As of: March 6, 2024, 7:01 p.m
By: Helmi Krappitz
Comments
Press
Split
In Germany the retirement age is 67 years.
Early retirement is also an option.
But a table shows: It has some disadvantages.
Berlin – Many people are looking forward to retirement.
But when will the time come?
In Germany, most working people can retire at the age of 67 - even without deductions.
If you want to stop working earlier, you have to accept compromises.
Nevertheless, an expert recently recommended retirement at 63.
Retirement age: Most working people are allowed to retire at 67
A pension reform was passed in 2007.
The regular retirement age of 67 was set for those born in 1964 or later.
The entry age of the earlier cohorts is slightly earlier and increases steadily until the 1964 cohort.
Most working people will only be able to retire regularly at the beginning of the month after their 67th birthday.
But there are also other options.
Many people want to be able to enjoy their pension in a healthy way.
Therefore, early retirement is also an option for them.
© Frank Hoermann/Sven Simon/Imago
Retirement at age 63: Early retirement costs deductions
Anyone who wants to retire early should consider the question of exemption from deductions.
Theoretically, everyone who has at least 35 years of pension insurance contributions behind them is free to retire from the age of 63.
But for each early month, the pension from the German Pension Insurance (DRV) is reduced by 0.3 percent.
It is 3.6 percent per year.
According to the DRV, the retirement age, early retirement and the resulting deductions are as follows:
Year of birth |
Retirement age |
Max. months for early retirement |
Discount up to (in percent) |
1958 |
66 years |
36 |
10.8 |
1959 |
66 years, 2 months |
38 |
11.4 |
1960 |
66 years, 4 months |
40 |
12.0 |
1961 |
66 years, 6 months |
42 |
12.6 |
1962 |
66 years, 8 months |
44 |
13.2 |
1963 |
66 years, 10 months |
46 |
13.8 |
from 1964 |
67 years |
48 |
14.4 |
My news
Italy is reintroducing traffic rules - violations can cost up to 345 euros in fines
Attention: A new deadline applies to the 2023 tax return
Australians give up one thing and lose six kilos in a month
A fine of up to 10,000 euros: You should not take this everyday object with you in the car
“I just wanted to take it”: Lidl customer only sees discount fraud at second glance
The federal government is tightening rules for passport photos – this is what consumers are reading
Higher premiums: Anyone who pays more into the insurance can offset the deductions
Anyone born after 1964 and retiring early after 35 years of contributions will not only lose 14.4 percent.
In addition, the equivalent value of the contributions not made will be deducted.
In order to offset the deduction in whole or in part, higher contributions can be paid during your working life - the exact figures can be requested individually from the DRV.
Anyone who decides to retire at the age of 63 must submit an application to the DVR - ideally three months before the start of the pension.
Alternative allows part-time work and receiving part of the pension
The DRV names an alternative when you reach old age for an early retirement pension: the partial pension.
Although insured people only receive part of the pension they are already entitled to, they are still allowed to earn extra money.
Pension contributions continue to be paid for the part-time job - thus increasing the later retirement pension after reaching the intended retirement age.
However, there is a maximum limit for additional earnings: partial pension and additional earnings may not exceed the income before retirement.
(hk)