Pension boomers: pension applications have risen to their highest level - financial expert reports

Pension boomers: pension applications have risen to their highest level - financial expert reports

They have been the age cohort with the highest birth rate since 1945: Now some baby boomers are approaching their 45th year of work - and are therefore entitled to an early and tax-free pension at 63. This means that the number of applications for this type of pension is increasing significantly.

According to a report by www.n-tv.de, the number of applications for a tax-free pension 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”. 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. 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. Because those affected have worked for long hours, their pensions are particularly high. At the end of 2022, the average monthly net pensions for men were 1,728 euros (1,431 euros in the east) and for women 1,293 euros (1,362 euros in the east). The monthly costs currently amount to 3.7 billion euros.