When can I retire? The retirement age in Germany and exceptions explained.

When can I retire? The retirement age in Germany and exceptions explained.

According to a report from www.fuldaerzeitung.de, in Germany the question of when you can retire is about the set retirement age. However, there are exceptions for people born before 1964. You can retire before the age of 67 if you can prove you have worked for 45 years. This enables them to leave their working lives earlier and enjoy their retirement. However, you must submit a corresponding pension application, which should be received by the pension insurance company three months before you plan to retire.

The article also explains that the standard retirement age will be gradually raised to 67 years without any deductions by 2031. The increase will take place annually by one month until 2023, after which it will occur every two months starting with those born in 1959. For insured persons born in 1964 or later, the standard age limit of 67 years will then apply.

However, there are exceptions to the pension at 67, such as the old-age pension for severely disabled people, where the age limit is gradually raised from 63 to 65. The retirement pension for miners who have worked underground for many years will also be gradually increased to the age of 62. There is also an old-age pension for those who have been insured for a particularly long time, where insured people who have been insured for at least 45 years and have reached the relevant age limit can retire without deductions.

The information from the article suggests that retirement ages in Germany will increase in the coming years. This could have an impact on the labor market and the financial sector. With people having to work longer to retire, this could lead to a possible delay in job searches for younger workers. The financial sector could benefit from this, as employees may increasingly rely on private pension products such as the Riester pension in order to achieve their desired standard of living in retirement.

It is important to note that these impacts may vary based on people's individual decisions about when to retire. Some people may choose to retire earlier and take deductions, while others may work longer to receive a higher pension.

Overall, the rising retirement age is likely to result in people having to work longer before they can retire. This could have an impact on various areas, such as the labor market, the financial sector and the individual financial planning of employees.

Source: According to a report from www.fuldaerzeitung.de