As of: March 7, 2024, 4:59 a.m
By: Michelle Brey
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How much money is left in retirement?
Many people are looking into a bleak future.
Like an older man from Cornwall.
Cornwall – Employees pay part of their earnings into the pension fund every month.
These payments are intended to ensure that you are in a good financial position even in old age after your working life.
The case of Rob Trewhella from Cornwall (Great Britain) shows that this is not always the case.
“I'm scared, in the truest sense of the word I'm scared,” the 67-year-old told the British newspaper
The Mirror
.
His pension is so low that he has to cut corners in order to survive.
“When it's cold, I don't turn on the heating”: 67-year-old doesn't have enough pension
It is not uncommon for people to look to the future with worry. (Symbolic image) © Uwe Umstätter/Imago
It was not possible for him to survive solely on the state pension (in Great Britain: State Pension), he said and gave his monthly pension amount as the equivalent of around 949 euros.
In Germany the average pension is 1,550 euros.
His pension has been used up with rent, electricity and council tax alone.
He reports his expenses as follows:
Rent: |
around 787 euros |
Electricity: |
just under 47 euros |
Municipal tax: |
around 121 euros |
“When I'm cold, I don't turn on the heating,” says the 67-year-old, describing one option he uses to save costs.
If he doesn't turn on the heating and reduces his electricity costs to the equivalent of 35 euros per month, he would be left with eight euros.
The pension system in Great Britain – the New State Pension
The British pension system is “characterized by very low state pensions,” informs the Federal Agency for Civic Education (bpb).
“However, protection through company systems and private pension provision is very important,” it continues.
The German word “Rente” is equivalent to the term “State Pension” or “New State Pension” in Great Britain.
According to the British government, insured people who have made contributions for at least 35 years are entitled to the full amount.
If this is not the case, partial pensions are calculated.
Despite retirement: Senior has to work as a taxi driver again in order to be able to afford a living
Rob Trewhella had originally left working life as a butcher and arborist behind, according to the
Mirror
report.
However, given his life situation, he had virtually no choice but to get back into the business.
He now works as a taxi driver for more than 25 hours and earns just under 292 euros a week.
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He explained that he was trying to get himself entered into a cooperative register.
“If I can’t get out of the private rented sector, what do I do?
Live in a tent?
“What kind of life is this?” he asked.
After all, he “paid taxes and social security his entire working life.”
In Germany, pensions will rise in the summer of 2024. That's how much more money there is for retirees.
(mbr)