Retirement: money is scarce for millions of older people – economy

A study shows that only one in four citizens has a Riester contract. Paradoxically, those who will have little retirement are the most poorly protected. What is the new government doing?

By Alexander Hagelüken

It all started 20 years ago with a plan – and big words. The then SPD Chancellor Gerhard Schröder did not want to compare himself to Otto von Bismarck, who brought the Germans the very first old-age insurance. But Schröder already had a lot of praise for Schröder: “What we are doing is a tremendous achievement.” What it was The government decided to cut pensions because of the aging society. The resulting loopholes should be filled by private retirement provision, with state subsidies: the Riester pension, named after the then labor minister, was “a reform of historic significance,” Schröder said.

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