study
Almost 70 percent of baby boomers want to retire earlier
According to the German pension insurance, people in Germany retire on average at the age of 64.4. photo
© Stephan Scheuer/dpa
Working until the very last day before reaching retirement age? Not at all. “There is a strong early exit culture among baby boomers,” a new study finds.
According to a study, almost 70 percent of baby boomers want to retire early. This is the result of a representative survey by the Bergische Universität Wuppertal among almost 9,000 people of the baby boomer generation in Germany, which the ARD magazine “Panorama” has received in advance. According to this, 68 percent of employees want to retire by the age of 64 at the latest.
People were surveyed who were born in the years 1959, 1965 and 1971, when birth rates were rising after World War II. Among the younger so-called baby boomers born in 1965, only around 33 percent want to work up to 64, as “Panorama” reported. Among those born in 1959 it was 69 percent. There are also differences between individual professional groups.
desire for more free time
The reason given by a large majority of participants in all years was wanting to have more free time, as stated in a brochure on the study. Almost two-thirds gave the reason for leaving work earlier that it had to end at some point. For half of them, it was crucial that “sufficient financial security was achieved” at this point in time.
The age limit for people who want to retire without deductions will gradually increase from 65 to 67 by 2031. From 2024, the limit will be raised in 2-month increments, starting with those born in 1959. Insured persons born in 1964 or later must then work regularly until they are 67 years old.
Study: Early exit from work is the norm
“Our main finding is that there is a strong culture of early exit among baby boomers,” study leader Hans-Martin Hasselhorn from the University of Wuppertal told ARD-Magazine. Early retirement is the norm. “Many people who are 63, 64 or 65 years old and are still working know that they are asked in astonishment: ‘What, you’re still working?'” Hasselhorn said. The entire study is scheduled to be published in autumn 2023.
According to the DRV, people in Germany retire on average at the age of 64.4. The average age increased to this value in 2022. In 2021 it was 64.1 years. The main reason for the increase is an increase in the age limit for the original “pension at 63”. This regulation was introduced by the black-red federal government at the time and is aimed at “particularly long-term insured persons” who have paid contributions for at least 45 years. Those born before 1953 could retire at 63 with no deductions.