1. tz
  2. life
  3. money

Created:

Of: janine napirca

If you want to retire before the standard retirement age of 63, you must plan for deductions. From July 2022 an increase in pension payments came into force.

After the 2012 pension reform, it has become a bit confusing for employees as to when they can enter their well-deserved retirement. You can read below about when you can typically retire and what deductions to consider if you want to retire early.

Retire at 63? Retirement Date and Standard Retirement Age

When it comes to pensions, a fundamental distinction is made between how long you have worked and your own age. Age decides when you can retire without deductions. The years you have worked count toward your years of insurance.

Two retirees contemplate a valley in autumn.
Retirees are even allowed to earn some money on top of their pension. (Iconic image) © Science Photo Library/Imago

When you reach the legal retirement age, you can retire without deductions. The standard retirement age depends on the year you were born. Only people born before 1953 receive a pension at age 63 without deductions. Because that will be the case for all subsequent vintages. The retirement age gradually increases from 65 to 67 years. Will Was the retirement age soon raised to 70? That’s what the Minister of Labor says.

If you don’t want to wait that long, you should count on deductions. The amount of these depends on the number of years of insurance. Those who have contributed to the compulsory pension insurance for 35 years are considered “insured for many years” and receive 0.3 percent less pension for each month they retire earlier. Anyone who can show 45 years of insurance is considered “particularly long-term insured.” If you were born after 1947 and have 45 years of insurance, you can retire two years before standard retirement age, with no deductions. The pension will be increased in 2022, when the pension increase will be paid.read here.

This is how high the deductions are when you retire at age 63, based on the year you were born

1947 65 years and 1 month 25 months 7.5 percent
1948 65 years 2 months 26 months 7.8 percent
1949 65 years 3 months 27 months 8.1 percent
1950 65 years 4 months 28 months 8.4 percent
1951 65 years 5 months 29 months 8.7 percent
1952 65 years 6 months 30 months 9 percent
1953 65 years 7 months 31 months 9.3 percent
1954 65 years 8 months 32 months 9.6 percent
1955 65 years 9 months 33 months 9.9 percent
1956 65 years 10 months 34 months 10.02 percent
1957 65 years 11 months 35 months 10.5 percent
1958 66 years 36 months 10.8 percent
1959 66 years 2 months 38 months 11.4 percent
1960 66 years 4 months 40 months 12 percent
1961 66 years 6 months 42 months 12.6 percent
1962 66 years 8 months 44 months 13.2 percent
1963 66 years 10 months 46 months 13.8 percent
1964 67 48 months 14.4 percent

Source: West German General Newspaper

Retirement at 63: how to apply for early retirement?

To receive a pension, you must first apply for it. Complete the pension application three months before you intend to retire.

You need these tests to request your pension at age 63:

  • ID or birth certificate
  • pension insurance number
  • tax identification number
  • Proof of medical and nursing care insurance
  • International account number

Anyone with a full pension can also retire early disability pension receives This is always the case when people are too sick to continue working. However, strict rules apply to this.

Indeed, In July 2022, some changes came into force in Germany that also affect pensioners: Pension payments will be increased significantly. But also Employees will get more money in the form of tax breaks. Also, should Hartz 4 bonus will be paid in July. The last two measures are based on Federal government aid package it is intended to relieve people in Germany from the consequences of inflation.

Our pension newsletter informs you every Wednesday about news related to your pension. Register now.

NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA
NBA

By yjawq

Leave a Reply

Your email address will not be published. Required fields are marked *