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Employee pension: How much salary for 1500 euros in old age?
Find out how much employees have to earn in order to receive a pension of 1,500 euros in old age. The “finance nerd” reveals the salary level for the maximum pension.
Employee pension: How much salary for 1500 euros in old age?
While many people dream of being able to enjoy a well-deserved retirement in old age, the reality is often overshadowed by financial constraints. The idea of enjoying a generous pension seems to be out of reach for most employees. In fact, the maximum monthly pension that employees can work towards is an impressive 3,434.76 euros. However, this amount is only reserved for a few, as only 0.09 percent of all pensioners received the maximum pension in 2023. In order to receive a monthly pension of 1,500 euros, employees must make appropriate provisions and reach a certain salary level.
In 2024, the assessment limit for the maximum pension in the old federal states will be a gross monthly salary of 7,300 euros. This corresponds to an annual gross salary of 87,600 euros. Employees who earn this amount can look forward to the highest possible pension payout. But many are in the “normal earner” category with incomes between 3,314 euros and 4,070 euros, which results in a significantly lower pension amount.
In order to later receive a pension of 1,500 euros, employees must make appropriate provisions and collect pension points during their working life. The value of one pension point is currently 37.60 euros. Employees need a total of 38 pension points to achieve the desired monthly pension. In order to acquire a pension point, you must already have a gross annual salary of 45,358 euros. A reduced salary amount means that employees only receive proportional pension points. The requirements for a pension of 1,500 euros therefore require a solid financial basis over many years.
It is important to note that the pension amounts mentioned are gross figures. Even in retirement, pensioners still have to pay taxes, which has an impact on the pension actually paid out. Discussions about the tax burden on pension contributions and the fairness of the pension system are taking place in public. It should be noted that financial security in old age requires careful planning to ensure the desired standard of living in retirement.