1500 euro pension: You have to earn this much in order not to become poor in old age – statutory pension

Pension provision simply explained

How high will my statutory pension be later – which is probably not enough to live on? This is described in more detail in the personal pension information. But who will be exact, we have to make it striking today: How much do you need to earn to get a pension of 1000, 1500 or 2000 euros later?

In order to calculate how much you need to earn to get XY Euro pension, we first need the pension formula. It says:

Salary points * access factor * pension value * pension factor

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There is:

  • The earning points for the annual income. Specifically, the personal annual income is divided by the average annual income for the earning points. So if you earn exactly the average income, you get 1 payment point.
  • The entry factor for retirement. Those who retire earlier receive a deduction. Anyone who works up to the normal retirement age gets 1.
  • The pension value for the value of the earning points. The pension value is currently 34.19 euros in the old states and 33.47 euros in the new ones.
  • The pension factor for the pension type: state pension, full early retirement pension or partial early retirement pension. With the ordinary public pension, it is 1.

In addition to the pension formula, we now need this German average income for the year 2022. It is 38,901 euros.

If we now want to know how much one must earn to reach a certain pension level, we must now calculate the pension points in each individual case.

For simplicity, we assume that we are calculating the national pension and that the pension value remains the same over all years – which it does not. If you want to know exactly, you can use our pension calculator.

How much money will you get when you get older?

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The maximum possible pension

Let’s start with the highest possible pension. In addition, a potential pensioner must at least have earned the contribution ceiling each year for 45 years.

This changes every year and will be 81,000 euros in the new federal states in 2022. In the old federal states to 84,600 euros. Those who earn more than that do not have to pay more contributions. He doesn’t get an infinite pension for that. So we calculate:

84,600 euro salary / 38,901 euro average salary = 2.17 pension points per year * 45 = 97.86 pension points

Now let’s insert the pension points into the pension formula:

97.86 pension points * 1 for ordinary public pension * 34.19 pension value West * 1 public pension = 3345 euro pension as maximum possible pension.

But it’s really just a dream amount. In recent years, the contribution ceiling and the average income have been such that you could get a maximum of between 1.5 and 2.1 pension points per year. But what is interesting: With more than 84,000 euros, you earn extremely well. And even as such, you only get about 3,000 euros in pension benefits.

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1000 euros to 2000 euros pension

It is already clear what this means for people who earn less:

58.5 payment points = 2000 euro pension

43.8 payment points = 1500 euro pension

29.2 earning points = 1000 euro pension

If you want to calculate this yourself, you must use the pension formula:

Pension points * 1 for state pension * pension value (in our case Vest: 34.19 euros) * 1 state pension = desired pension

This then becomes: Desired pension/pension value = required pension points

We continue to calculate with these pension points:

Pension points/45* average income of 38,901 euros.

And lo and behold:

To get a pension of 2000 euros, you need to earn an average of 4214 euros per month for 45 years. For a pension of 1500 euros, it is 3330 euros. And for 1000 euros it is 2,103 euros.

So the best thing is to start early with a good salary, but even if you change jobs later or get promoted, you can still save your pension. What is your dream pension?

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