pension promise has always been a popular political (election campaign). And with an ever-larger part of the voters ‘ potential of the age pyramid moves upward, this Trend will increase further. Unfortunately, is almost completely under, that Germany has with its mixed-financed old-age security system is actually a good complementary combination of PAYG and funded. It was not always so. The Person

Ingo Mainert, CIO Multi Asset Europe at Allianz Global Investors.

Bismarck’s social insurance to the generation of the contract

in 1889, in the framework of Bismarck’s social insurance implemented in invalidity and old – age insurance was originally funded. You saw from the 70. (!) The age of old-age pension. This has been funded from the interest rates of the individual contributions (and tax revenues). The consequences of the two world and, specifically, of the Hyperinflation in the 1920s and the currency reform of 1948, and, in particular, the strong Wage growth in the 1950s led wars, however, a fiasco. Old-age poverty was widespread.

in 1957, has not been established, the statutory pension then the contribution procedure, wherein the term insurance is true since in the real sense. The currently employed pay the current pensions, and will acquire a claim on a future pension: The generation contract was born, which worked as long as reasonably good, as the population grew. “Children wars the people all of the time” – as the then Federal Chancellor, Konrad Adenauer, laconically noted. The contraceptive pill he was not able to have on the invoice.

the basic principle of the PAYG pension

since the late 1960s, falling birth rate and the continuous extension of life expectancy, stress(t)in the allocation procedure in more and more. Regularly it is tried, therefore, to the laws of statistics. What nature is transparent only in the case of a short-term, politically coloured and the planning horizon, and temporary work. Later, it strikes back but with even greater force. The basic principle of the PAYG pension is relatively simple. dpa-graphic

understanding “elementary school Sauerland”, such as Franz Müntefering, Blüms noted post-post-successor, once. The big three control the duration and amount of the contribution payments, the amount of the pension payments, as well as the (taxpayer-funded) Federal grant screws. Once it collects the Maximum or minimum rates at the one or the other – for example, in the Form of maximum contribution rates, to the entry of low pension age, or the backup level (“simple / double stop line”) – in the long term, screw, inevitably, the third control as a counterbalance valve be used. By definition, this is a subsidy from the Federal government, so tax increases. The FOCUS of the Online pension calculator, you can Calculate the amount of your pension

Simulation shows that retirement age up to 2060 69 years,

rise to The Serious: a little of your sustainable levels different stop lines have huge long-term impact on the compensation valve. The German Bundesbank in its monthly report of August 2016 this reason, correlations and simulations created. The result is A stabilization of contribution rates and pension levels as a portable, prestigious level, is only realistic if the retirement age were raised to age up to 2060 to 69 years.

The political thunder hall at the time, the sensitivity of the view shows clear of the taboo topic of “exit age”. Interim corrections – increase in working lives in the front part of the employment biographies – such as coverage of the G8 high school, and abolition of compulsory military service – would be structurally relieved, have now been cashed but. A previous Enrollment may be a set screw for future Considerations. Display Calculate your state pension

Unbelievable: the Federal Minister of Finance Scholz, and has no financing plan

That, of all things, the Keeper of the Federal subsidy, the Federal Finance Minister, Olaf Scholz, recently, a solid case of the backup level to 48 percent by 2040, proposed, and on the question of funding answered that he’s only a closer look at (!), is at least irritating. dpa-graphic

The Sad thing is that the emphasis of the German model of the Social market economy, the pension could also be used as a tool against the crisis of political confidence. Social is about the generation of the contract, the onus is on the solidarity of the Younger is institutionalized compared to the Older. This must not, however, lead to an excessive demand.   display  
 

“Up to 70” is allowed to work may need to reality

in an increase In the retirement age “to 70” and insurance leads mathematically fair reductions for early claiming, therefore, no way. The latter must remain as an individual decision under the liberal points of view. It is also the component of the market economy comes to the fore: On the individual responsibility in the elements of occupational and private pension provision in the saving character of the system is documented. “Spare the time, then You’re in trouble.” dpa-graphic

to Save as a virtue, but not only with regard to the pension makes sense. In spite of a debt resulting from the world financial crisis ten years ago, we observe a kind of déjà-vu: The global debt today is significantly higher than in 2008. An inspection and the Expansion of the market economic elements of the pension – keywords: less bureaucracy and more promotion – would not, therefore, only with a view on the culture of equity is desirable, but also as an overarching socio-political character of self-responsibility.

FOCUS Online/Wochit Could cost hundreds of billions: Scholz proposal for the pension guarantee crucial test of our social protection systems” PDF pension with 63 is “: How’s that? Our PDF guide shows you how you can retire early can go and still get the full amount.To PDF-Advisor pension, old-age poverty