Is the pension secure? What pension gap will there be later? By what percentage does the last monthly net income before retirement exceed the pension? This number is provided by statisticians from the German Institute for Old-Age Provision regularly re-determined. The number is also called the pension gap.
Retirement income: 3-pillar model
Ideally, retirement income is not based solely on statutory pension insurance, but is based on the following three stable pillars:
- Statutory pension insurance
- Company pension scheme
- Additional private pension plan
The pension is similar to a house that only stands on one pillar: the more pillars your pension has and the thicker and more stable these pillars are, the more secure the pension is actually.
What income do I need in old age so that my pension is secure?
The income required in the retirement phase varies from person to person. As a rule, however, it is below the income required during active working hours. There are mutliple reasons for this:
- There are no costs related to work. These include, for example, travel expenses or the second car purchased especially for this purpose.
- Contributions to pension schemes are no longer necessary: You are already retired!
- Due to the lower income, there are also fewer taxes
For the sake of simplicity, like many statisticians, you can assume a need of about 80 % of your last net income
How secure is the pension with a growing pension gap?
The German pension is a pay-as-you-go insurance. This system works cost-neutral as long as the population remains constant. If the number of young contributors decreases, the ratio of pensioners to pensioners deteriorates. As a result, the pension insurance contributions must increase. Another influencing factor is the development of productivity. A certain decline in the labor force and the higher life expectancy of pensioners can be compensated for by increased productivity.
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Needed time: 10 mins.
You don't yet know how big your pension gap is and how you can close it. In just 10 minutes you will know more after following the four steps.
- Determine your pension gap
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- withdraw money
After you retire, you have the amount paid out in monthly installments or a one-time payment. Over many years, your money has now increased through compound interest. The payout is not tied to the statutory retirement age. Therefore, you can also have a part or the whole amount paid out at any time before. Furthermore, it is possible to pause, increase or decrease the savings installments. In this way, the pension plan is fully adapted to your life circumstances. And not vice versa.
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