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Unemployed at 60: Will you have enough money until you retire? Financial expert explains
According to a report from www.merkur.de, those who lose their jobs in old age face challenges and worries. What are your options if you become unemployed at 60 plus? Unemployment in old age poses existential challenges for many people. But unemployment benefit can provide important financial support if you suddenly become unemployed at the age of 60. According to a report by Stiftung Warentest, unemployed people aged 58 and over are entitled to 24 months of unemployment benefit I, provided they have been insured for at least 48 months in the previous five years. For some older unemployed people, unemployment benefit I can be a sensible option, especially if...
Unemployed at 60: Will you have enough money until you retire? Financial expert explains
According to a report by www.merkur.de,
Anyone who loses their job in old age faces challenges and worries. What are your options if you become unemployed at 60 plus?
Unemployment in old age poses existential challenges for many people. But unemployment benefit can provide important financial support if you suddenly become unemployed at the age of 60. According to a report by Stiftung Warentest, unemployed people aged 58 and over are entitled to 24 months of unemployment benefit I, provided they have been insured for at least 48 months in the previous five years. For some older unemployed people, unemployment benefit I can be a sensible option, especially if it is higher than the expected retirement pension. In addition, a possible pension deduction can be reduced the later the old-age pension is claimed, according to the German Pension Insurance.
On average, unemployment benefit I amounts to around 60 percent of the previous net salary, which can be an important financial support for older unemployed people. In addition, the expected retirement pension increases because the employment agency pays the pension insurance contributions. However, unemployed people are obliged to look for a job or take part in vocational integration measures in order to receive unemployment benefit.
There are special regulations for unemployed people who receive citizen's benefit, and the entitlement to citizen's benefit ends at the latest when they reach the statutory pension insurance age limit. In certain cases, a disability pension can also be a sensible option, especially if you are struggling with health problems.
Overall, it can be said that unemployment benefit I can offer important financial support at the age of 60 plus, but the individual requirements and the expected old-age pension are decisive for the choice between unemployment benefit and early retirement.
Read the source article at www.merkur.de