A new report by the Federal Statistical Office reveals a stark contrast in the financial situations of Germany’s retirees, with nearly a quarter living on less than 1,500 euros per month, while more than half have a net income of over 2,000 euros. The data, commissioned by the German Association of the Elderly (BSW) and published in the German newspaper Bild am Sonntag, shows a significant decline in the number of retirees living on low incomes.
According to the report, in 2024, approximately 1.35 million retirees, or 7.4 percent, had a net equivalent income of less than 1,100 euros, a decrease of 440,000 from the 1.79 million retirees, or 10 percent, who lived on such low incomes in 2022. The report also found that 2.6 million retirees, or 14.3 percent, had a net income of less than 1,300 euros in 2024, a decrease of 735,000 from the 3.35 million retirees, or 18.8 percent, who lived on such low incomes in 2022.
In contrast, 9.5 million retirees, or 51.8 percent, had a net income of more than 2,000 euros in 2024, a significant increase from the 4.4 million retirees, or 24.4 percent, who had a net income in this range in 2022. The BSW’s founder, Sahra Wagenknecht, criticized the findings, stating that the fact that nearly a quarter of retirees live on or below the poverty line is a “poverty indictment for our country.”
However, a leading economist and expert on pensions, Bernd Raffelhüschen, from the University of Freiburg, disputed the notion of retirees being in a state of poverty, citing studies that show the elderly in Germany have the highest net worth compared to all other age groups. He emphasized that it is actually low-income, single individuals and children who are at a higher risk of poverty and have a lower standard of living in Germany.