Because life expectancy is increasing, you should only retire at the age of 70.
This was the result of a calculation by the Institut der Deutschen Wirtschaft.
The
debate about the retirement age
does not seem to be ending.
The Scientific Advisory Board of the Federal Ministry of Economics recently proposed raising the retirement age to 68 years by 2042, which was rejected by the Union and the SPD.
IW underpins demand for retirement at 70: "68 is not enough"
Shortly afterwards came the next proposal from economic experts regarding pension increases. This time from the employer-related
Institute of the German Economy (IW
): In the
long term, the
IW suggests that
retirement only begins at the age of 70
. According to the current legal situation, the age limit for the pension without deductions will be gradually increased from 65 to 67 years until 2029.
"With a continued increase in the standard retirement age up to 70 years from 2052, the increase in premiums [...] could be slowed and the security level stabilized at the same time," according to a short report by the IW of the German Press Agency (dpa).
One possibility is therefore mentioned to increase the start of retirement by two months per year in the period after 2031.
This is justified with the increasing life expectancy of people.
Also read
: Do you
only retire at 68?
Representative survey comes to a clear result.
Higher Retirement Age Debate: What Economists Are Saying
From the point of view of the IW, the advisory board proposal does not work, as dpa further reported: “68 is not enough,” the institute said.
Study author Jochen Pimpertz refers to other EU countries: In
Denmark,
an age limit of 68 years will apply from 2030 and in the
Netherlands
the pension at 67 is already a reality today.
"In addition, both countries adjust the retirement age in line with rules as life expectancy continues to rise," according to the dpa in the short study.
Also read
: This is how high the pensions in Austria are compared to Germany.
With a view to
Germany
, Pimpertz wrote: "What seems economically unavoidable would above all give the citizens of this country planning security - both with a view to supplementary private provision as well as with regard to career choices and (further) educational decisions." The IW retired at 70 required a few years ago.
It is now underpinning this stance with new model calculations.
So much for the economists' proposals.
You can also read:
Earlier retirement with a part-time job: Why it could be particularly worthwhile this year.
Raising the retirement age further?
Political headwinds
But:
According to the current legal situation
, the
age limit for the pension without deductions will be gradually increased from 65 to 67 years until 2029.
There was already a lot of criticism from politicians at the proposal of the scientific advisory board of the Federal Ministry of Economics to raise the retirement age to 68 years. Also
Federal Minister of Economics Peter Altmaier
(CDU) rejects raising the retirement age to 68, as recommended by the advisory committee of his house.
The retirement age was set at 67 years of age in the grand coalition (2005-2009) "at the suggestion of esteemed colleague" Franz Müntefering (SPD).
"It should stay that way, that's been my opinion for years," wrote Altmaier on Tuesday (June 8th) on Twitter.
The Scientific Advisory Board of the Ministry of Economic Affairs is independent.
His proposals are not binding on either the ministry or the minister.
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