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Retirement at 63: Which cohorts have the most deductions

2022-08-14T09:46:26.557Z

Retirement at 63: Which cohorts have the most deductions Created: 08/14/2022, 09:17 By: Janine Napirca If you want to retire before the standard retirement age, you have to expect deductions. There has been an increase in pension payments since July 2022. 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 .



Retirement at 63: Which cohorts have the most deductions

Created: 08/14/2022, 09:17

By: Janine Napirca

If you want to retire before the standard retirement age, you have to expect deductions.

There has been an increase in pension payments since July 2022.

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 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

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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 or birth certificate

  • pension insurance number

  • tax identification number

  • Proof of health and nursing care insurance

  • International Account Number

Anyone who

receives the full

disability pension can also retire earlier.

This is always the case when people are too ill to continue working.

However, strict rules apply to this.

By the way, in July 2022 some changes came into force in Germany that 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.

Our pension newsletter informs you every Wednesday about new developments relating to your pension.

Sign up now.

(jn)

Source: merkur

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