What does it mean to retire at the age of 70
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There is a lot of movement on the subject of retirement age. The standard retirement age has been gradually adjusted since 2012, due to the increasing life expectancy of the insured. The payment and pension periods had to be rebalanced. For everyone born after 1947, this means that retirement will gradually be postponed from 65 to 67 years. If you want to retire earlier, you will usually have to pay a discount.
Another adjustment was made in 2014. Under certain conditions it is now possible to retire at the age of 63. And right now there is a discussion about further increasing the working life (retirement at 70).
The guide provides general information on planning your retirement age. You can find product details on flexible provision here.Product Information
Retirement age: when can I retire?
When you can retire is often not clear at first glance. The retirement age depends on various factors - such as the type of pension, the contribution periods or the year of birth. Those born in 1958 can apply for the regular old-age pension at the age of 66, but those born after 1964 can only apply for the old age pension at the age of 67. The pension at 63, on the other hand, only applies to long-term insured persons who have 45 or more years of contributions. However, only for those born before 1953. For the later cohorts, the entry age will gradually be raised to 65 years. So there is no uniform retirement age. The question "When can i retire?“It is therefore not easy to answer - our guide explains the most important aspects.
The retirement age is increasing
The retirement age indicates when someone can receive a pension from the statutory pension insurance for the first time. The standard retirement age was 65 until 2012, and has been gradually increased since then. The reason for this: the life expectancy of the insured is increasing. In addition, the baby boomers of the 1950s and 60s, the so-called “baby boomers”, are retiring. In the following generations, who finance the pension on the basis of the pay-as-you-go system, the birth rates were and are lower. The challenge for the pension funds is therefore: Fewer and fewer employees have to pay for more and more pensioners.
In order to limit the financial burdens on the younger generations and at the same time to enable senior citizens to receive an adequate pension, politicians decided to raise the statutory retirement age. This means that the duration of the payments and the pension will be rebalanced for the next few years and decades. This affects everyone who was born in 1947 or later: the regular retirement age is gradually shifting from 65 to 67 years. If you want to retire earlier, you will usually have to pay certain deductions. Another adjustment was made in July 2014; it rewards people who have been paying into pension funds for a very long time. Under certain conditions, it is possible to retire at the age of 63. However, even with the “retirement age 63”, although the name suggests something else, there is a gradual increase to a retirement age of 65 years.
The regular old-age pension
Anyone who works or brings up children has Entitlement to the regular old-age pensionif at least five years of insurance can be proven. The statutory retirement age used to be 65. It has been gradually increased since 2012. All those born after 1947 retire a little later. From 2031 onwards, you can only draw the regular old-age pension (without deductions) at the age of 67. The reason: The duration of the pension will be adjusted to the increasing life expectancy of the insured.
Regulations on the regular retirement age
Year of birth
65 + 0 months
65 + 1 months
65 + 2 months
65 + 3 months
65 + 4 months
65 + 5 months
65 + 6 months
65 + 7 months
65 + 8 months
65 + 9 months
65 + 10 months
65 + 11 months
66 + 2 months
66 + 4 months
66 + 6 months
66 + 8 months
66 + 10 months
Source: German pension insurance
Reductions for earlier retirement age
If you would like to receive the old-age pension before reaching the statutory entry age, you can apply for it. However, the pension payments will then be reduced. The discount is 0.3 percent for each monthYou are retiring early. The pension deduction adds up to a maximum of 14.4 percent. This corresponds to 48 months or 4 years that you can retire earlier. Important to know: The Pension discounts apply permanently, even after you have reached the regular retirement age. Calculated over the entire pension period, a lot of money can be lost under certain circumstances.
Reductions for early retirement age (born 1964 or later)
|Pension deduction||Pension amount||Pension cut||Total loss|
|1.400 ,00 €||0 €||0 €|
- 3,6 %
|1.349,60 €||50,40 €||12.700,80 €|
- 7,2 %
|1.299,20 €||100,80 €||26.611,20 €|
- 10,8 %
|1.248,80 €||151,20 €||41.731,20 €|
- 14,4 %
|1.198,40 €||201,60 €||58.060,80 €|
*Calculated with a pension up to 87 years of age, pension adjustments not taken into account
Since 2005, expenses for old-age provision have been tax-favored, but the old-age pensions have to be taxed later. Here, too, the changeover is taking place in stages. You can find out everything you need to know in the Guide to Taxing Your Pension.
The 63-year-old pension for those with particularly long-term insurance
With the Grand Coalition pension package The pension at 63 was also introduced on July 1, 2014. This is of particular benefit to those who have been insured for many years. You can now retire earlier at no discount under certain circumstances. The prerequisite for this is a proven insurance period of at least 45 years.
Which times are counted?
- raising children
- Non-commercial care for loved ones
- Short term unemployment
- Receipt of short-time work, bad weather, insolvency benefits
- Military and community service
Which times are not counted?
- Longer unemployment with receipt of unemployment benefit II or unemployment assistance
- Unemployment in the last 2 years before retirement
- Exception: unemployment as a result of company bankruptcy or closure of the company
The real one Pension at 63 but is only limited to those born between 1951 and 1952. For all those who were born later, the following applies: Here, too, there is an adjustment to the increased life expectancy. The retirement age moves back several months depending on the year of birth. People born in 1964 or later cannot retire until they are 65. This means that the retirement age for these cohorts is two years before the regular old-age pension.
Regulations on the retirement age for those with particularly long insurance
63 years + 0 months
63 years + 2 months
63 years + 4 months
63 years + 6 months
63 years + 8 months
63 years + 10 months
64 years + 0 months
64 years + 2 months
64 years + 4 months
64 years + 6 months
64 years + 8 months
64 years + 10 months
Old-age pension for long-term insured persons
In addition to the pension for long-term insured persons (at least 45 contribution years), there is also a separate form of pension for long-term insured persons. This includes all employees who have paid into the pension fund for at least 35 years. From the year 1949 onwards, the retirement age increases gradually from 65 to 67 years. With deductions, long-term insured persons can claim their pension at 63. This also applies to insured persons born in 1964 or later.
- Insurance period of at least 35 years
- For those born after 1949, the start of the pension will also be gradually increased for long-term insured persons. A discount of 0.3 percent is due for each month that you retire early.
Regulations on the retirement age for long-term insured persons
|Retirement age||Discount at the start of retirement at 63|
65 years + 0 months
65 years + 1 month
65 years + 2 months
March - December 1949
65 years + 3 months
65 years + 4 months
65 years + 5 months
65 years + 6 months
65 years + 7 months
65 years + 8 months
65 years + 9 months
65 years + 10 months
65 years + 11 months
66 years + 0 months
66 years + 2 months
66 years + 4 months
66 years + 6 months
66 years + 8 months
66 years + 10 months
Source: German pension insurance
Anyone who has paid into the pension scheme for over 35 years and only receives a small pension will receive financial recognition for life work from 2021. Our guide to the basic pension explains how low-wage earners will benefit from this increase in the future.
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