Since the pension reform of 2012, the retirement age has gradually increased to 67 years. If you want to retire earlier, you have to expect deductions – an overview.
Frankfurt – With the reform in 2012, the retirement age in Germany has increased from 65 to 67 years. The aim of the reform is to deal with the consequences of demographic aging for the financing and benefits of old-age security. However, the increase in the entry age does not apply equally to all cohorts. In addition, all employees can claim their old-age pension earlier – albeit with deductions.
Pensions from the age of 67 are to be gradually introduced by 2029. This means that starting with those born in 1947, the age limit will be raised by one month every year until 2023. For example, people born in 1951 can retire after 65 years and five months. In 2024, the age limit will be raised in 2-month increments, starting with those born in 1959. From those born in 1964, the standard retirement age of 67 years applies.
Retire at 63: Deductions are related to insurance years
There is still the possibility of retiring earlier – although deductions must then be expected. How high these are depends on the number of insurance years. According to the German pension insurance, 45 years of insurance are considered “particularly long”, so that early retirement of two years is possible without deductions. 35 insurance years are required for the old-age pension for “long-term insured persons”. The following then applies: for every month that employees retire earlier, they will receive 0.3 percent less pension.
|vintage||retirement age||Early retirement||Deductions for retirement at 63|
|1947||65 years and 1 month||25 monthst||7.5 percent|
|1948||65 years and 2 months||26 monthst||7.8 percent|
|1949||65 years and 3 months||27 monthst||8.1 percent|
|1950||65 years and 4 months||28 monthst||8.4 percent|
|1951||65 years and 5 months||29 monthst||8.7 percent|
|1952||65 years and 6 months||30 monthst||9 percent|
|1953||65 years and 7 months||31 monthst||9.3 percent|
|1954||65 years and 8 months||32 monthst||9.6 percent|
|1955||65 years and 9 months||33 monthst||9.9 percent|
|1956||65 years and 10 months||34 monthst||10.02 percent|
|1957||65 years and 11 months||35 monthst||10.5 percent|
|1958||66 years||36 monthst||10.8 percent|
|1959||66 years and 2 months||38 monthst||11.4 percent|
|1960||66 years and 4 months||40 monthst||12 percent|
|1961||66 years and 6 months||42 monthst||12.6 percent|
|1962||66 years and 8 months||44 monthst||13.2 percent|
|1963||66 years and 10 months||46 monthst||13.8 percent|
|1964||67 years||48 monthst||14.4 percent|
Retirement at 63: These documents are required for the application
If you have fewer insurance years and are younger, the deductions for a pension from the age of 63 increase accordingly. Anyone wishing to receive their pension from the age of 63 must first apply for it. The following documents must be submitted:
- ID card or birth certificate
- pension insurance number
- tax identification number
- Proof of health insurance
- Proof of long-term care insurance
- International Account Number
It is recommended to submit the application three months before the planned payment. The federal government has decided to raise pensions from July. It is considered the strongest pension adjustment in decades. However, there are regional differences. (tt)