Retire at 70: Economists want to combat inflation by retiring later

Created: 05/20/2022, 13:00

By: Helena Gries

In the fight against high inflation, economists are calling for retirement at 70 – because more and more pensioners are faced with fewer and fewer employees.

Berlin – In the fight against high inflation, economists have advocated a further increase in the retirement age.

Rising prices should thus be cushioned and work should be linked to increasing life expectancy.

Economic researcher Gunther Schnabl told the Bild newspaper on Wednesday (May 18): “The retirement age must rise.

Germany already has a huge problem with skilled workers, hundreds of thousands of jobs are unfilled.” This means, among other things, that wages will have to rise sharply in the next few years.

Goods and other services would then become much more expensive, said Schnabl.

Inflation has already made itself felt in food.

Retire at 70?

In the fight against high inflation, economists have advocated a further increase in the retirement age.

© Christian Charisius/dpa

Retirement at 70: More and more pensioners and fewer and fewer employees

The Vice President of the Kiel Institute for the World Economy, Stefan Kooths, told the Bild newspaper in this regard: "The mix of an aging society, high levels of debt and the energy transition will pose an increasing threat to price stability in the coming years." More and more pensioners are standing ever fewer employees.

This could lead to further increases in prices.

Proposals by the Scientific Advisory Board at the Federal Ministry of Economics and Technology about a reform towards retirement at 68 caused a great deal of excitement last summer.

According to the current legal situation, the age limit for the pension will be gradually raised from 65 to 67 years without deductions by 2029.

(hg/dpa)

From July 2022, pensions in Germany will be increased.

The Federal Cabinet has initiated the pension increase.