Early retirement at the age of 63 – who wouldn’t want that?? In Germany, however, the so-called "standard retirement pension" applies to those born in 1964 or later, starting at age 67.
Briefly explained: This is how the pension at 63 works. (Source: t-online.de)
When can I retire? This question concerns many people. But it’s actually not that hard to answer. We show you exactly what the retirement age depends on.
Sooner or later, everyone in working life asks themselves: When can I retire?? The answer is simple: it depends on your year of birth. Whereas people born before 1947 were still able to retire at the regular age of 65, the higher pension rate applies to all those born in 1964 and later standard retirement age from 67 years.
This is the age at which you can retire without deductions from your pension payments. Therefore, the age limit is not the same as the actual Retirement age equal. Because this is the age at which you actually retire – and it can be before or after the standard age limit. The retirement age will also Retirement age Called.
But how high are the deductions that I have to accept on my pension payment if I want to retire earlier?? Do I get a supplement to my pension if I retire after my age limit? And will the age limit continue to rise? t-online answers the most important questions about retirement.
- Pension question:Can I retire when I want to?
- Pension question:Does my boss have to agree if I want to retire earlier??
When can I retire?
When you can retire cannot be answered in a blanket manner. You must have reached a certain age to be able to draw an old-age pension without having to accept deductions (see below). This individual age is also called Standard retirement age. Exactly where this is for you depends on the year in which you were born.
- Flexible retirement:What the Flexirente can do for you
- Statutory pensionDo I have to pay taxes on my pension??
On reaching the 67. At the age of 63, the monthly pension is paid to everyone born in 1964 or later. For workers who retired before 1. If you were born on or after January 1947, the pension at the age of 65 still applies. A staggered regulation applies to all intermediate age groups.
Table with the standard retirement age
In this table you will find the exact graduation:
There is also another important requirement: You must have paid into the statutory pension insurance for at least five years in order to receive an old-age pension.
- Also called basic pension:For whom is the Rurup pension worthwhile??
- What parents should know:Am I entitled to the maternity pension??
Can I retire before the age limit??
Yes, you can do that. But then you have to accept high deductions.
For each month that you retire before the Standard retirement age retire, you must deduct 0.3 percent of your pension payment. If you retire one year earlier than the normal retirement age, you will receive a 3.6 percent reduction in your pension – permanently.
The deductions can add up to a maximum of 14.4 percent. That’s what it would be if you retired four years before the regular age limit. However, there is no provision for retirement at an even earlier age.
- Offset reductions:How to buy pension points
- pension question:How does the purchase of pension points affect taxes??
You can only retire without deductions if you have paid contributions for at least 45 years. Then you can take the so-called Pension for those insured for a particularly long time apply. This is also commonly referred to as the Retirement at 63 Designates.
- Retire earlierHow can I retire at the age of 63??
- My pension:When do I have to start paying taxes as a retiree??
People who have paid contributions for at least 35 years, but not 45 years, can also retire earlier. This is the so-called Pension for those insured for many years. In contrast to the pension at 63, however, they must also accept deductions here.
A smooth transition to retirement is also possible. The so-called Partial retirement employees are allowed to retire from the age of 55. This will have an impact on the amount of the pension.
Good to know: In addition to the early retirement pension, you can go to work and earn some extra money. To this end, the annual supplementary income limit of 46 applies in 2021.060 euros – because of the Corona crisis. This limit also applies in 2022. Read more here.
Can women retire as early as age 60?
No, in the meantime this is generally no longer possible. Until 2017, women could retire at 60 – but also only with high deductions. To do this, they had to meet three conditions:
- Year of birth before 1952
- have paid contributions for at least 15 years, ten of which had to be paid after the age of 40. You must not be older than one year
But this model has now expired. Now there are no more special rules for women when they retire.
- For your pension:Check your employer’s annual notification
- Basic pension:What you should know now
- Death of spouse:When am I entitled to a widow’s pension??
How can I calculate my retirement age?
To determine your earliest and regular retirement age, it is best to use the calculator of the German Pension Insurance (DRV). You can find it here . All you have to do is enter your date of birth and answer the question about whether you have a severe disability or have worked in the mining industry. Because this can also have an impact on the retirement age.
The Retirement calculator then shows you both the earliest possible pension start date with deductions, i.e. four years before the regular retirement age, and the regular pension starting age.
With the help of the calculator, you can then also calculate your pension amount. In addition, you must provide further information, which you can find in the pension information.
- Important documents: This is what the pension information says
- Secure pension entitlement:Check your insurance history
Please note: The data from the pensionable age as well as the Pension amount calculator are not legally binding. This means that both the legal situation and your personal life situation can change. This can also have an impact on your retirement and the amount of your pension.
Can I retire after reaching retirement age??
Yes, this is possible. You can continue to work and pay contributions beyond the conventional retirement age. In this case, you will receive a supplement to your pension.
- Good to know:When am I entitled to the reduced earning capacity pension?
This is 0.5 percent per month that you work longer. So that would give you six percent if you work one year longer.
Is retirement at 70 realistic??
Yes. What has already been discussed for years in politics, namely to successively increase the standard retirement age to 70 years or more, could become reality – even if the traffic light government has spoken out against it. There are two main reasons for this:
- How to find out:How much pension will you get?
- Pension calculator:How to apply for a pension?
- Retirement provision:What is actually the pension level?
- Demographic changeLife expectancy in Germany is rising, but the birth rate has been declining for years. This means that there are fewer and fewer contributors to the pension for every increasing number of pensioners.
- Shortage of skilled workersThere is often a shortage of skilled workers at the moment. Demographic change is making the problem even worse. To compensate for this, a higher standard age may be required.
But note: The standard retirement age is fixed for those born up to 1964, so an increase in this limit will only affect the younger generations at most.