Pension
Retirement: this is how the state helps you
Retiring in financial security can be a challenge in these times. This makes it all the more important to know what steps to take – as soon as possible. We have put together some information on this important topic.
Source: Opa mit Enkelin, © München Tourismus, Dominik Parzinger
Source: Rast am Monopteros-© München Tourismus, Peter Hutzler
As we mention in the Working in Munich section, various deductions are taken out of your gross salary. One of these is statutory pension insurance, which allows employees a pension after they have retired. The amount is mainly determined by your former income – and the number of years you have worked in Germany.
There are three pillars to the German retirement system:
- 1. the government-run retirement insurance system
- 2. private company plans
- 3. private individual retirement investments.
Over 85% of Germany’s workforce relies on public retirement Insurance (GRV) for their retirement income. The German public retirement insurance (Deutsche Renterversicherung) offers explanatory pages in English and other languages. If you live in Munich, your contact is the Deutsche Rentenversicherung Bayern Süd.
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