Retirement age

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My retirement age – when can I retire, what do I have to pay attention to?

With the Pension Insurance Age Limit Adjustment Act In 2007, the path to the Old-age pension from 65 years and 67 years gradually increased. Anyone who has.01.born in 1964 may not retire until the Reaching the age of 67. age apply for a standard old-age pension without any deductions. No further changes are currently planned, but politicians regularly discuss raising it further to 69 or even 70 years old. Here we have compiled the most important information about your retirement age and the different pension options of the statutory pension insurance.

Table of Contents

  • What is the standard age limit?
  • What is the retirement age?
  • Which standard age limits?
  • Why is the standard retirement age being raised?
  • Which pensions are affected by the increase in the standard retirement age??
  • Can I retire earlier?
  • The old-age pension for those insured for many years
  • The retirement pensions at a glance
  • Pension reductions
  • Retirement age for severely disabled
  • Earlier retirement also in the case of unemployment and part-time work for older employees
  • Can I also retire later?

What is the standard retirement age?

The standard retirement age is statutory retirement age, to which you without deductions in the pension amount a Draw old-age pension can.

What is the retirement age?

The age of retirement is the age at which take pension from the statutory pension insurance for the first time. This does not necessarily have to correspond to the standard retirement age. You can also retire earlier, but you will have to reckon with deductions.

The standard retirement age was raised by 2 years in 2007 as part of a pension reform. All those who retire after the 01.01.born in 1964, may in principle only be with 67 years an old age pension without reductions refer. For those born between 1947 and 1963, there are transition periods with a slow increase in age limit. You can find your personal age limit in the following table.

Standard retirement age by year of birth

65 years + 1 month

65 years + 2 mon.

65 years + 3 mon.

65 years + 4 mon.

65 years + 5 mon.

65 years + 6 mon.

65 years + 7 mon.

65 years + 8 mon.

65 years + 9 mon.

65 years + 10 mon.

65 years + 11 mon.

66 years + 2 mon.

66 years + 4 mon.

66 years + 6 mon.

66 years + 8 mon.

66 years + 10 mon.

1964 and younger

Why is the standard retirement age raised?

The standard retirement age will be increased life expectancy of the people in Germany increased, but also due to the Tight budget situation. Other factors such as the low birth rate and the increasing number of people with low incomesn will increasingly burden the pension funds and result in a further adjustment of the standard age limit. Because these demographic developments mean that the proportion of pension recipients in relation to contributors is rising ever more sharply. As a result, it is no longer possible to guarantee that the pension level will be maintained under the current framework conditions.

Which pensions will be affected by the increase in the standard retirement age?

  • Regular retirement pension
  • Pension for those insured for many years and for those with a particularly long service record
  • Pension for people with severe disabilities
  • Reduced earning capacity pension
  • Pension for miners
  • Survivor’s pension (widow’s/widower’s pension)

Since when is there no longer a difference in the standard retirement age for men and women??

Since 1992, the standard retirement age for men and women in Germany has been harmonized, at that time to 65 years of age. Previously, women were allowed to retire many years earlier than men. The harmonization of the retirement age is based on a decision of the European Court of Justice in 1990 that unequal treatment of the retirement age is not permissible.

Can I retire earlier?? Will I receive less pension because of this?

You do not have to work until you reach the standard retirement age. The Statutory pension insurance also allows earlier retirement. However, there are some Requirements, which you must fulfill. In the following remarks, we focus on the situation for all those who retired after 01.01.were born in 1964 and are fully affected by the increase in the age limit. For those born between 1947 and 1963, the same applies to the other pension types Transitional periods with reduced entry age.

In addition to the standard old-age pension, for which no early retirement is possible, there is also the basic pension Old-age pension for those insured for many years and the Old-age pension for those insured for a particularly long time. If you wish to receive one of the two pensions, you must meet specific requirements.

The old-age pension for those insured for many years – from 63 at the earliest

In the case of the old-age pension for those insured for many years Qualifying period of 35 years Meet. This means that with contribution periods and periods of consideration in the statutory pension insurance, you will receive a insurance period of 35 years have to prove. If you meet the requirements, you may At the age of 63 at the earliest Receive benefits from the statutory pension insurance. However, you will then not receive the full pension, but only a pension that is reduced by certain deductions. For each month that you retire before reaching the standard retirement age, the statutory pension insurance deducts 0.3% from the pension you have actually reached. For each year of early retirement, your pension will therefore fall by 3.6%. If you take advantage of the full 4 years, your pension will be 14.4 % lower.

The old-age pension for those insured for a particularly long time

The only exception is the old-age pension for those insured for a particularly long period of time. If you would like to claim this pension, you must 45 years waiting period and may then retire upon reaching the 65. without deductions for the first retire at. With our tabular overview of the individual pension types, you can see at a glance which requirements you have to fulfill.

The old-age pensions at a glance

Standard old-age pension Old-age pension for those insured for many years Old-age pension for those insured for a particularly long time Pension at age 63 standard age Minimum age Reduction per year Maximum deduction Waiting period Conclusion
Gradual increase from 65 to 67 65 65 gradual increase from 63 to 65 from the 1953 – 1964 cohort onwards
Gradual increase from 65 to 67 63 65 Gradual increase from 63 to 65
early retirement possible; lifelong deductions of up to 14.4 percent
5 years 35 years 45 years 45 years
67 becomes the standard retirement age If you can prove that you have been insured for at least 35 years, you will receive a pension from 67; early retirement with deductions is possible from 63 if you have 45 years of insurance, you can draw a pension without deductions from the age of 65 be available only to a very small segment of the population and for a very short period of time; if you have 45 years of coverage

Pension deductions – will my pension be sufficient at all in old age??

If you have a earlier retirement plan, you should consider the Expected deductions in your planning and the resulting Pension gap that arises compensate. There are several possibilities for this. Ideally, you should forego early retirement and draw your income from other sources during the period until you reach the standard retirement age. With private insurances you are allowed to as a rule already from the age of 62. Age of retirement retrieve. With our private insurance policies for retirement provision, you can take out a pension for already from the age of 55. age limit Claiming benefits.

Especially when drawn by a Disability pension you should have private insurance, because the amount paid out is usually barely enough to live on. The reference periods of the pension for reduced earning capacity are largely taken into account for the old-age pension, however, deductions are also to be expected for the pension for reduced earning capacity. Free of deductions Be able to draw a reduced earning capacity pension from 2024, only persons who are at least 65 years old. Younger people in particular with low benefits from the reduced earning capacity pension must therefore also be prepared for a low old-age pension.

From the 1. January 2021 will be one Basic pension paid as basic security to all who At least 33 years of basic pension drawdown time and not have received more than 80% of the average earnings in the year. The basic pension is intended to help counteract old-age poverty.

Mother and daughter on laptop

If you want to enjoy your retirement as a pensioner, you must think about private provision, because as things stand today, less than 45% of your current net salary will be left over when you retire.

The retirement age for severely disabled persons – an earlier pension start is possible?

For severely disabled persons special rules apply for the entry into the old-age pension. The standard age for the retirement pension without deductions lies with 65 years. If you accept pension deductions, you may at 62 years at the earliest receive a pension for severely disabled persons. However, you must fulfill a waiting period of 25 years and also have a A degree of severe disability of at least 50 according to SGB IX have.

Earlier retirement also in case of unemployment and partial retirement?

Also with Unemployment or after semi-retirement could the retirement with deductions at the earliest at age 63 or without deductions at age 65 occur.

In return, prospective pensioners had to born before 1952 be a Waiting time of 15 years and during the last 10 years before the start of the pension at least 8 years of compulsory contributions have paid for insured employment or activity. In addition, they either had to be (have been) unemployed for a period of one year at the start of the pension as well as after reaching the age of 58 years and 6 months or have exercised at least 24 calendar months of partial retirement under the Partial Retirement Act.

Can I also retire later?

All old-age pensions are only paid out on application. You are not obliged to apply for pension benefits. The statutory Pension insurance rewards individuals, who continue to work beyond the standard retirement age with a Supplement of 0.5% per month on the later pension payment. So, another year of working adds 6% to your workload on the later pension payment. In addition, you may also continue to pay contributions to the pension insurance scheme, which also provides for a higher pension. Whether it’s worth it to go beyond the standard age limit depends on your individual situation.

Retirement age also changes for survivors’ pensions

The increase in the age limits also has an effect on the Widow and widower pension from. The age limit for the large widow’s/widower’s pension increases gradually from 45 to 47 in 2029. Conversely, this means that surviving dependents then reach are only entitled to the large widow’s/widower’s pension at age 47. Regardless of the increase in the age limit, survivors also receive the pension if they are raising a child or are incapacitated for work during this time.

Old-age pension for miners – what are the special rules??

Special regulations apply to employees in the mining industry with regard to the standard retirement age based on their structural change in the mining industry and the special risks and burdens, to which miners are exposed for years. Prerequisites for retirement are Minimum age of 60 and a Minimum insurance period resp. Waiting period of 25 years for uninterrupted underground work. While the special regulation will continue to apply, the age limit will also be gradually raised to 62. The waiting period of 25 years also includes the receipt of an adjustment allowance, which is usually paid to older employees in coal and lignite mining and in coal-fired power generation in the event of closure and rationalization measures. The gradual adjustment of the standard retirement age will result in a earliest possible pension start date of 62 years for all cohorts from 1964 onwards.

Retirement age in European comparison

OECD data on retirement ages in Europe show that the actual retirement age is mostly the actual retirement age is usually lower than the statutory retirement age and pensioners often accept reductions in order to be able to retire early. The The actual retirement age for men and women in Germany is 62.2 and 62.3, respectively. 63.3 years, while pensioners in countries such as Iceland (67.2 / 69.2), Ireland (63.5 / 66.9), Portugal (64.9 / 69.0), Switzerland (64.3 / 66.0), Sweden (64.6 / 65.8) and Norway (64.4 / 66.2) only retire at a very late age.

In the countries in question, the standard retirement age is also usually higher than in other European countries. In Ireland, the standard retirement age will be raised from the current 67 to 68 in 2028. Comparably low standard retirement ages can be found in Estonia, the Czech Republic, Hungary, Slovakia, Greece and France. The lowest age limits, however, are in Luxembourg (60 years for all genders) and Slovenia (59.3 for men and 59 for women). In these countries, however, as in Germany, there are efforts to (gradually) increase the statutory retirement age.

The front-runner in an international comparison is South Korea. There, the actual retirement age for men and women is over 72, despite an age limit of 61.

retirement age will increase in the coming years due to demographic developments and Strained state budgets increase in many countries. An additional private pension provision is therefore indispensable, in order to be financially secure even earlier.

Still questions? – We are here for you

Statutory pension insurance is no longer sufficient as the only provision for drawing a pension. In order to avoid a pension gap, you should make additional private provisions for your old age. Especially if you are planning to retire early, you should carefully plan the transition to pension receipt. Our customer service will be happy to advise you on all questions relating to your personal pension provision. Whether by telephone, e-mail or in person at your location – our representatives are there for you. We look forward to hearing from you!

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