As of: February 16, 2024, 5:25 a.m
By: Marvin K. Hoffmann
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The pension gap, also known as the pension gap, can endanger prosperity in old age.
Pensioners can calculate and close them in advance.
Hamm – Many people hope for a worry-free life in retirement – especially when it comes to finances.
The upcoming pension increase in 2024 can perhaps take away a few worries.
Either way, pensioners have to deal with the pension gap.
It endangers prosperity in old age.
Pension gap endangers prosperity in old age – pensioners should act now
First of all, it should be clarified what the pension gap actually is.
Luckily, this isn't difficult.
It is synonymous with the pension gap, and according to the
Gabler business lexicon
, this in turn is the term “for the financial gap that arises after retirement, occupational disability or incapacity to work”.
Calculation example for the pension gap
The experts at
finanzip.de
explain the pension gap using this example: “Anke has a predicted pension of 1,300 euros per month.
As a single woman, she will have expenses of around 1,700 euros per month.
She still has 30 years until retirement, for which she has to take inflation and pension increases into account.
At the beginning of retirement, Anke will have a pension of around 2,030 euros and expenses of a good 3,080 euros.
Anke is then missing 1,050 euros every month.
This is, so to speak, their monthly pension gap.”
Pension gaps can endanger prosperity in retirement
This financial gap, which in extreme cases can endanger the retiree's prosperity, arises simply because the statutory pension cannot maintain the current standard of living.
Financial experts assume that two thirds of the last gross income is considered sufficient provision in old age - a simple rule of thumb can help with the calculation.
It is therefore important to take measures to address the pension gap at an early stage.
In order to optimally prepare for retirement, which is gradually being pushed back, employees should get an overview of their finances as early as possible.
The experts at
finanztip.de
speak of three important steps:
Provide clarity about pension income
Determine all planned expenses in retirement
Inflation and pension increases should also be taken into account
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Pension income can be viewed at an early stage
You can see the income from the pension using the pension information.
Every employee aged 27 and over receives these regularly by post from the pension insurance company.
The predicted pension can be found there on page 1.
Figures from the Federal Statistical Office (as of 2023) could also help with spending in retirement.
That puts the average expenses in retirement as follows:
single |
1735 euros per month |
Female single |
1697 euros per month |
Single male |
1823 euros per month |
Couple |
3045 euros per month |
Inflation is also important when it comes to the pension gap
When it comes to inflation, you could use a benchmark.
The experts at
finanztip.de
believe an increase of 1.5 percent per year is realistic.
As a result of the loss of purchasing power, pensioners' expenses will also increase due to inflation - even if they do not change their standard of living in old age.
Once you have identified the pension gap, the question inevitably arises as to how to close it again.
This can be done very easily if prospective retirees start making private provisions early on.
Options for this include, for example, a Riester pension with subsidies or investments in so-called ETFs.
It also helps to ensure that the basic pension is as high as possible in old age - mothers and fathers should therefore definitely have parenting periods taken into account, as
wa.de
reports.