NewsRetirement at 63: Which age groups have to reckon...

Retirement at 63: Which age groups have to reckon with the largest deductions

Created: 08/04/2022, 12:45 p.m

Despite the increasing retirement age, earlier retirement is possible. However, with deductions. (symbol photo) © Michael Gstettenbauer / Imago Images

Since the pension reform, 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)

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