Retirement age in Germany continues to rise, new figures show
Last year the average age for men to access old-age pensions increased to 64.4. This is up from 64.1 the previous year and 62.4 years in 2001. For women, the retirement age also rose, from 62.5 in 2001 to 64.2 in 2021 and 64.4 last year.
In a parallel development, retirees in recent years have been receiving their benefits for longer. Among men, the duration of pension benefits has increased from 16.7 to 18.8 over the past decade. Women received their pensions for 22.2 years, slightly longer than the previous year and almost a year longer than a decade ago.
The German Pension Insurance Association (Deutche Rentenversichering) attributed the prolonged pension payment period to increased life expectancy.
“While rising life expectancy is a very positive fact, it poses a challenge for retirement security,” the association notes in relation to growing expenses.
The effect is partially mitigated by the gradual increase in the retirement age to 67 by 2031. The retirement age increase to 67, in addition to the phasing out of certain types of early retirement, is also a primary reason for the delayed pension claims.
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