"Upper class" of pensions: pensioners and their pension amounts
The level of pensions in Germany is a topic that worries many pensioners. In view of the upcoming pension increase in summer 2024, many are wondering at what pension amount they will be considered to be part of the "upper class" when it comes to retirement provision. It is a frequently discussed topic how much pensioners actually receive after 45 years of work and whether this is enough to secure their standard of living in retirement.
Statutory pension as a mainstay: Importance of private pension provision
However, experts and politicians recommend not relying solely on the statutory pension, but also investing in private and company pension plans. A combination of different pension strategies offers pensioners a solid financial basis in old age.
Criteria for a higher or lower pension in Germany
The pension amount depends on various factors, including year of birth, number of years of contributions, average income during working life and other benefit aspects such as early retirement or additional pension benefits. These criteria play a crucial role in determining the pension amount of both current and future pensioners.
From what amount are pensioners considered “higher earners”?
The German pension insurance company states that pensioners who receive 1,350 euros or more per month are considered to be part of the "upper class". However, pension payments vary considerably between men and women, with women receiving less pension on average than men. Statistics show that a significant proportion of pensioners have to make do with less than 750 euros per month, while only about 23 percent receive 1,500 euros or more.
The image of pensioners in Germany
The pension situation in Germany is diverse and individualized. While some pensioners receive more than 1,500 euros a month and are therefore considered "higher earners," the majority of pensioners receive less money. There is no clear definition of who belongs to the upper pension bracket, as individual circumstances and additional sources of income play a role. In addition to the statutory pension, many pensioners also use private pension provision to secure their standard of living in retirement.
Source: die-nachrichten.at
