Suche
Mein Konto
Pension formula explained: This is how your pension is calculated
Find out how much pension you can expect with a gross monthly salary of 3,500 euros after 45 years of work. Discover the pension formula and the current pension values.
Pension formula explained: This is how your pension is calculated
After around 45 years of work, you can look forward to your well-deserved retirement and hope for an appropriate pension. But how high is this actually? According to a study by the “Roman Herzog Institute”, Germans spend on average around 39.3 years of their lives at work. In a European comparison, Germany is relatively high up. People born after 1964 can generally retire from the age of 67. The retirement age is based on the date of birth.
The German pension insurance provides a pension formula to calculate the future monthly pension. This includes earnings points, access factor, current pension value and pension type factor. The pay points are very important because they compare earnings with average earnings. The access factor takes into account premiums and discounts, while the current pension value depends on the current economic context.
An example calculation shows that after 45 years of work with a gross monthly salary of 3,500 euros, the monthly pension is only 1,566.74 euros. The pension level in Germany has fallen in recent years and is around 48 percent. Despite having worked for a long time and having a comparatively high income, the actual pension for many pensioners is not as high as hoped.