 policyholders, aged between 70 and 90, are “not claiming a right they have earned through their employment in the general system.” Essentially, this means that nearly a million individuals who have worked as employees and contributed to the general Social Security system are not receiving the retirement benefits they are rightfully owed. But why aren’t they receiving their full pension rights?

The reason is simply that they have overlooked a crucial step in the administrative process. It’s important to remember that retirement benefits are not granted automatically: it’s up to each individual to apply for the benefits they are eligible for. To request your retirement pension, you must submit an application online through the official Retirement Insurance website at least five months before you retire. Moreover, don’t forget to contact the institution where you have your retirement savings plans to request disbursement.

If no action is taken, no payments are made automatically. Future retirees might miss out on their legal pension (both basic and supplementary schemes) as well as any retirement savings plans they have contributed to during their career. And these aren’t small amounts of money we’re talking about.

According to a study by DREES, French citizens who do not claim their full retirement pension lose an average of $180 gross per month if they have not taken any steps to claim their rights, and about $40 gross per month if they have only applied for a portion of their pensions. These figures represent a significant financial loss for several hundred thousand retirees each year. Moreover, it is generally not possible to reclaim these funds later: retirement payments are usually not made retroactively, except in very specific circumstances!