Retirement age of women: when can i retire?

Retirement age for women

Retirement age for women: The most important facts at a glance

Retirement age of women: when can i retire?

In Germany, the retirement age is 67 years. It applies equally to men and women.

Retirement age of women: when can i retire?

Only if you were born before 1964 or have already paid into the pension fund for 45 years, you can retire earlier without deductions.

Retirement age of women: when can i retire?

If you want to retire at age 63, 0.3 percent will be deducted from your pension for each month you retire.

Retirement age of women: when can i retire?

If you work longer than until 67, you significantly increase your pension entitlement. Two years result in a plus of 17 percent.

Retirement age of women: when can i retire?

Work out how much pension you’ll get later. Then you will know if you can afford an early pension or if you will have to work longer because your pension is not enough.

Just do what I want, put my feet up and have no more obligations: A nice dream when work sucks again and the boss demands way too much. But the dream of (early) retirement should be well planned and thought through. An important question is: When do you want to retire?? Sounds simple, but there are many possibilities.

Retirement age of women: When is the earliest I can retire?

In Germany, the retirement age for men and women is 67 years. This is also called the "standard retirement age. There are exceptions only for people born before 1964. In this case you can retire a few months or years earlier. This is due to the gradual increase in the retirement age.

Table: Retirement age of women and men in Germany

Year of birth Retirement age
1955 65 years, 9 months
1956 65 years, 10 months
1957 65 years, 11 months
1958 66 years
1959 66 years, 2 months
1960 66 years, 4 months
1961 66 years, 6 months
1962 66 years, 8 months
1963 66 years, 10 months
from 1964 67 years

In 2019, by the way, the average retirement age for women was 64.5 years, according to Rentenatlas.

You can also find all the info in the video:

If you are a woman, you can’t retire at 60 already?

Theoretically, men and women can move their retirement age forward a bit. But if you want to retire at 60, you have to finance yourself for the first three years. The pension fund pays women and men only from the age of 63. You will receive an old-age pension on your 65th birthday. In the past, the retirement age for women was 60 – they received a so-called women’s pension. But that no longer exists. Today, men and women have to work until 63 in order to draw the standard retirement pension.

The later standard age limit, on the other hand, determines the point at which employees in Germany can retire without deductions, i.e., without losing any money. Because for every month of early retirement, the German pension insurance (DRV) deducts 0.3 percent from your statutory pension.

So if you put your feet up a year earlier, you’ll have to make do with 3.6 percent less pension – for life. The DRV cuts payments to early retirees because they put more strain on the pension fund. You no longer pay into the fund and receive benefits longer. That is expensive.

When women work longer, they acquire higher pension entitlements

That’s why the DRV also rewards all employees who work longer than they have to. Because the standard retirement age is not a stop line. If you want to work longer, you can. So if you still feel fit at 67 and would like to continue working, it pays off twice over.

For one thing, you’ll continue to get your pay, which will eventually be higher than your expected pension. On the other hand, you continue to pay into the pension fund together with your employer and thus increase your income in old age. Because 18.6 percent of your gross salary always goes to the pension fund.

One half is paid by you as an employee, the other half by your employer. And as a reward for continuing to work, the DRV will add another 0.5 percent per month. If you continue to work for two years, for example, you will receive twelve percent more pension due to the DRV bonus alone. Together with the further payment, there is a pension increase of about 17 percent.

Can I retire without deductions after 45 years of work??

But maybe your body doesn’t want to work any longer. Or you finally want to have peace and quiet and not get upset about e-mails or your boss anymore. Then there is another option. If you have been working for a long time and have paid contributions to the DRV, you can retire without deductions at the age of 63. Then you are considered to have been insured for a particularly long time.

However, if you were born after 1953, the age limit is gradually raised to 65 years. This can save you two years of work if you have been insured for a long time.

The main condition for early retirement: You must have 45 years of contributions to the DRV. But that doesn’t mean you have to have worked the full 45 years. The waiting period also includes the baby break and longer periods of illness. How high the so-called maternity pension is, you can find out here. During parental leave or sick leave, female employees do not pay anything in themselves, but they are still covered by social insurance.

Did you already know? After a divorce, the ex-partners share the pension entitlements. How exactly, you can find out here.

How women can check their pension entitlements

Sometimes, however, it can happen that not all contribution years are correctly stored at the DRV. You should correct this quickly. You can apply to the DRV for a so-called account clarification. In plain language, this means that you check together with the pension fund which contribution periods have already been deposited, whether everything is correct and whether anything is missing.

It can happen, for example, that your studies or other training is not properly filed. Studying is not decisive for the pension for those insured for a particularly long time, but it is in many other cases. For example, it counts towards the waiting period, which can quickly determine whether you receive an early pension for severely disabled people in an emergency.

If you find a gap in your insurance account, it’s best to take care of it right away. The longer you wait, the more difficult it is to find or have issued proof of the contribution period. If your studies or training are not deposited with the pension fund, it is often sufficient to present the certificate.

It is usually more difficult with other issues – for example, with women from the new federal states who worked before unification. Until 1991, employers still recorded working hours and pay on a "green" social security card. If you have one of these, you can simply submit it to the DRV. If you can’t find it or if you don’t have any other proof, just contact the pension insurance. The employees there usually know which certificates are available where, and how to get them even after a few years.

When can I retire now as a woman?

The question remains: When is the right retirement age for the individual woman?? Not a simple question. Constanze Hintze knows this too. She is the managing director of the women’s financial consultancy Svea Kuschel + Kollegen, an investment expert and book author. Hintze knows the worries of women when it comes to their own finances and their retirement provisions.

Often it is also about the retirement age of women. Your tip: Approach the matter differently. "The decisive question is: When can I afford to retire??", says Hintze. Because when you retire, you are not only saying goodbye to your colleagues, but above all to your net salary. Instead of a salary, there is then a pension.

This is how high women’s retirement pensions are on average

In most cases, however, the pension is significantly lower; the current pension level is 49.4 percent. So the average pensioner currently gets about half the pay of an average worker. Expressed in euros, that means for women: In the west, there is an average of 737 euros per month, in the east of Germany 1045 euros. By the way, men get more on average – the gender pension gap sends its regards. You can find out how much your statutory pension is likely to be in the pension information sent out each year.

"So if you can, you should definitely continue working until the standard retirement age so that you don’t reduce your pension even further with deductions," advises Hintze. If that’s not an option, the classic cash check helps. Hintze sends almost all of her customers home with this task after the first appointment. After all, the statutory pension is not everything.

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Calculate your personal optimal retirement age!

Many women pay into a company pension scheme (bAV) or private pension insurance in addition to the statutory pension insurance scheme. So you will receive several pension payments. Insured persons can find out approximately how much they will receive in the annual status report. It tells you exactly how much you’ve already paid in, and roughly how much your pension will be if you keep paying in.

Add it up and plan for a buffer. This is because 14.6 percent of the statutory pension insurance is deducted for health insurance and, in the case of an occupational pension scheme, for tax. "Such a calculation provides a lot of clarity and thus security about whether the pension is sufficient," says Hintze.

You can now compare the amount of your pension with your expected needs. You can calculate how much money you will need in old age here.

Alternative to retirement at 63: part-time

Once you’ve thought all this through and done the math, the financial advisor has one more tip: "Many women come to me and say they want to get off the hamster wheel and therefore retire early," says Hintze. "The problem is often not the work itself. Maybe it’s the wrong employer, an unfavorable shift model or it’s time for a change of industry."A change of job or a part-time position can solve many a problem and make it easier for you to work until you are 67. Making it easier to celebrate your birthday.

Part-time jobs have only one major drawback: they pay little into the pension account. Because how much of the salary goes into the pension fund depends on the gross salary. If wages fall, the future pension falls. "Part-time jobs should therefore be carefully considered," says Hintze. As a bridge to retirement, a part-time job can be quite useful. "However, if you only work part-time throughout your life, you will hardly be able to build up assets from your own resources and will jeopardize your security in old age," warns the financial advisor.

Retirement age of women: when can i retire?

herMoney tip

If you are still physically and mentally fit, continue to work until the standard retirement age or until you have completed 45 years of contributions. Because if you decide to take early retirement, you will receive less money for life. Whether you can afford it, you should calculate beforehand.

If you’re unsure, get help from the DRV or an independent financial advisor. They know exactly what to look out for and how much pension you can really count on minus taxes and health insurance contributions. Until then, continue to save diligently!

Read more: At the end of the money regularly too much month remains? With a budget book you uncover superfluous cost gobblers. You can put the money you save into an ETF savings plan, for example. This is available for as little as 25 or 50 euros per month! How beginners find a suitable ETF, you will learn here.

Retirement age of women: when can i retire?

Jennifer Garic writes about pensions, business, entrepreneurship and digital. She laid the foundation for this in her studies and in her training at the Cologne School of Journalism for Politics and Economics.

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