The German Federal Bank (Bundesbank) said in its monthly report today (Monday 15th August 2016) that by 2060 Germany should increase the retirement age to 69 from the current 65.
Because Germans are now living longer and having fewer children, the current system will not be enough to meet targets. Once the baby-boomers have all retired, there will be fewer new workers to fill the gaps and thus fewer contributors into the system.
The retirement age is already set to reach 67 by 2030, but the Bundesbank said that even with the current favourable financial situation and this increase, “further adjustments are inevitable”.
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