Axel Börsch-Supan says Germany cannot afford government program allowing retirement at age 63
NIA Aging Centers News Reference
In 2014 the German government began allowing citizens who have worked for at least 45 years to retire with full pension benefits at age 63 - two years earlier than in the past. Axel Börsch-Supan says: “Retirement at 63 is a relatively expensive program Germany may not be able to afford for long. It leads to higher fees for workers and lower pensions for those who don’t qualify.” He estimates it will cost about 2.5 billion euros annually through 2030 - an amount made even harder to bear in Germany, which is classified as "super aged" by the United Nations.
"Scores of Germans Retiring Early Costing Country Billions" - Bloomberg Business. 5/6/2015.