Have you received your pension notification and now know how much money you will receive each month as you get older? But be careful: taxes and social security contributions still apply.
Do you think that the statutory pension is enough for you when you retire? Then you'd better recalculate - and think about an additional private pension. After all, only part of the pension entitlements calculated by the Deutsche Rentenversicherung ends up with you. Before that, the health insurance and tax office hold out their hands. You can expect these deductions:
1. Statutory pension
- Taxes
What many do not know: Payments from the statutory pension fund are partially taxable . By 2040, they should even be taxed completely in stages. The so-called " downstream taxation " began in 2005 with a taxable pension share of 50 percent.
On the other hand, those who retired in 2019 already had to pay tax on 78 percent of their pension - if this share exceeds the tax-free allowance of EUR 9,168 or EUR 18,336 (for married couples assessed together). This means that 22 percent of the pension remains tax-free. The tax-free allowance valid in the first year of retirement is retained for life.
Also interesting : It's that easy to find out exactly how much pension you will receive in old age .
But: Since the pensions are supposed to increase in the coming years, it can happen that if you haven't had to pay taxes until then, you will still be taxable. Incidentally, by 2020 the taxable portion of the pension will increase by two percentage points for each new year . From then on, according to Focus Online, it should "only" be one percentage point per year.
- social security contribution
If you were compulsory, voluntary or family insured in statutory health insurance for most of your professional life, you are assigned to the Pensioners' Health Insurance (KVdR) as a compulsory insured . The health insurance contribution amounts to 7.3 percent of the respective additional contribution of the respective health insurance company , as Focus Online reports.
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The other 7.3 percent of the general contribution rate (of 14.6 percent) that the employer previously paid is then paid by the pension fund. Incidentally , if you are a pensioner and childless, 3.3 percent of the pension contribution is due for long-term care insurance, and 3.05 percent for pensioners with children (as of 2019).
If you receive additional income in addition to the statutory pension, you must also pay contributions to this income. Since 2019, the contribution ceiling has been 4,537.50 euros per month . If you come over this limit, you do not have to make any additional contributions.
2. Private old-age provision and company pension
- Taxes
Did you take out private pension and / or life insurance after 2004? Then the tax deduction is even higher. After all, citizens can now deduct their contributions from tax. In return, pensioners must tax the so-called income share . The amount depends on the age of the insured person at the time of retirement .
For example, you retire regularly at the age of 65 and have taken out private pension insurance. This pays you a pension of 200 euros a month, which makes 2,400 euros annually. According to the calculations by the tax office, you are assumed to have an income share of 18 percent. This means that you have to pay around 432 euros per year with your personal tax rate.
Good to know: With Riester and Rürup pensions as well as company pensions and direct insurance , payments in old age are even 100 percent subject to the personal tax rate , as reported by the finance portal.
In the end, the total amount of all income, which determines the personal tax rate, determines how much of this pension remains.
On the other hand, if you are a pensioner and have voluntary statutory health insurance , it will be even more expensive. Then you have to pay the full health and nursing insurance contribution not only on company pensions, but also on Riester and Rürup pensions as well as additional income and capital assets up to an income of around 4,500 euros per month .
Private insurances become more expensive in old age - here one can assume a premium of several hundred euros a month . The grant from the pension fund then remains constant. It is currently capped at 7.3 percent of the assessment base (as of January 2020).
If you receive a one-time payment from direct insurance at the start of your pension, health and nursing care insurance contributions will also be deducted immediately. That could be several thousand euros. The taxes are then usually stretched over ten years .
Incidentally, this also applies (retrospectively) to payments from pension funds, pension funds or Riester contracts that run through your employer (even if they were concluded before 2004).
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