The rise in the number of individuals securing retirement coverage is evident
A significant increase in the number of German pensions being paid abroad has been reported by the German Pension Insurance (DRV). In 2019, around 1.76 million pensions were transferred abroad, accounting for nearly 7% of all pension payments. This figure represents a 52% increase compared to the number of pensions paid abroad in 1999 (1.16 million). The increase is primarily due to the immigration of workers from Italy, Spain, Greece, former Yugoslavia, and Turkey in the 1960s and 1970s.
The DRV spokesperson told the newspaper "Bild" that many Germans are choosing to have their pensions paid out in another country. The most popular recipient countries for German pension payments made abroad are Austria, Switzerland, and Spain. Austria receives nearly 30,000 payments annually, Switzerland about 27,600, and Spain around 23,300. Italy is also notable, ranking eighth with about 7,800 payments per year.
Switzerland has the most German pensioners receiving their pension abroad, with nearly 27,000 transferred pensions. Austria follows closely with 26,000 transferred pensions. The USA hosts 24,000 German pensioners receiving their pension abroad.
Many of these former guest workers are now in retirement age and have their German pension transferred to their home country upon their return. The DRV conducted the analysis and reported the findings to "Bild".
A photo accompanying the article, provided by dts Nachrichtenagentur, depicts an elderly woman and a young woman sitting on a beach, suggesting a peaceful retirement lifestyle that many Germans are choosing when they opt to have their pensions paid abroad.
This trend is expected to continue as more and more Germans retire and consider their options for receiving their pensions. The DRV encourages all retirees to make informed decisions about their pension payments, taking into account factors such as exchange rates, tax implications, and personal preferences.
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