The Retirement Atlas issued by the German Pension Insurance Authority has confirmed in a published report that the retirement age in Germany has witnessed a continuous increase during the past year.
Where the average retirement age among men reached 64.4 years in 2022, compared to 64.1 years in 2021 and 62.4 years in 2001. As for women, the average age increased from 62.5 years in 2001 to 64.4 years in 2022, passing through 64.2 years in 2021.
The retirement age in Germany continues to rise
The report also revealed that retirees benefited from extended periods of receiving pension payments, with the duration of pension payments for men increasing from 16.7 years a decade ago to 18.8 years in the past year. As for women, the average duration of receiving pension payments reached 22.2 years.
The report attributes the extended period of receiving pension payments to the rise in life expectancy. The Retirement Atlas indicated that the increase in life expectancy is a positive development, but it poses a challenge to the pension system.
The report also pointed out that the gradual increase in the retirement age to 67 by the year 2031 is expected to help alleviate these challenges.
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