In the job from full-time to part-time: Those who consciously plan this and make financial provisions do not have to cut back on money in old age. What is important here.
Berlin (dpa / tmn) – Regardless of whether you are a man or a woman: Part-time employment not only currently means less money is flowing into your account. This threatens to be the case in later years too, namely in the retirement age.
But before that, everyone can arm themselves – namely with a sophisticated strategy. Five tips for anyone planning to work part-time.
Tip 1: get an overview of the finances
Before deciding to reduce the number of hours on the job, it is good to get an overview of the finances. How much does one earn in the partnership, how much does the other earn? And then, for example: What monthly expenses are incurred, what reserves are there, what does private pension provision look like? At what point can you save if someone brings less money home with you?
“It is also important to check whether there is risk protection in the event that the (spouse) partner dies,” says Hanne Roggemann from the Institute for Financial Services (iff) in Hamburg. If there is no such insurance, you should seek advice as to whether it makes sense in your own case.
Tip 2: Calculate part-time salary and inquire about pension entitlements
If you want to reduce your working hours and want to know what the net part-time salary would be, you can use the for initial orientation Part-time calculator of the Federal Ministry of Labor and Social Affairs use. The next step should be to explore the consequences of lower earnings on the statutory pension. You can inquire about this at the Deutsche Rentenversicherung (DRV).
Dirk von der Heide from the DRV Bund shows how part-time work affects pensions using an example calculation: A woman in the old federal states works full-time for 40 hours a week. Your wage subject to social insurance is 41 541 euros. Your gross monthly earnings are around 3462 euros. For this, the insured person receives one earnings point per year in pension growth, which is currently EUR 34.19 per calendar year.
If the woman now only works 20 hours a week, her pension increase is reduced by half to 17.10 euros. If, on the other hand, she works 30 hours a week (40 hours full-time), the pension increase is only reduced by 25 percent.
Tip 3: Talk to your partner about a balance
The example calculation shows: Part-time employment over a longer period not only reduces current income, but also pension entitlements. “In many cases it makes sense to look for a solution with your partner,” says Kathleen Altmann from the Association of German Banks based in Berlin. This is particularly useful when it comes to compensating for a pension gap that arises from caring for children together.
One possibility: “There is a cash settlement between the partners,” says Altmann. The part-time worker can invest the amount in a long-term pension plan and invest it in an ETF, for example. Another option: the partner pays into a monthly savings plan for the part-time partner – “that’s possible with an amount of 25 euros a month,” says Altmann.
Tip 4: Keep an eye on retirement provision
Even if the partner pays compensation, you should check whether the money will be enough in old age. If you are unsure, you can get advice – for example from the German pension insurance or at consumer centers.
In any case, it is advisable for part-time employees to ask the employer about a company pension. “You can also use the opportunity to inquire about capital-forming benefits and then use them in any case,” says Roggemann. There is also the option of topping up your old-age provision with the Riester allowance.
Tip 5: keep putting your finances to the test
So that your finances don’t get out of hand, it makes sense to regularly look at your income and expenses. It is often worthwhile to have three accounts in a partnership – each partner has his own and both have a joint account. “This provides more transparency and makes it easier to split shared costs such as rent and insurance,” says Altmann.
It is also important to have a financial cushion for emergencies. A rule of thumb is to set aside enough money to make ends meet for three months. “The money is safe in a call money account and is immediately available in an emergency,” says Altmann.
“Financial test special”: Your pension – more money in old age, Stiftung Warentest 2021, 112 pages, issue, ISBN-13: 419-2-1270-1290-8, 12.90 euros
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