Pension: These cohorts are allowed to retire before the age of 67
Created: 09/08/2022 13:09
By: Tanya Banner
Retirement is an issue that concerns everyone sooner or later.
Some cohorts are allowed to retire before age 67 with no deductions.
Frankfurt – Sooner or later every employee thinks about retirement.
An early retirement that you can enjoy in the best of health and without money worries - that is probably the dream of many people.
But what about retirement?
At what age can you retire and how do you manage to say goodbye to your well-earned retirement before the age of 67?
According to calculations by the OECD, in 2019 she received an average of 46 percent less pension than he.
© imago images/Winfried Rothermel
The retirement date in Germany is linked to the date of birth.
Each year of birth has a different retirement age.
And only a few age groups are still allowed to retire before the age of 67 without any deductions.
According to the Deutsche Rentenversicherung, the age limit for the standard old-age pension will gradually be raised to 67 by 2029.
From 2024, the retirement age will be raised in 2-month increments,
reports
fr.de.
Retire earlier without deductions: Which cohorts can retire before the age of 67
The table gives an overview of which cohorts are allowed to retire before the age of 67 and who has to work up to the standard retirement age of 67:
Year of birth | retirement age and retirement age |
---|---|
1956 | 65 years and 10 months (retirement from 2021) |
1957 | 65 years and 11 months (retirement from 2022) |
1958 | 66 years (retirement from 2024) |
1959 | 66 years and 2 months (retirement from 2025) |
1960 | 66 years and 4 months (retirement from 2026) |
1961 | 66 years and 6 months (retirement from 2027) |
1962 | 66 years and 8 months (retirement from 2028) |
1963 | 66 years and 10 months (retirement from 2029) |
from 1964 | 67 years (retirement from 2031) |
Anyone born before 1963 can retire before their 67th birthday, while those born in 1964 or later have to work until the age of 67 according to the current situation.
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However, as with everything else, there are exceptions to the rule when it comes to pensions.
In general, if you accept deductions, you can retire earlier.
According to the German pension insurance, a deduction of 0.3 percent is calculated for each month that the pension is claimed earlier.
That makes 3.6 percent less pension for one year.
Important to know: The deduction remains permanent - even if you have reached the regular retirement age.
The deductions can be compensated for by voluntary pension payments.
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Retire at 70?
That's a slap in the overworked face
Pension before 67: who can retire earlier
According to the Deutsche Rentenversicherung, anyone who has had pension insurance for 45 years can “generally retire earlier”.
This model is also often referred to as “pension at 63” – everyone born before 1953 was able to retire at the age of 63 without any deductions from July 1, 2014.
Today, however, the entry date shifts upwards with the year of birth.
To determine the retirement age for this model, Deutsche Rentenversicherung offers a retirement start calculator.
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