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German citizens retire later
An elderly woman is sitting at her laptop. photo
© Sebastian Gollnow/dpa
The age at which people retire in Germany is increasing every year. But at the same time, pensioners are receiving their salaries for longer and longer.
At the same time, pensioners have received their salaries for longer and longer on average in recent years. For men, the length of time they received a pension rose within ten years from 16.7 to 18.8 years last year and thus remained constant compared to the previous year. The women received their pension for an average of 22.2 years, slightly longer than in the previous year and almost a year longer than ten years previously.
The pension insurance attributed the longer pension payments to the increasing life expectancy. “While the general increase in life expectancy is a very welcome fact, it poses a challenge for old-age security,” notes the pension atlas, with a view to rising expenditure. Accordingly, the effect is dampened by the gradual increase in the retirement age to 67 by 2031. Retirement at 67 is, in addition to the expiry of certain types of early retirement pensions, also a main reason for drawing pensions later.
Pension Atlas 2023 Retirement – age limits Federal Ministry of Labor on pensions Pension insurance on pensions in the coalition agreement Pension insurance report Interview Lindner Federal Ministry of Finance on generational capital Kenfo annual reports