Low Pension: These Birth Cohorts Get the Least in Retirement - Germany's Pension Levels: A Concern for Retirees and Those Near Retirement
Pension levels in Germany have been a topic of concern, particularly for retirees and those nearing retirement. The pension level, a key indicator, was notably low in the 2010s, reaching 47.7% in 2015 and hovering around 48.1% in other years. This has significant implications for retirees born in the late 1940s and early 1950s.
The regular retirement age in Germany varies based on birth year. Those born before 1947 retire at 65, while those born between 1947 and 1963 have a retirement age between 65 and 67. For those born in 1964 or later, the retirement age is 67.
Statistically, the generations born from the late 1950s to early 1960s, especially those retiring at 67, are expected to receive the lowest pensions. This is due to continuous declines in pension levels, increased precarious employment, and demographic pressures. These cohorts indeed showed the lowest pension levels in 2014, 2015, 2016, and 2018.
Determining which generations have particularly high or low pensions can be challenging due to individual employment biographies. However, the pension level, which relates a standardized pension to average income, provides a clearer picture. Retirees and those approaching retirement should be aware of these trends and plan accordingly.
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