Pension in Germany: Do you get more than average?

How much money do you have left over after working life? There are significant differences in pensions, especially between men and women. As the average is.

The stress of work is over, new worries are coming: When employees retire, it can also be associated with the question of how to maintain their standard of living. Sometimes poverty in old age is a real danger. What pensioners in Germany receive on average.

Pensions have received an average of 1,152 euros

Women are particularly affected by poverty in old age. According to a survey, around a third do not make provisions for old age.

© kasto/Imago

The German Pension Insurance announces that pensions will be paid to more than 21 million pensioners (as of 01.07.2022). On average, this was 1,152 euros.

The contributions to health or long-term care insurance have already been deducted from the values. A representative survey by Yougov found that around half of respondents from Germany are afraid of poverty in old age. 49 percent of the men surveyed and 56 percent of the women surveyed are afraid. Around a third of those surveyed did not set aside any money for retirement.

Pension fairy tale: "The pension comes automatically" - nine myths that circulate about the salary in retirement

Pension fairy tale: "The pension comes automatically" - nine myths that circulate about the salary in retirement

If you want to retire early, then you should definitely have saved something.

Don't miss out: You can find everything you need to know about money in the money newsletter from our partner Merkur.de.

What do you have to do to get the maximum state pension?

Anyone who has received a salary in the amount of the contribution assessment ceiling for 45 years can receive the maximum pension rate, informs the Vermögenszentrum. Between 1977 and 2022, if an employee in the West earned a salary equal to the contribution assessment ceiling in all 45 years of work, the maximum pension would be 3,141.82 euros gross or 2,791.51 euros net (values from 1 January 2023). The background to the calculation is information that the Vermögenszentrum has from the German Pension Insurance.

What is the contribution assessment ceiling?

From 2023, the contribution assessment ceiling has risen to 7,300 euros per month or 87,600 euros per year. Those who earn more, pay the pension contributions only up to this limit, informs the German pension insurance.

However, very few employees manage to do this, for example because they earn less during the years of training. Periods spent raising children also have an effect on the amount of money.

Category list image: © kasto/Imago