As of: February 22, 2024, 12:02 p.m
By: Lennart Schwenck
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Although people in Germany work for many years, many of them are at risk of poverty in old age.
The life of a Hamburg pensioner shows the serious reality.
Hamburg – The high cost of living places a heavy burden on low earners in Germany in particular.
Even people who only receive a small pension are increasingly struggling with financial difficulties.
As statistics from the German Pension Insurance show, these effects often affect women in retirement more severely than men.
The 2023 insurance report predicts that every second pensioner will have to get by on around 1,200 euros per month.
Karin Schulz, a 66-year-old from Hamburg, is one of them.
She has worked for 35 years and now receives a monthly pension.
After deducting all taxes and fixed costs, she still has 650 euros left to live on.
Her story provides insights into the reality of many people who find themselves on the verge of poverty in old age.
Despite contributions to the pension fund, health problems pose a high risk of poverty in old age
In Germany, by definition you are considered poor if your income does not exceed 1250 euros per month.
As Karin Schulz tells the
Hamburger Morgenpost (MOPO)
, she receives a manageable pension of 1,205.38 euros.
A stroke of fate put her in this unfortunate situation.
Complete retirement provision through the farm alone is hardly possible.
© Karl-Josef Hildenbrand/picture alliance/dpa
In her youth, Schulz completed banking training in the GDR.
After the fall of the Wall, she moved to Hamburg in 2003, where she still lives today.
Compared to other pensioners, she is still doing relatively well, as she emphasized to
MOPO
.
She lives in her own four walls.
As a real estate advisor at the bank, she knew that her money would be well invested in a home.
Old-age poverty in Germany: Differences between men and women
In Germany, the risk of poverty is higher for women in all age groups than for men, according to the initial results of EU-SILC 2022. The risk of poverty rate was 15.4% for women and 13.9% for men.
This difference increases with age.
In the 65+ age group, the at-risk-of-poverty rate was 20.3% for women and 15.9% for men.
Especially from the age of 30 and older, women are less likely to be employed or earn less, which leads to lower pension entitlements and puts them more at risk of poverty in old age.
(Source:
Federal Statistical Office
)
Although she is still paying off the loan, the installments are cheaper than the rent for a new apartment, especially since she lives in Hamburg, one of the more expensive regions in Germany.
She stays afloat with additional housing benefit.
Twelve years ago, however, her health deteriorated so much that she was forced to give up work in her mid-40s.
Since then she has been receiving a disability pension.
Since she no longer paid any contributions into the pension funds during these years, her pension is correspondingly low.
“I don't think everything is fair, but I've come to terms with it.
I can’t change it,” the 66-year-old explains to the Hamburg daily newspaper.
Hundreds of thousands of people who retire early have to accept steep deductions.
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Like Kerstin Schulz, many people in Germany are struggling with financial worries.
According to the German Pension Insurance
, over 21 million people in Germany
are currently receiving a pension, and one in five people over 65 is at risk of poverty in old age, according to the
Editorial Network Germany (RND)
.
Experts are calling for appropriate measures from politicians.
The story of the Hamburg woman is causing a lot of discussion on social networks.
In a Facebook post, a number of users expressed their dissatisfaction with the federal government's budget management.
“People work primarily to make a living,” writes one person.
He can't worry about his future pension, he's just worried about making ends meet in the here and now.
(ls
)