What options do I have to increase my pension?
April 13, 2022 | 50,00 EUR | answered by Christian Voigt
Dear Social Security Lawyer,
My name is Anna Schreiber and I am reaching out to you because I urgently need your help. I am currently in a difficult financial situation and I am very worried about my retirement savings. I am 55 years old and have been working in a permanent position for 25 years. However, my income is barely enough to cover my monthly expenses.
I have heard that there are various options to increase retirement benefits. I only have basic knowledge about the statutory pension insurance and private retirement options such as Riester pension or company pension schemes. I am wondering if there are other possibilities for me as a single person without children to increase my retirement benefits.
Currently, my income is not enough to secure a financially stable future in my old age. I am very concerned about how I can maintain my standard of living in retirement. I am willing to delve deeper into the topic of retirement planning and am looking for specific solutions.
So my question to you is: What options do I have to increase my retirement benefits and improve my financial situation in old age? Are there any special support programs or tax benefits that I can take advantage of? I would greatly appreciate it if you could provide me with concrete tips and recommendations on how I can optimize my retirement savings.
Thank you in advance for your support.
Sincerely,
Anna Schreiber
Dear Mrs. Schreiber,
Thank you for your inquiry and your trust in my expertise as a lawyer specializing in social security law. It is understandable that you are concerned about your financial future in old age and are looking for ways to increase your pension entitlements.
As a single person without children, you have various options available to optimize your retirement provision. In addition to the statutory pension insurance and the private retirement options you mentioned such as Riester pension or company pension schemes, there are other measures you can take.
One way to improve your financial situation in old age is through voluntary additional retirement provision. For example, you can invest in a private pension insurance or in funds to generate additional income in retirement. Making contributions to a private pension insurance may also bring you tax benefits and increase your pension entitlements.
Furthermore, you should check whether you are eligible for state subsidies such as the so-called "allowance pension". You can apply for these allowances if you meet certain criteria, for example, if you do not exceed certain income limits or have children.
Another important aspect is timely planning of your retirement provision. The earlier you start building up additional pension entitlements, the better you can secure your financial future in old age. It is advisable to seek individual advice from a retirement planning expert to analyze your personal situation and take appropriate measures.
Overall, it is important that you actively engage with the topic of retirement provision and take targeted measures to increase your pension entitlements. I recommend that you consult with a financial advisor or insurance specialist promptly to develop a tailored strategy for your retirement provision.
I hope that my tips and recommendations will help you optimize your retirement provision. If you have any further questions or wish for a more detailed consultation, I am at your disposal.
Best regards,
Christian Voigt, Lawyer specializing in social security law
