As of: February 6, 2024, 6:39 a.m
By: Martina Williams
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Expert Almut Barnstedt (left) gives tips on how poverty can be prevented in old age.
© Private/picture alliance
Many women are threatened with poverty in old age due to part-time work.
Expert Almut Barnstedt helps Munich women.
She knows how women achieve a high pension.
Munich – Less salary than men, part-time or mini-jobs: This is what everyday working life looks like for most women in Munich and the rest of the Free State.
Consequence: They have a lower pension in later years.
Many are even threatened with falling into poverty in old age.
Example calculation illustrates funding options
“The current situation is a catastrophe for women,” says graduate business economist Almut Barnstedt (48).
“On average, women have 46 percent less pension than men.
Every second person works part-time.” The expert explains how women can counteract this in an online course on Thursday, February 8th, at the SüdOst Adult Education Center in the Munich district: Part-time trap - how women can still achieve a high pension.
“Whether you’re 30 or 50, you can overcome the part-time trap in old age!”
Almut Barnstedt
She has tips and a sample calculation for our editorial team in advance:
Almut Barnstedt, freelance insurance broker and mother of four children, knows: “Women often take on the care work at home, be it for the children or relatives in need of care.” And those who work earn on average 21 percent less than men.
Expert wants to show “affordable retirement provision”.
“Most families have to look at money.
However, women often pay too little attention to their retirement provision.” Because part-time work also means part-time pension.
“That’s why I’m trying to demonstrate affordable retirement provision.”
Online course for more pensions in old age for women
You can find even more information in Almut Barnstedt's online course "Part-time trap - how women can still achieve a high pension" on Thursday, February 8th, from 7 p.m. to 8 p.m. at the VHS-SüdOst, course no.
241-11790.
Register online at www.vhs-suedost.de or by telephone at 089/442 3890. Cost: nine euros.
For individual advice, you can reach Almut Barnstedt at www.familienmaklerin.de or telephone 09421/97 44 661.
Your calculation: “Anyone who works full-time currently receives an average salary of around 45,000 euros annually.
This leaves a monthly pension of 1,692 euros before tax is deducted.
Anyone who works part-time only receives 846 euros.” As Barnstedt finds out via the BKK Pflegefinder portal, the cost of a nursing place in a home in Munich can currently be over 3,500 euros.
“How is a woman with an average pension supposed to raise this money?”
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Step one: establish living expenses
The business economist has the following strategy for this: “Set up all your personal living costs; the goal should be at least 80 percent of your net income as a pension,” explains the insurance broker.
“The savings rate for retirement provision must come from the family income.
For example, parts of the child benefit of currently 250 euros per child could also be included.
Or you can use a tax refund for special payments.”
Take advantage of government funding, you can save money here!
Almut Barnstedt
Very important: “Take advantage of state funding, there is a discount on saving here!” And she adds: “Anyone who will receive a pension of less than 2,600 euros should urgently take out additional nursing care insurance.” One thing is certain for the expert: “ Whether you’re 30 or 50, you can overcome the part-time trap as you age!”
The example calculation: How to make optimal use of statutory funding
A 30-year-old woman has two children (born in 2022 and 2023).
Her part-time annual income is 22,679 euros, she has tax class V, net salary: 1,220 euros, and is subject to church tax.
This woman's statutory pension would be 846 euros if she did nothing.
If she acts immediately, she can receive her full net salary as a pension in old age: Ideally, she will make the most of the maximum contribution to the company pension (in 2024 that will be 302 per month) and save money to secure the full allowance for the children.
Riester savings against poverty in old age: It can be worth it
With your individual tax data, your own expense for the company pension is 125 euros per month.
The funding is 59 percent.
In other words: you only pay 41 percent of the contribution.
The pension is guaranteed to be 268 euros per month.
With a six percent return, it can even rise to 754 euros!
At Riester, the woman saves 76 euros a month; thanks to the allowances, her own contribution is eleven euros; the subsidy is 85 percent.
This results in a pension of 105 euros per month.
Through good planning: 3205 euros available for nursing home space
Your pension from statutory pension, Riester and company pension is now safely at 1219 euros.
If you choose a high-yield company pension with, for example, a six percent return, the total of all pensions would rise to 1,705 euros.
This means that the mother spends 136 euros per month on company pension and Riester, but can save 377 euros per month through state help.
She also takes out additional nursing care insurance for 48.50 euros per month.
Result: At the age of 67, the woman receives a pension of 1,219 euros.
Depending on the return, 1705 euros or more.
In addition, a care allowance of 1,500 euros.
For a nursing home place, 3205 euros would be available.