The Bundesbank has called indirectly for a higher retirement age – well above the already adopted pension with 67. Further adaptations to the pension system are inevitable, says the new monthly report, the Bundesbank, the first investigated the long-term development of the German pension system and the supply levels by 2060. ‘/ p>
“it should have a longer working life is not taboo, but are taken into account as an important factor,” it states. The current healthy financial position of pension funds should not obscure the fact that further reforms are inevitable.
Specifically, economists expect the Bundesbank in a scenario for the period 2030-2060, with an increase in the retirement age to 69 years. This would help the pension entitlement period to stabilize the face of rising life expectancy. Shortly after 2030, the very baby boomers of the so-called baby boomers are namely (been born in 1964) retire. Thus, the pension fund will be charged.
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As the Bundesbank emphasized an increasing retirement age would only compensate for the increase in life expectancy. Who in 1960 with 65 years retired, had statistically still a remaining life expectancy and so pension of 13.5 years. Today, there are an average of 19 years remaining life expectancy.
Even assuming a retirement age of 69 but would the system still under considerable pressure because of demographic change, warns the Bundesbank. It is expected to increase in the contribution rate from the current 18.7 percent to 24 percent to fund pensions for the growing retiree crowd of a relatively minor contributors Group. In addition, the level of care will continue to decline.
Currently, the pension of an average worker, the so-called benchmark pensioner is, at retirement yet 48 percent of the average wage level. After calculating the Bundesbank the level of care would decline as a result of longer working lives by 2060 to about 44 percent. If the retirement age but not raised to 69 years the level of pensions would have to fall more sharply to 42 percent.
at the same time underlines the Bundesbank that previous calculations of the Federal government, which shall be prepared only predictions by 2030, the future supply level underestimate anything. The pension amount relative to the average wage was developing really not so inconvenient as it is sometimes claimed.
The main reason that the federal government expects the assumption of a rigid post Payment period of 45 years. Realistically it is that this period climb gradually in the coming decades to 47 years arguing the Bundesbank.
Then the pensions would also be somewhat higher or the need for an even higher contribution are lower. In addition, the Bundesbank refers to the additional income of many pensioners by Riesterrente. If this account, then the level of pensions will significantly cheaper. However, this also depends on how high the yield goes down. The federal government expects 4 percent return for Riesterrente. The economists at the Bundesbank have even including scenarios with 3 percent and 1.5 percent. Pension levels stabilize even with poorer assumptions
Before. too high a pension contribution in turn warns the Bundesbank. This could overwhelm the working population and could weigh a threat to economic growth in Germany, together with other taxes and fees.
The federal government rejected on Monday the move by the Bundesbank for a retirement age of 69 years back at once. “The federal government is the retirement age to 67,” said government spokesman Steffen Seibert. The Deputy Union faction leader Michael Fuchs (CDU) contradicted: An increase in the actual retirement age was “necessary and inevitable”, he said FAZ.NET. “We need to pair the retirement age to rising life expectancy.” Federal Minister of Social Affairs Nahles (SPD) had to make a course correction. . Retirement at 63 was a big mistake
What happens next politically with the state pension is currently not very clear – a further increase in the retirement age, however, is the grand coalition not currently up for debate. The CSU chairman Horst Seehofer and the SPD chairman Sigmar Gabriel had warned in the spring before a drastic tightening of mass poverty in old age in the coming years, but without the same offer solutions.
However, both had come to the conclusion, that the private Riester pension was not a solution. The CSU has now decided that it wants to further develop the mothers pension and also sees an approach to poverty in old age. Gabriel called temporarily a higher general level of pension, but what cost around 30 billion euros per year and also benefit high earners would.
Federal Social Affairs Nahles (SPD) worked meanwhile a “master plan” for the grand coalition, the various points of dispute should translate into realistic and targeted proposals for action. This will Nahles present in the autumn – in addition to the regular large pension report, which her ministry every four years provides a detailed overview of the state of retirement in Germany. It is still unclear whether the coalition decides to bring new changes to the way even before the election.