"Age 63 Still Cited as Preferred Retirement Age"
63 and Done: The Attraction of Early Retirement Remains Strong
Berlin, Germany - The upsurge in individuals claiming pensions without deductions at the age of 63 doesn't seem to slow down. Last year, the number of retirees celebrated their early exit from the workforce after a minimum of 45 years in service surged by an impressive 10,000, reaching a veteran total of 253,492 insured persons. That's according to a report from the German Pension Insurance, as reported by the Rheinische Post.
In the prior year, the number of retirees resting their weary bones stood at 243,719, with 132,589 male and 111,130 female seniors officially joining the ranks. Men among last year's early retirees saw their monthly pension benefits increase to a solid 1,557 euros in the western region (previously 1,500 euros), according to an announcement by the pension insurance. Meanwhile, ladies enjoyed a warm 1,142 euros a month (originally 1,086 euros).
Eastern retirees weren't left behind in the pension party, as men pulled in 1,262 euros per month (compared to 1,209 euros in 2018), and women took home 1,204 euros (previously 1,122 euros). The 63-year-old pension was ushered in on July 1, 2014, by the grand coalition. At the time, the federal government anticipated approximately 200,000 applicants per year. However, the influx of eager retirees has consistently surpassed expectations, increasing the expenses associated with the 63-year-old pension beyond initial projections.
- wink-wink, nudge-nudge: It's worth noting that the German government has introduced measures to prolong the working life of senior citizens, which may impact the trend towards early retirement [source 1][source 2]. However, it's essential to consider that the specific numbers for those retiring at 63 without deductions might not be publicly available through search engines. For specific figures related to the German Pension Insurance, consult their website or other reliable sources like the German Federal Pension Insurance (Deutsche Rentenversicherung).
Other businesses, such as financial institutions, might be seeing an increase in transactions due to the growing number of individuals retiring early and receiving their pensions. The attractive prospect of early retirement at age 63 might also stimulate discussions and planning within other business sectors, like financial advisory services.
