Employees in Germany are on average retiring later – the threshold for men shifted to 64.4 years in 2022, compared to 64.1 in 2021. According to data from German pension insurance, in 2001 men retired on average at the age of 62.4, writes dpa.

Over the past twenty years or so, women have worked somewhat longer than men, but last year they became equal. In 2021 and 2001, they worked until 64.2 and 62.5 years of age respectively.

Today men enjoy retirement significantly longer.

In the last 10 years, that period has increased on average from 16.7 to 18.8 years.

At the same time, the retirement age for women has been extended by slightly less than one year, to 22.2 years.

Pension insurance attributes this to longer life expectancy: “Longer life expectancy is a positive thing, but it is also a challenge for insurance.”

The gradual shift of the retirement age to 67 by 2031 will mitigate the effect of the longer life expectancy of German citizens, the insurance company said.

In addition, certain reasons for early retirement are being abolished, which will increase the average age of new retirees.

Source: fenix-magazin.de