Retirement at age 70? - The German government is considering this option
Germany is considering raising the retirement age and creating a state pension fund, according to proposals from a government-appointed committee, as Europe's largest economy seeks to address an aging population and pressures on public finances.
The committee recommends a gradual increase in retirement ages by decade, depending on life expectancy. According to calculations, the retirement age could reach 70 by 2092. Current legislation foresees that the retirement age in Germany will rise to 67 by the early 2030s.
The proposals also include removing the option of early retirement from age 63 without cuts, as well as the creation of a Swedish-style pension fund. The new fund would invest employee and employer contributions in financial assets, with the aim of stabilizing and strengthening pensions from 2040 onwards. According to the same information, the proposals are expected to be submitted to Chancellor Friedrich Merz on Tuesday.
Germany has the oldest workforce among the 21 eurozone member states. According to the Federal Statistical Office Destatis, one in four workers in the country is aged 55 to 64. Around 10 million workers belong to this age group, out of a total of 41 million workers aged 15 to 64. The proportion of older workers is 24%, compared with a European average of 20.1%.
To encourage people to stay in work, the government, at Merz's own suggestion, approved tax breaks for the salaries of those who continue to work after the legal retirement age in the autumn. The German labor market is also expected to be affected in the coming years by demographic contraction, despite the annual influx of around half a million economic migrants from third countries and thousands of skilled workers from EU member states.
Germany recorded a population decline of nearly 100,000 in 2025, the first in 14 years, excluding 2020 due to the pandemic. With the number of employed people limited to 46.04 million, down 74,000 compared to 2024.
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