Retirement only from 70: which age group could that affect?

Retirement only from 70: which age group could that affect?

08/06/2022 at 08:14

Demographic change puts the pension system in danger – so Germany is getting older

Demographic change is putting the pension system at risk.

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Now the discussion about later retirement has flared up again. Even from the pension at 70 is now the talk. Stefan Wolf, President of the Gesamtmetall Employers’ Association, brought this age limit into play.

From Wolf’s perspective, that would be pension otherwise no longer safe due to the demographic change in society. In 15 years there will probably be almost five million more seniors over the age of 65 than there are today. At the same time, the number of employed people who have to finance the entire pension system with their contributions is falling because birth rates have been too low in recent decades.

Retirement only from 70: which age group could that affect?

So many people ask themselves: Retirement at 70 – can that also affect me? From which vintage could it be so far that you have to “work away” for so long? Or will it never get that extreme?

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More on statutory pension insurance:

  • was introduced in Germany in 1891.
  • In 2020 there were over 21 million pensioners in Germany.
  • The contribution rate to the statutory pension insurance is currently 18.6 percent.
  • Half of this is borne by the employee and half by the employer.

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When is retirement? People born in 1957 can even retire at the age of 65 with no deductions

Anyone who wants to retire in the next few years is still a long way from retiring at 70. This year the 1957 born will be retiring at the age of 65 and 11 months. A prerequisite for a deduction-free pension is 45 years of contributions. Those who have only at least 35 years of contributions can even retire at the earliest at 63, but then with deductions of 0.3 percent per month until they reach the regular retirement age.


Retirement later and later: pension from age 67 for those born after 1964

The retirement age will then be increased by two months per year in the coming years. From those born in 1964 and so far for the following generations, it should then be possible to start retirement at 67 years of age. But more and more economists and pension experts doubt whether the pension at 67 will really be sustainable in the long term.

So retire at 70 after all? Does it really threaten future generations? It’s still a nightmare!

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More articles on retirement:

Retirement at 70 can no longer be prevented? “Pension fund is about to collapse”


Pension: “Biggest pension reform since Bismarck” – traffic light is hot topic


Pension: How bitter! 49 euros less every month – but the pension increase fizzles out


Pensions: Inflation hits pensioners particularly hard – “Nobody can afford to shop at the bakery anymore”


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Younger age groups: Retirement at 68? At 69? Or even 70?

The scientific advisory board of the Federal Minister of Economics calculated in 2021, at that time still for CDU Minister Peter Altmaier, that those born in 1974 would have to prepare for retirement at 68.


The Bundesbank, on the other hand, came to the conclusion that those born in 2001 or later expect to retire at 69. But we are talking about the start of retirement in 2070! What will happen until then is actually still a dream of the future. Retirement at 70 is not in sight for the foreseeable future.


Source: Derwesten

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