Very important for US citizens to speak with a tax specialist first. There is a lot of reporting requirements that can spell problems if not filed correctly.
Exactly. Investing as a US-Citizen in Germany is not so easy due to the FATCA Regulation. I have specialized on consulting US-Expats here in Germany on how to invest and plan for retirement. Have made several videos and blog articles about that, feel free to check that out.
@@DavidReinhardInVertas As a US tax specialist, the issues surrounding American Expats can be complex. I’ve stepped away from filing taxes for this niche, but I do advise and counsel that what may seem “an easy return” is not necessarily so. Once I get the first inkling that their situation is more complex, I refer them to those tax specialists that do prepare the diffraction informational returns.
I almost heard the Bee Gees with the thumbnail. 😜Great and thoughtful tips here! It's amazing it even occured to Yvonne to take whatever action in regard to pension at the earlier timeframe mentioned. When I was her age I knew very few people who would discuss pension funding or pension age. Even though I'm not that young, I will be sure to have my eye on the very clear options, thanks to you! 😊
Thanks for this video. It would have been nice if you had gone more into to detail on doing your investments vs managed pension funds. Like using something like Trade Republic vs whatever your company offers.
A big difference can be whether your (former) home country has a bilateral "social security agreement" (Sozialversicherungsabkommen) with Germany. If so, the time you paid into the public insurance there counts for the number of years you have accumulated for early retirement at 63. If not, you are out of luck. You may buy "pension points" (Rentenversicherungspunkte) under certain conditions (50 years old etc.) to increase your pension payment, but you can never buy "time" (Rentenversicherungszeit). So, if you come to Germany at the age of 32 from a country without a social security agreement , there is absolutely no chance of accumulation 35 years before regular pension age of 67, even if you work the whole time. I find this very unfair, because it isn't your fault that some international agreement is lacking. If they only accepted the time without giving you any points, that would be acceptable.
Thank you for the insight. If you don't mind me asking, would that mean that, if one comes from a country without bilateral agreement and older that 32, the private pension plan is very likely the better option? Or is it still very much case by case scenario? Thank you very much in advance
@@JuanDavidOrjuela Since you cannot opt out of the public pension plan as an employee, you only have the option of an additional private pension plan. This is a good idea anyway. Whether you do this with an insurance or by saving money and investing yourself, is a personal choice.
Aaaah these bloopers they really make my day 😆 But man way to bring up a topic I had never considered. Now I really gotta take a moment to ponder. I mean I don't have plans to go anywhere else but at the same time Jen has a point with how overwhelming it all feels to think about..Oh dear me I think I need to sit down 😅
Let me guess, your lifestyle and quality of life compared to your home country dropped. Tiny houses, no hired help, seeing medical specialists is a nightmare etc. I think most skilled immigrants tend to come from privileged backgrounds in their home countries and face the reality of the socioeconomic drop moving when moving the west. This is the same feedback I heard from skilled immigrants in Canada, Germany, Netherlands, USA etc…
Thanks a lot for the informative videos! It is always helpful. What happens to my "Betriebliche Altersvorsorge" when I transition to a new job at a different company? Can you share more resources in English about this specific plan?
It depends. The money you collected so far is still yours (although you do not get it directly.) A new employer *may* take over your bAV but he is *not obligated* to do this. If he won't do it he needs to offer you an alternative. My former employer (very large US cooperation) has had a special contract for the (collocial) "Betriebsrente" with one of DE's biggest insurance companies. I'm pretty sure that this insurance will not offer these conditions to other companies. So, as I left the company, the money is more or less "frozen" now (without any interest) and I will get it when I become 60 years old. That was part of the contract, that eligible person will have access to it prior to official retirement age.
Thanks for the great video. I heard that you have a chance of topping up your state pension each year, do you know how this is done? If it is possible then can someone also top up from abroad?
I think they tell every generation that they might not get enough to retire on, but usually everyone does. You might not get what you want, but you get what you need. The question is: It getting only what you need worth living longer for and the answer is probably, "No." I was working and earned quite well, but since corona I have been unemployed. Each year, I watch my retirement amount drop. The Rentenversicherung (German Social Security) sends me this paper every year, that shows me what my benefit per month would be, if I were disabled now, what my monthly benefit would be if I continued to work as I had and something else that I forget. I think it is the amount I would get if I wanted to go into early retirement now or something like that. Anyway, what should this monthly sum be at the very least? If one has to pay monthly rent out of this, then I am going to at least need like 3000 a month to get what I need. If I adjust for inflation, then I would probably need at least 4.000/month just to squeak by, right? Right now I am at just under 1.000/month. Since, I did not live and work here all my life, I am not going to get as much as other Germans my age do, because I will not have as many years in. I am kind of worried now, that I might end up becoming one of these poor old people, who has to fish recyclable bottles out of the trash and from concerts and other public events. After 5 years of unemployment as an immigrant over 50 no one will take me in my line of work. I am not qualified to do anything else and although I speak the language extremely well (C1/2), no one will hire me for simple jobs in my area. What can I do?
Very important topic! And great that Yvonne started investing so early - this is why a lot of US Americans retire as millionaires after investing in a 401k over 40 years. Unfortunately, many Germans still prefer to "invest" their savings in a savings account with a 0.x % interest rate because the stock market is considered to be dangerous.
Again a great informative vlog mainly for the expats like us ... but unfortunately I have already taken a private pension plan couple of months ago from Swiss Life...otherwise would have tried the ones advised by you. Incase you think the Swiss Life pension scheme is not that good, then please feel free to suggest me accordingly. Thank you.
@@nickmulder6791 Thanks for the reply. So in that case which one is good? I mean which company's private pension plans are good? Can you suggest a couple of names. Moreover, I just started the SwissLife for couple of months then should I stop or cancel it?
It only counts the years (months) that you actually contribute. So any time you hold a job where social contributions are deducted from your salary. That is any job that goes beyond a Minijob.
Help! Where should I get my RENTENVERSICHERUNGSNUMMER? Which institution? I'm new in Germany and my employer needs this information so I start receiving my pay. Thanks!
The way things are going I have some doubts that humans will exist by the time I reach retirement and many men in particular never reach retirement age.
If i become a German citizen, and at some point in my career i become an expat abroad for some years, can i keep paying for the German public pension during those years?
@@TheAdriZam No this is not the case. I'd worked in Uk and Netherlands. On applying for my German pension, I also through the DRV, applied for pension in UK and Netrherlands. I've received a small state pension from UK. I only have 11 months of proven contributions in Netherlands, so I didn't get a pension from Netherlands, but the contributions from Netherlands resulted in an increase in my German pension of around 18 € a month. So anyone who's worked abroad in EU ( also UK which still has a reciprocal agreement with Germany ) , keep all your information ( your Insurance numbers, employment details, pay slips etc ) safe, you may need it in the future. Unfortunately for me I worked in the 80's for 4 years in Den Haag, but didn't have the paperwork to prove it, and lost out on some pension ! Have a nice day everyone.
In our opinion they don’t. But that’s why we always research and present more than one provider for you to be able to select if at all the one that suits your needs best.
![Dental Insurance in Germany [For who, why, How much?]](http://i.ytimg.com/vi/wq6X2iakNIc/mqdefault.jpg)
![Dental Insurance in Germany [For who, why, How much?]](/img/tr.png)
![My JOURNEY to Germany [The HONEST truth]](/img/1.gif)
Yes , good that you made a video of the drawbacks of public pension. Because this awareness is very much necessary.
Very important for US citizens to speak with a tax specialist first. There is a lot of reporting requirements that can spell problems if not filed correctly.
Exactly. Investing as a US-Citizen in Germany is not so easy due to the FATCA Regulation. I have specialized on consulting US-Expats here in Germany on how to invest and plan for retirement. Have made several videos and blog articles about that, feel free to check that out.
@@DavidReinhardInVertas As a US tax specialist, the issues surrounding American Expats can be complex. I’ve stepped away from filing taxes for this niche, but I do advise and counsel that what may seem “an easy return” is not necessarily so. Once I get the first inkling that their situation is more complex, I refer them to those tax specialists that do prepare the diffraction informational returns.
C'est toujours un plaisir a montre votre videos. Merci beaucoup, "Simple Germany". You both rock!
Thanks so much for explaining these crucial issues and making things look less scary and daunting. Very grateful for your videos!
Always when I think of something, you come up with a video. last week it was about heating, this week it is about pension. 😂
Keep it up. 🤞
Maybe they can read our minds lol
🤣
Thank you for this
I was so worried and also you just answered the question why my husband is upset about his pension
Nice old photos😂, really thank you both for the great work
Hey it’s Kevin😊… decided this year to retire here so this is timely. Thanks. And I love the ‘bloopers’. Keep it up! Let’s catch up soon
I almost heard the Bee Gees with the thumbnail. 😜Great and thoughtful tips here! It's amazing it even occured to Yvonne to take whatever action in regard to pension at the earlier timeframe mentioned. When I was her age I knew very few people who would discuss pension funding or pension age. Even though I'm not that young, I will be sure to have my eye on the very clear options, thanks to you! 😊
thank you so much! I am in the same position as you Jen, 11 years without acting :(. You gave me hope :)
Thanks for this video. It would have been nice if you had gone more into to detail on doing your investments vs managed pension funds. Like using something like Trade Republic vs whatever your company offers.
Thanks for your thoughts! 🙂
This is a great video! I don't live in Germany, but the system in Sweden is somehow similar for immigrants.
Thanks for the heads up. I just registered for pension with your link. Thank you again for your videos.
A big difference can be whether your (former) home country has a bilateral "social security agreement" (Sozialversicherungsabkommen) with Germany. If so, the time you paid into the public insurance there counts for the number of years you have accumulated for early retirement at 63. If not, you are out of luck. You may buy "pension points" (Rentenversicherungspunkte) under certain conditions (50 years old etc.) to increase your pension payment, but you can never buy "time" (Rentenversicherungszeit). So, if you come to Germany at the age of 32 from a country without a social security agreement , there is absolutely no chance of accumulation 35 years before regular pension age of 67, even if you work the whole time.
I find this very unfair, because it isn't your fault that some international agreement is lacking. If they only accepted the time without giving you any points, that would be acceptable.
Thank you for the insight. If you don't mind me asking, would that mean that, if one comes from a country without bilateral agreement and older that 32, the private pension plan is very likely the better option? Or is it still very much case by case scenario? Thank you very much in advance
@@JuanDavidOrjuela Since you cannot opt out of the public pension plan as an employee, you only have the option of an additional private pension plan. This is a good idea anyway. Whether you do this with an insurance or by saving money and investing yourself, is a personal choice.
@@HolgerJakobs Thank you very much for the information, have a nice day!
You can count your study time starting 17 years old, up to 8 years even school times in foreign countries, good for waiting time:)
Brilliant, thank you for the info! I'll make sure to use those links when I have made my decision.
Yay a short video and loved it.
Aaaah these bloopers they really make my day 😆
But man way to bring up a topic I had never considered. Now I really gotta take a moment to ponder. I mean I don't have plans to go anywhere else but at the same time Jen has a point with how overwhelming it all feels to think about..Oh dear me I think I need to sit down 😅
Awareness is the first step 😉
I moved as a skilled immigrant to Germany 10 years ago and I feel like I have been scammed, to be honest.
4.5 years so far, feeling same
Could elaborate on that? Just moved to Germany as a skilled immigrant as well
Let me guess, your lifestyle and quality of life compared to your home country dropped. Tiny houses, no hired help, seeing medical specialists is a nightmare etc. I think most skilled immigrants tend to come from privileged backgrounds in their home countries and face the reality of the socioeconomic drop moving when moving the west. This is the same feedback I heard from skilled immigrants in Canada, Germany, Netherlands, USA etc…
I love your videos. have a good time in Guatemala, safe return to Germany. take care!
Thank you! 🙂
Thanks a lot for the informative videos! It is always helpful.
What happens to my "Betriebliche Altersvorsorge" when I transition to a new job at a different company? Can you share more resources in English about this specific plan?
You should be able to carry it over to your new employer. It’s best to speak to them directly.
It depends. The money you collected so far is still yours (although you do not get it directly.) A new employer *may* take over your bAV but he is *not obligated* to do this. If he won't do it he needs to offer you an alternative.
My former employer (very large US cooperation) has had a special contract for the (collocial) "Betriebsrente" with one of DE's biggest insurance companies. I'm pretty sure that this insurance will not offer these conditions to other companies. So, as I left the company, the money is more or less "frozen" now (without any interest) and I will get it when I become 60 years old. That was part of the contract, that eligible person will have access to it prior to official retirement age.
I didn't realise until this video that you're married ! Congrats !
Das ist Super. Viele Danke.
Thank you so much!
u both r amazing ...thank u
Recently, I stumbled across European pension. It seems to be some new and I found barely any information about it.
Have you heard anything about it?
Nice thumbnail 😂😅! Good content too 👍🏻
Thanks for the great video. I heard that you have a chance of topping up your state pension each year, do you know how this is done? If it is possible then can someone also top up from abroad?
maybe make a video what to do when moving away permanently. like deregistering
We have an entire step by step guide dedicated to how to leave Germany: www.simplegermany.com/leaving-germany/
thanks very much@@simplegermany
Can you make a Video on Immobilien als Kapitel-Anlage?
I think they tell every generation that they might not get enough to retire on, but usually everyone does. You might not get what you want, but you get what you need. The question is: It getting only what you need worth living longer for and the answer is probably, "No."
I was working and earned quite well, but since corona I have been unemployed. Each year, I watch my retirement amount drop. The Rentenversicherung (German Social Security) sends me this paper every year, that shows me what my benefit per month would be, if I were disabled now, what my monthly benefit would be if I continued to work as I had and something else that I forget. I think it is the amount I would get if I wanted to go into early retirement now or something like that.
Anyway, what should this monthly sum be at the very least? If one has to pay monthly rent out of this, then I am going to at least need like 3000 a month to get what I need. If I adjust for inflation, then I would probably need at least 4.000/month just to squeak by, right?
Right now I am at just under 1.000/month.
Since, I did not live and work here all my life, I am not going to get as much as other Germans my age do, because I will not have as many years in.
I am kind of worried now, that I might end up becoming one of these poor old people, who has to fish recyclable bottles out of the trash and from concerts and other public events.
After 5 years of unemployment as an immigrant over 50 no one will take me in my line of work. I am not qualified to do anything else and although I speak the language extremely well (C1/2), no one will hire me for simple jobs in my area. What can I do?
Very important topic! And great that Yvonne started investing so early - this is why a lot of US Americans retire as millionaires after investing in a 401k over 40 years. Unfortunately, many Germans still prefer to "invest" their savings in a savings account with a 0.x % interest rate because the stock market is considered to be dangerous.
Again a great informative vlog mainly for the expats like us ... but unfortunately I have already taken a private pension plan couple of months ago from Swiss Life...otherwise would have tried the ones advised by you. Incase you think the Swiss Life pension scheme is not that good, then please feel free to suggest me accordingly. Thank you.
It is most definitely not good - you should review it with an expert, our pensionfriend consultations are free.
@@nickmulder6791 Thanks for the reply. So in that case which one is good? I mean which company's private pension plans are good? Can you suggest a couple of names. Moreover, I just started the SwissLife for couple of months then should I stop or cancel it?
Can you request the paid-in state pension back once you leave, if you don’t stay and work in Germany for 5 years?
That depends on a lot of factors. We have a detailed guide on the topic: www.simplegermany.com/german-pension-refund/
Will the 5 year pension refund scheme include the years I study in germany.or will it start calculating when I get a full time job.
It only counts the years (months) that you actually contribute. So any time you hold a job where social contributions are deducted from your salary. That is any job that goes beyond a Minijob.
Help! Where should I get my RENTENVERSICHERUNGSNUMMER? Which institution?
I'm new in Germany and my employer needs this information so I start receiving my pay.
Thanks!
Here’s a guide on how to find the Sozialversicherungsnummer
www.simplegermany.com/social-security-number-germany/
The way things are going I have some doubts that humans will exist by the time I reach retirement and many men in particular never reach retirement age.
The hidden secret is, to move out to a cheaper country as soon as you retire in Germany.
If i become a German citizen, and at some point in my career i become an expat abroad for some years, can i keep paying for the German public pension during those years?
Yes, you can contribute voluntarily.
Can Jen explain if her contributions in Hungary count towards thr German pension?
No, they don't as far as we are aware.
So any expat who has worked in another EU country would kind of lose the contributions they made in another EU country?
@@TheAdriZam No this is not the case. I'd worked in Uk and Netherlands. On applying for my German pension, I also through the DRV, applied for pension in UK and Netrherlands. I've received a small state pension from UK. I only have 11 months of proven contributions in Netherlands, so I didn't get a pension from Netherlands, but the contributions from Netherlands resulted in an increase in my German pension of around 18 € a month. So anyone who's worked abroad in EU ( also UK which still has a reciprocal agreement with Germany ) , keep all your information ( your Insurance numbers, employment details, pay slips etc ) safe, you may need it in the future. Unfortunately for me I worked in the 80's for 4 years in Den Haag, but didn't have the paperwork to prove it, and lost out on some pension ! Have a nice day everyone.
Question - can I move back to my home country and request to have my accumulated pension transferred to India (before I turn 65?)
That depends on a few things. You can find more details in our guide: www.simplegermany.com/german-pension-refund/
@@simplegermany thanks!
I m interested
these experts don't have a conflict of interest proposing investment, or do they?
In our opinion they don’t. But that’s why we always research and present more than one provider for you to be able to select if at all the one that suits your needs best.
How long do you have to be married to get a widow's pension in Germany
I believe at least 1 year.
Why no "smoothly" intro 😢
Ahahaha of course NO! Why you are saying you don't know? 110% NO!
I will die poor and working I am sure