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The topic of pensions is complex. If you miss certain deadlines, you can expect to lose money. Retirees should therefore pay attention to a few dates.
The pension issue can seem complex, but it is inevitable that you will have to deal with it. It is particularly important for those who are planning to retire or are already in that stage of life to be aware of certain deadlines and dates. Changes, such as those in applications and deductions, can also affect the amount of your pension.
Important deadline for pension applications – failure to meet it can be expensive
As the German Pension Insurance (DRV) explains, the application deadlines vary depending on the type of pension. “Which one applies to you depends on whether you are applying for a pension from your own insurance or a survivor’s pension,” says the DRV.
For pensions from your own insurance, including old-age pensions, disability pensions and childcare pensions, “there is generally a three-month application period as soon as all the requirements for the pension are met,” explains the DRV. The federal government adds: “If the pension application is submitted within the first three months of retirement, the missed pension payments will also be paid retroactively. Anyone who misses this deadline will only receive the pension from the month of application.” So anyone who submits a pension application too late will forego part of their pension.
A different rule applies to widows’, widowers’ and orphans’ pensions: If the pension is applied for later than twelve months after the date of death, it will be paid twelve months retroactively from the month of application. The pension is paid out on the last banking day of the month.
Working despite a possible pension? This is how pension points can be collected
There are also advantages for those who continue to work despite reaching retirement age and do not apply for a pension. “If you postpone the start of your pension and continue to work, you will receive a supplement of 0.5 percent on your pension for each month that your pension begins later, and this is increased by the pension insurance contributions you continue to pay,” explains the federal government.
echo24.de has created a list that shows which age groups can apply for a pension. The amount of the pension depends on your working life. Those who have earned a good salary can receive the maximum pension. Even those who have never worked receive at least basic security when they retire.
Pension adjustment on 1 July – more money possible for retirees
There are some important deadlines for pensioners when it comes to tax returns and applications. © IMAGO / Panthermedia
Another important aspect is the annual pension adjustment, which always takes place on July 1 of each year. “The level of the pension adjustment is determined by the federal government in a regulation, taking into account the past wage development in the country. Since pensions follow wages, higher wages also mean higher pensions,” says the federal government.
Deadline for tax return: What date pensioners have to observe
However, pensioners must also pay attention to their tax obligations. “Anyone whose total income exceeds the annual basic allowance, which is currently 10,908 euros, must file a tax return. This includes both private and statutory pensions, as “lohnsteuer-kompakt.de” explains. The deadlines for filing tax returns are the same for pensioners as for employees.
The deadline for the 2023 tax return is September 2, 2024. The tax return for 2024 must be submitted to the tax office by July 31, 2025.
This text was created with the help of artificial intelligence.
