Retirement at 63: These cohorts have the most deductions
Created: 07/08/2022 13:34
By: Janine Napirca
If you want to retire before the standard retirement age, you often have to expect deductions.
After the
pension reform
of
2012
, it has become a bit confusing for employees as to when they can go into their well-deserved
retirement
.
You can read below about
when you can
retire
normally
and what
deductions
you have to reckon with if you want to retire
earlier .
Retire at 63?
Retirement date and standard retirement age
When it comes to pensions, a fundamental distinction is made between the
time you have worked
and your own
age
.
Age decides when you can retire without deductions.
The years you have worked count towards your insurance years.
When are you going into your well-deserved retirement?
© K. Steinkamp/McPHOTO/Imago
When you reach the
statutory retirement age
, you can retire without any deductions.
The standard retirement age depends on the year in which you were born.
Only people who were
born
before
1953
receive a
pension at 63 without deductions
.
This is because the retirement age will be gradually raised from 65 to 67 for all subsequent cohorts.
Will the retirement age be raised to 70 anytime soon?
That's what the Minister of Labor says.
If you don't want to wait that long, you have to reckon with deductions.
How high these are depends on the number of
insurance
years.
Those who
have paid into the statutory pension insurance for
35 years are considered to be
“insured for many years”
and receive 0.3 percent less pension for each month that they retire earlier.
Anyone who
can prove
45 years of insurance is considered to be
“insured for a particularly long time”
.
If you were born after 1947 and have 45 insurance years, you can retire two years before the standard retirement age – without any deductions.
The pension is to be increased in 2022 – read here when the pension increase will be paid out.
This is how high the deductions are when you retire at 63 – depending on the year you were born
vintage | retirement age | Early retirement | Deductions for retirement at 63 |
---|---|---|---|
1947 | 65 years and 1 month | 25 months | 7.5 percent |
1948 | 65 years 2 months | 26 months | 7.8 percent |
1949 | 65 years 3 months | 27 months | 8.1 percent |
1950 | 65 years 4 months | 28 months | 8.4 percent |
1951 | 65 years 5 months | 29 months | 8.7 percent |
1952 | 65 years 6 months | 30 months | 9 percent |
1953 | 65 years 7 months | 31 months | 9.3 percent |
1954 | 65 years 8 months | 32 months | 9.6 percent |
1955 | 65 years 9 months | 33 months | 9.9 percent |
1956 | 65 years 10 months | 34 months | 10.02 percent |
1957 | 65 years 11 months | 35 months | 10.5 percent |
1958 | 66 years | 36 months | 10.8 percent |
1959 | 66 years 2 months | 38 months | 11.4 percent |
1960 | 66 years 4 months | 40 months | 12 percent |
1961 | 66 years 6 months | 42 months | 12.6 percent |
1962 | 66 years 8 months | 44 months | 13.2 percent |
1963 | 66 years 10 months | 46 months | 13.8 percent |
1964 | 67 | 48 months | 14.4 percent |
also read
Big Tax Refund: How Much Money Will Workers Get Back in July?
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Tax tricks: How to save money on your tax return
View photo gallery
Retirement at 63: how to apply for early retirement?
In order to receive a pension, you must first apply for it.
Complete the
pension application three months before you intend to retire
.
You need this evidence to apply for your pension at 63:
ID card or birth certificate
pension insurance number
tax identification number
Proof of health and nursing care insurance
International Account Number
By the way, from July 2022, some changes will come into force in Germany that will also affect pensioners: Pension payments will be significantly increased.
But employees also have more money in the form of tax breaks.
In addition, the Hartz 4 bonus is to be paid out in July.
The latter two measures result from the Federal Government's relief package, which is intended to relieve people in Germany of the consequences of inflation.
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(jn)