Suche
Mein Konto
More and more people are applying for a pension at 63 after 45 years of work - new figures show the sharp increase.
Retire earlier and without deductions: Anyone who has paid into pension insurance for 45 years can apply for a “pension at 63”. New figures show: More and more people are doing this. The number of applications for a pension without deductions after 45 years of work rose sharply in the first nine months of 2023. By the end of September there had already been 245,289 new applications for the “pension at 63”, as the “Bild” newspaper reported on Saturday, citing figures from the German Pension Insurance. That is 16.8 percent more than in the same period last year (210,062) and almost as many as in the whole of 2015. The increase is...
More and more people are applying for a pension at 63 after 45 years of work - new figures show the sharp increase.
Retire earlier and without deductions: Anyone who has paid into pension insurance for 45 years can apply for a “pension at 63”. New figures show: More and more people are doing this.
The number of applications for a pension without deductions after 45 years of work rose sharply in the first nine months of 2023. By the end of September there had already been 245,289 new applications for the “pension at 63”, as the “Bild” newspaper reported on Saturday, citing figures from the German Pension Insurance. That is 16.8 percent more than in the same period last year (210,062) and almost as many as in the whole of 2015.
According to the pension insurance, the increase is due, among other things, to the fact that more and more employees of the baby boomer generation are reaching retirement age, as the newspaper also reported. With the “pension for particularly long-term insured people”, employees can retire without deductions after 45 years of work before the regular retirement age.
At the end of April there were already a total of 2.2 million users of this type of pension. Since those affected have worked for long hours, their pensions are particularly high, it was said. At the end of 2022, men would have received an average net pension of 1,728 (East: 1,431) euros, while for women it was 1,293 (East: 1,362) euros. The costs for this are currently 3.7 billion euros per month, as “Bild” also reported.
Retired earlier with “pension at 63”: the number of applications is increasing significantly
According to a report by www.t-online.de, the number of applications for a pension without deductions after 45 years of work increased significantly in the first nine months of 2023. According to figures from the German Pension Insurance, there were already 245,289 new applications for the “pension at 63” by the end of September. This corresponds to an increase of 16.8 percent compared to the same period last year and close to the total number from 2015.
Impact on the bond market and the financial industry
The significant increase in the number of applications for “pension at 63” has various effects on the pension market and the financial industry.
1. Pension expenses and insurance costs
This increasing number of pension applications is leading to higher pension expenditure on the part of the German pension insurance. According to the report, the monthly costs currently amount to 3.7 billion euros. Since those affected have often paid into pension insurance for many years, their pension amounts tend to be higher. In 2022, men received an average net pension of 1,728 euros and women received a net pension of 1,293 euros.
2. Age structure in the pension system
The increase in pension applications for “pension at 63” can also be attributed to the baby boomer generation, which is now increasingly reaching retirement age. This results in a change in the age structure in the pension system and can lead to an increased burden on the pension system. This trend is expected to continue in the coming years.
Conclusion
The increasing number of applications for the “pension at 63” shows that more and more people are making use of the opportunity to retire earlier and without deductions. This can lead to an increase in pension spending and put a strain on the pension system. The age structure in the pension system will change as a result of this development. It remains to be seen how this trend will continue in the coming years and what impact it will have on the market and the financial industry.
Read the source article at www.t-online.de