The retirement age in Germany is increasing, though many people are not pleased with it. Since 2012, it has been gradually rising, requiring those born later to work longer.
Related topic: Pension insurance report: Payments continue to rise
However, there are several things to consider. In some cases, it is possible to retire earlier.
The retirement age in Germany is rising: what you need to know
The increase in the retirement age will occur by 2031.
Since 2012, this deadline has been postponed by one or two months each year, so that those born in 1964 will be the first generation able to retire without deductions before reaching the age of 67.
In any case, it is important to apply on time. The German pension insurance recommends doing this approximately three months before the start of pension payments. It is also important to find out if there is eligibility for basic security or other additional benefits.
People born before 1964 can retire before the age of 67. Depending on the age group, different ages apply, as the retirement age is currently changing every year.
In principle, anyone can still retire earlier. According to the German pension insurance, for each month before retirement, 0.3% is deducted. This means that the maximum deduction of 14.4% can be obtained if a person born after 1964 wants to retire at the age of 63.
The German pension insurance also reports that there are certain exceptions where people born in 1964 and later can retire earlier. Initially, this includes those who have been insured for an exceptionally long time – paying insurance premiums for more than 45 years.
All individuals born in 1964 and later have the opportunity to retire without any deductions at the age of 65. If a person is born earlier, they can also retire before the age of 67 – it is important to consider the retirement age of the specific age group.
Another exception is people with severe disabilities. For these individuals, the retirement age will gradually increase to 65. People with severe disabilities can retire no earlier than the age of 62, also with a deduction of up to 10.8 %.
Related topics:
Despite the increasing retirement age, some individuals may still be eligible to retire earlier. For instance, those who have been insured for an exceptionally long time can retire without deductions at the age of 65, even if they were born after 1964.
Additionally, individuals with severe disabilities also have the opportunity to retire earlier than the general retirement age, though with a deduction of up to 10.8%.
