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Significantly more seniors than expected are retiring without deductions at the age of 63

According to a report in the “Bild” newspaper, the costs for the pension without deductions after 45 years of insurance are significantly higher than planned.

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Significantly more seniors than expected are retiring without deductions at the age of 63

According to a report in the “Bild” newspaper, the costs for the pension without deductions after 45 years of insurance are significantly higher than planned. As the newspaper reports, citing new figures from German pension insurance, there were already 1.99 million users of the so-called “pension at 63” at the end of July. That is about 400,000 more seniors than was expected when it was introduced in 2014.

According to the “Bild” report, 268,957 new pensioners took advantage of the deduction-free path to retirement in the past year alone. That was 26.3 percent of all new pensions and the highest proportion since 2015. As a result, expenditure on this type of pension is also increasing. In July, the pension fund paid out 3.4 billion euros for the “pension at 63” alone, the newspaper reports.

Despite entering earlier, these new pensioners received an average of 1,644 euros per month in the west and 1,350 euros in the east in 2021. New pensioners in the West, on the other hand, received EUR 1,220 and in the East EUR 1,286 net/month.

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