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Retire soon? This is how it works in the past without any deductions!

Retiring at the age of 60 was quite normal just a few years ago. But now many have to expect to say goodbye to the professional life at 67.

Retire soon? Because every day counts!
Photo: corbis

Pension: Every day counts

Anyone who would like to retire sooner generally has to accept substantial deductions for retirement pensions. It is worth taking a closer look at the personal retirement account : your entitlement to a statutory pension and the amount of the pension are determined by the nature and duration of the so-called pension-law periods. These are the years between vocational training and the beginning of the pension in which you were self-employed or received social benefits such as unemployment or sick pay.

Proven periods of military or civilian service, raising children or caring for a patient are also included. They count for the pension, fulfill the individually different minimum insurance period (waiting period) and influence the amount of the pension. Every month, sometimes even a single day is important here!

Pension: compensation for the reduction

If you want to claim your pension prematurely, you can offset the deductions by paying further contributions. For this you need information about the probable reduction of your retirement pension. This tells you how much this compensation amount is.

Pension: Application from 55 years

To apply for the pension, you must have reached the age of 55 and qualify for the early retirement pension. Even if you are already retired, you can pay contributions to compensate for the pension reduction. However, this only applies if you have not yet reached your personal retirement age.

Pension: additional payment possible

Under certain conditions, contributions for past periods can also be paid in order to increase the pension. Possible is the z. For example, for school hours that last longer than eight years, or for the time of school attendance after the age of 16 years. This is approved if you are not yet 45 years old. Even persons who are entitled to compensation for prosecution or displaced persons, refugees or evacuees who have previously worked independently, can pay additional contributions.

All forms can be downloaded from the Internet: www.rentenversicherung.de Free service hotline for questions: 08 00/10 00 48 00.

Those who would rather be helped by the pension can make an appointment in the information and counseling centers of their pension insurance institution, the municipal authorities and insurance offices, or with an insured advisor.

Pension: time value account set up?

In any case, look again exactly in your employment contract: Has your employer set up a time value or lifetime working time account for you, perhaps years ago? Then you can also retire early. The principle is simple: the account saves overtime, leave and salary. Depending on the agreement, you can retire early with the accumulated time. You will then be released from work with full pay and social security until you have used up the saved time.

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