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FDP demands retirement age 72: pros and cons of flexibility
Find out how the FDP idea for a flexible pension could affect your income and whether it is worth continuing to work after 67 years. Financial tips included!
FDP demands retirement age 72: pros and cons of flexibility
The FDP has proposed that employees can work until the age of 72 if they wish in order to supplement their pension. This flexibilization of the retirement age was proposed by Christian Dürr, the parliamentary group leader of the FDP. He highlighted Sweden as an example where there is a flexible pension system that allows people to retire at the earliest at 63. Dürr emphasized that people who want to work longer would benefit from this regulation.
However, Dürr's proposal was not met with approval from all partners in the coalition. SPD leader Saskia Esken accused him of having a lack of respect for those who have already worked hard for their pension. Esken also emphasized that there is no rigid age limit in the social security code. Nevertheless, it could be worthwhile for German citizens to work beyond the age of 67, as for every additional year of work over the age of 67, a pension increase of around six percent can be expected.
To illustrate this, a table shows how much additional monthly pension you can expect for various salaries from the age of 67 to the retirement age of 72. So the idea of making the retirement age more flexible has potential financial benefits for workers who are willing to work longer.