Record number of retirements

Men’s pensions 58 percent higher than women’s

The average pension for women entering old-age pension in 2023 was 1645.01 euros and has risen. For men, the average pension was EUR 2,596.62 and thus remained almost constant. Nevertheless, men still receive almost 58 percent more pension than women.

According to pension insurance figures, there was also another record number of new retirements last year: This is due to the baby boomers entering retirement. The record of 123,289 new entrants (all pension types were measured here) in 2022 was surpassed again in 2023 with a figure of 126,253.

The average retirement age for women was again 60 years, while men retired at 62.1 years (2022: 61.9 years). In terms of pure old-age pensions, the average retirement age for women was 60.6 years, while the average retirement age for men was 63.3 years.

The number of new pensioners reached a record level in the previous year.(Bild: Marina Beilina / Westend61 / picturedesk.com)

According to the pension insurance fund, the number of people with compulsory insurance continued to develop positively and rose from an annual average of around 3.6 million to around 3.7 million.

The total expenditure volume of the pension insurance amounts to around 50 billion euros, with the largest item in terms of contributions being pension expenses at around 42 billion euros - an increase of around 8.9 percent compared to 2022. The total contribution income for insured persons amounted to just under 40 billion euros, an increase of over eight percent. The federal deficiency liability, i.e. the amount by which expenses exceed income, amounted to 6.85 billion euros, 14% more than in 2022.