Pension from May: Those affected have these options

Pension from May: Those affected have these options

In May 2024, a significant step will take place for various birth cohorts – retirement. But not all age groups have the same opportunity to retire. There are different types of pensions such as the standard old-age pension, the old-age pension for people who have been insured for a long time, the old-age pension for people who have been insured for a particularly long time and the old-age pension for severely disabled people. Each of these forms has different criteria, deadlines and conditions. The payment of the pension also varies depending on the type of pension, although some age groups can receive the lowest pension payment in Germany.

From May 1, 2024, people born between April 2, 1958 and May 1, 1958 will have the opportunity to retire without deductions upon reaching the age of 66. A study, as mentioned by the “Frankfurter Rundschau”, has shown that working longer hours can lead to greater satisfaction. Furthermore, people born between April 2, 1961 and May 1, 1961 can apply for the “old-age pension for long-term insured persons” provided they fulfill a waiting period of 35 years. However, with this form of pension, a deduction of 12.6 percent must be taken into account.

Another option for people born between January 2nd and May 1st, 1960 is the “old-age pension for those who have been insured for a particularly long period of time”. With a waiting period of 45 years, you can receive this pension at the age of 64 and two calendar months without deductions. The “old-age pension for severely disabled people” will also be possible from May 2024. People who were born between August 2, 1962 and September 1, 1962 and were recognized as severely disabled can retire with a discount of 10.8 percent.