Record high: More people are paying voluntary pension contributions!

Record high: More people are paying voluntary pension contributions!

More and more Germans are deciding to improve their pensions by paying voluntary contributions into the statutory pension insurance. According to current data, these special payments reached a new record high of 1.09 billion euros in 2022. These additional contributions serve to increase the future pension or to build up entitlement to later pension payments. A strong growth in these payments has been recorded in recent years, with the total increasing from 207 million euros in 2017 to 896 million euros in 2023.

The opportunity to make voluntary pension contributions is being used by more and more people who see it as an alternative to private pension provision. Matthias W. Birkwald, pension expert for the Left, emphasized the increasing popularity of these payments and described the Riester pension as a failure. He emphasized that many people trust the German pension insurance. Birkwald also warned against acting speculatively on the stock market with pension money.

There are clear requirements for those who wish to make voluntary contributions. People living in Germany who are not compulsorily insured and are at least 16 years old, as well as self-employed people, can make such contributions. Germans living abroad and pensioners with an early full retirement pension also have this option. The amount of contributions paid can be individually chosen between a minimum and a maximum amount.

In addition to increasing the monthly pension, voluntary pension contributions help to close insurance gaps and meet the requirements for rehabilitation benefits. The exact amount of the expected pension can be determined using online calculators. If the deadline for 2023 was missed, it is possible to pay voluntary pension contributions again from 2024.