Quit working sooner?
A dream of many employees.
These special payments can be used to offset pension deductions.
Those who want to retire earlier have to dig deep into their pockets beforehand.
From the age of 50 you can pay extra contributions to the statutory pension insurance to compensate.
Experts say what
extra contributions
that means - and what to watch out for if you don't want to retire at 67.
Update from November 16, 2020: Retire early - compensate for discounts with special payments
Who
retire earlier
to leave, must
take into account discounts
that can be balanced again -.
Whether this is worthwhile or whether it works out for you personally is the question that every individual can ask himself.
Basically, if you
meet
the
conditions for an early retirement pension
, you can
retire
before reaching the regular age limit
*
.
However, for every month that insured persons draw their pension earlier, there is a discount of 0.3 percent,
explains the German Pension Insurance Association according to a report by the German Press Agency (dpa).
The good news is therefore:
These discounts can be fully or partially offset with special payments
.
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From the age of 50, the payments could be made in the form of a one-off payment or as partial payments, according
to the dpa report on the background.
Anyone who does not retire early will receive a correspondingly higher pension for the additional contributions.
A reimbursement of the special contributions is not possible.
Read here:
If there is not enough money in old age - you should know that about the basic pension
A special
pension information
provides information about the pension amount at the desired early retirement, the amount of the resulting pension reduction and the amount that can be paid voluntarily to compensate for the pension reduction.
On request, insured persons over the age of 50 can receive this information from their pension provider, according to the report, where the
calculation
is explained
using
an
example
as follows: An employee wants
to retire
two years before the
statutory retirement age.
With a pension of 1,000 euros (gross), his monthly pension would
decrease
by 7.2 percent
or 72 euros.
To compensate for this discount, a total of
around 17,100 euros
in the old federal states
and a total of around 16,500 euros in
special
payments
in the new federal states
would currently be
due.
Also read
: Experts warn: You should have done this urgently before you retire
How high is your own pension?
Information about German pension insurance
If you have any questions about pensions, rehabilitation and additional retirement provision
, the
German Pension Insurance will
provide information free of charge.
Because of the spread of the coronavirus, advice takes place mainly by telephone, it says on their website, face-to-face advice is again possible in the information and advice centers "only by prior appointment".
How much will your own pension later be
?
Employees can also find central information about this in the
pension information
, which they receive regularly and which is kept relatively short with two pages.
The
most important numbers
are in a box on the first page.
For further reading:
Do you want to know how much your pension will be?
These three numbers tell you.
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Help with the tax
Taxable?
Appropriate control software (promotional link), in which the individual steps are clearly explained, can be of great help.
Don't retire at the age of 67?
There are these possibilities
Update from October 27, 2020: Can I retire earlier than the age of 67 *? Quite a few contributors ask themselves this question.
"Before that, insured persons can only retire under certain conditions", describes a post on BR.de (as of October 25, 2020) the background and gives a few examples: Those who started working early and have 45 years of contributions in the pension insurance , should also have some of his
pension
sooner
.
The bricklayer who started his apprenticeship at the age of 15 is often cited as an example.
“After decades of building work, it will be difficult for such professions to endure physically until they retire.
That is the basic idea of the retirement at 63 ”, it says in the article.
That is why there is the possibility of
retiring at the
age of 63 without deductions.
The
pension from 63
applies only to insured persons "who were born before January 1, 1953 and whose pension begins after July 1, 2014 and who meet the other requirements," reports BR.de.
For insured persons born after January 1, 1953, the age limit increases by two months with each year.
Read here
: If there is not enough money in old age - you should know that about the basic pension
You can also
retire earlier
if you have “35 years of proof of pension insurance”.
However, the insured should have this "calculated exactly", advises the portal.
And it depends on when you were born: Before or after 1964. For the cohorts before that: "With every month that the insured want to retire earlier, the pension payment decreases by 0.3 percent." This
percentage will deducted from the pension
- "and that until death, not just until the age of 67, when the actual retirement age begins".
Read here:
Experts warn: You should definitely do this before you retire
For example, if you want
to
retire two years earlier
, you have to forego 7.2 percent of your pension, writes the portal.
"Anyone born after 1964 is always deducted 14.4 percent from the pension with 63." For those born up to 1964, it is also worth taking a look at the pension calculator of the Deutsche Rentenversicherung, says BR.de. Everyone can calculate his deduction and the earliest retirement age with his date of birth.
Read here:
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Article dated May 7, 2020: Earlier retirement - How special payments offset pension deductions
Retire earlier *: That sounds tempting.
As a rule, however, it means that those affected
have to accept
reductions in the statutory pension
.
However, if you voluntarily make
special payments to the statutory pension insurance
during your working life
, you can compensate for these losses.
The reduction in pension when you retire earlier can be calculated as follows: For every month you retire before reaching the statutory age limit, there is a discount of 0.3 percent.
Calculated over a year, that's 3.6 percent.
So if you want to retire at the age of 63 instead of 67, you would receive 14.4 percent less statutory pension every month.
Read here
:
Working less at 55: This is how this dream comes true - and you have so much money left
Early retirement: Extra contributions from the age of 50
There is a way how you can prevent the later losses * - by taking precautions in good time:
From the age of 50 you can pay extra contributions to the statutory pension insurance
- and thereby reduce the discounts.
"The amount of the
special payments
is calculated on the basis of the remaining working time and the time that you go earlier," the German press agency quotes the spokesman for the
German pension insurance
association, Dirk von der Heide.
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German pension insurance gives sample calculation
But that goes into a lot of money, as the calculation examples of the German pension insurance show
: If you would get a pension of EUR 800 per month and would like to retire a year earlier, you have to pay an additional EUR 6,820 into the pension insurance to compensate for the pension reduction.
And if you want to retire three years earlier with a monthly pension of 1,200 euros, you have to spend around 33,160 euros for this purpose.
Read here:
Higher pensions have been decided: This is how much money there will be from summer 2020
Early retirement ?: Inform in good time, advises Stiftung Warentest
If someone is considering retiring to old age earlier, he should inquire in good time, advises Stiftung Warentest.
In order to determine early enough how much you have to pay in, you should seek advice about ten years before you plan to retire
, according to the recommendation.
When the special payments can be made is regulated flexibly
: either the insured person pay the amount all at once or spread it over individual years.
"Currently, however, only up to two payments are possible per year, so you cannot pay in something every month," says Dirk von der Heide.
You can decide yourself about the amount of the respective payment.
Also read
: Woman (60) is completely shocked - when she learns how much pension she will receive later
Paid in, but you don't want to retire?
What happens if special payments have been made but the person concerned does not want to retire earlier?
"Insured persons who do not retire early despite the payment of contributions to compensate for pension deductions will receive a pension that is increased in accordance with the contributions paid," said Deutsche Rentenversicherung.
A reimbursement of the compensation payment is not possible.
Sources: dpa, German pension insurance
Also interesting: Stiftung Warentest:
These are the twelve most common mistakes in life and pension insurance
Employers' associations are now calling for the retirement age to be adjusted to the increasing life expectancy.
(ahu) * merkur.de is part of the nationwide Ippen-Digital editors network.
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