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Retire earlier: You must meet these conditions
Find out how you can retire earlier and what conditions you have to meet. All information about “pension at 63” and discounts.
Retire earlier: You must meet these conditions
The opportunity to retire earlier is available to people who have paid into the pension system for a long time. However, this is not available to everyone, even if the required contribution years have been reached. There are two models that are popularly known as “retirement at 63,” but with some differences. Essentially, it's about retiring early, under certain conditions.
For people born between 1949 and 1963, it is possible to retire at 63 after 35 years of contributions without deductions. For younger generations from 1964 onwards, the retirement age is 67. However, it is still possible to retire earlier, but at a discount. This model is officially referred to as an “old-age pension for those who have been insured for a long time”.
Another option is for people who have worked for 45 years. Regardless of the year of birth, you can retire two years earlier without any deductions and use the “old-age pension for those who have been insured for a particularly long period of time”. It is important to note that the colloquial term “pension at 63” is no longer necessarily related to age 63.
One year of contributions corresponds to 12 months in which you were insured in the German pension insurance. In addition to work subject to social insurance contributions, periods such as mini-jobs, raising children, care, military and community service, as well as other factors also count towards the contribution years. However, there are also times that are not counted towards the “pension at 63”.
For people who would like to take advantage of the “pension for long-term insured persons” and were born in 1964 or later, each month of early retirement means a deduction of 0.3 percent. It is possible to offset these deductions by purchasing pension points before retirement.
It is an individual decision as to whether it makes sense to retire earlier. Income and standard of living play an important role. It is recommended that you take advantage of the pension insurance advisory services in order to make informed decisions.