Anyone born in 1964 has the highest deductions.

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.

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

^{Source: West German General Newspaper}