Retiring early: deductions with the early old-age pension

You can draw the old-age pension before the standard retirement age under certain conditions, but usually with permanent deductions. For each month of the earlier start, the pension is reduced by 0.3%. Those who were insured for a particularly long time can sometimes retire earlier without deductions.

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With an early pension start, the deduction is 0.3% per month (maximum depending on the type of pension). The deduction remains permanent, even after reaching the standard retirement age.

Those who accumulate 45 years on their account (particularly long-term insured) can, under certain conditions, retire without deductions before the standard retirement age. Deductions can also be offset by additional contributions.

What you should do now

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1. Clarify the pension account
Have your pension account checked and a pension statement drawn up to see the start, amount and possible deductions.
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2. Compare variants
Compare the earlier start (with deduction) with the regular start and check whether you meet the requirements for a pension without deductions.
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3. Check the compensation payment
You can offset expected deductions wholly or partly through additional contributions; ask the pension insurer for a calculation.
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4. Note additional earnings
Consider how additional earnings affect your pension, and file the pension application in good time before the desired start.

How to spot the scam

You underestimate that the deduction remains permanent.
You apply for the pension too late and lose months.
You do not check whether you can retire earlier without deductions.

Frequently asked questions

How high are the deductions?

With an early pension start, 0.3% per month of the earlier start. The deduction is permanent and remains in place even after reaching the standard retirement age.

Can I retire earlier without deductions?

Under certain circumstances yes: particularly long-term insured people with 45 insurance years can retire without deductions before the standard retirement age. The exact age limits depend on the year of birth.

Can deductions be offset?

Yes, through additional contributions to the pension insurer you can offset deductions wholly or partly. Have a calculation drawn up for this and check whether it is worthwhile for you.

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General information for self-help, not legal advice (RDG). In case of a high loss or uncertainty: contact a consumer advice center or a lawyer.