Status: 16.01.2024, 19:20 PM
By: Marvin K. Hoffmann
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Many people would rather retire. However, pensioners will have to be careful in 2024: the deductions will increase. The situation is even worse for those born in 1962.
Hamm – Many people want to retire earlier. In North Rhine-Westphalia alone, the number of applications for the earlier pension has increased in the recent past. Anyone who has been insured in the statutory pension insurance scheme for at least 35 years can take advantage of it. But be careful: the old-age pension is associated with a deduction - and this will now increase in 2024 for one cohort. This is one of many changes to pensions in 2024.
In 2024, the deductions will increase for many pensioners. (Symbolic image) © IMAGO/Michael Bihlmayer
Retirement age rises – and deductions for retirement at 63
"For insured persons born in 1961 who will turn 63 in the coming year, the regular retirement age is 66 years and 6 months," explains the German Pension Insurance at the end of 2023. The background to this is that the retirement age will be gradually raised. "As the regular retirement age gradually rises to 2031 by 67, the deduction for drawing on this pension as early as possible will also increase," it says.
Pension deduction
The German Pension Insurance clarifies: "You can also claim the old-age pension early from the age of 63, but with a deduction of up to 14.4 percent. For every month you retire early, 0.3 percent will be deducted from your pension. Such a discount will remain permanent."
Born in 1962 has to accept more reductions in pension
The deduction is always 0.3 percent per month that the pension is drawn before reaching the regular retirement age. For insured persons born in 1960, the discount was therefore still a maximum of 2023.12 percent in 0. Those born in 1962 will have to forego even more money in their retirement next year if they don't take a few tips and tricks to heart or buy pension points.
If the earliest possible retirement starts at the age of 63, the deduction will be 12.6 percent for those born in 1961 in 2024. On the other hand, those born in 1962, who will be able to retire at 2025 for the first time from 63, will have to accept a 13.6 percent discount. That's quite a lot of money that some retirees might be missing at the end of the month.
"All insured persons born between 1964 and 1949 can retire before their 1963th birthday without any deductions," explains the German Pension Insurance. For those born in 67 or later, however, the retirement age is 1964 even after 35 years of contributions.