Master thesis
The (early) retirement age
Eefje de Bruin – 889478
Advisor Tilburg University – Prof. Dr. A.H.O. van Soest
Advisor PGGM – E. ten Hove
Master thesis: The (early) retirement age Page 2
Preface
When writing my Master’s thesis I have received a lot of help and therefore I would like to thank
these people. First of all, I would like to thank the department Actuariële Verantwoording &
Analyse. Within this department I especially want to thank Mr. van der Winden, Mr. van
Valkengoed and the colleagues of room C172 for the opportunity to write my thesis at PGGM, the
warm welcome, the great time and all the help.
At PGGM Mr. van Houte helped me with the data that was necessary for the data analysis. So I
want to thank him for all the help that he has offered me. From the CPB I would like to thank Mr.
Euwals for his help and for making his forthcoming article on the PFZW data available. From the
NIDI I would like to thank Mr. Henkens for the time that he has made available and all the help that
he has offered.
Finally I would especially like to express my gratitude towards my thesis advisors, Mr. ten Hove
from PGGM and Mr. van Soest from Tilburg University, for their guidance and supervision.
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Table of contents
Table of contents Page 3-5
Management Summary Page 6,7
Chapter 1: Introduction Page 8-11
1.1 Preface
1.2 Motivation for research
1.3 Recent developments
1.4 Goal of investigation
Chapter 2: The retirement system Page 12-18
2.1 The pension system in the Netherlands
2.2 The pension arrangement at PFZW
2.3 Recent developments in the retirement system in the Netherlands.
2.3.1 Three different directions of solutions
2.3.2 Commissions
2.4 The recent developments and PFZW
Chapter 3: The (early) retirement decision Page 19-28
3.1 What influences the (early) retirement system according to previous research?
3.1.1 Work circumstances
3.1.2 Family circumstances
3.1.3 Financial incentives
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3.1.4 Communicating vessels
3.1.4 Conclusions
3.2 PFZW and the influences on the (early) retirement decision
Chapter 4: Data analysis Page 29-47
4.1 Data and methodology
4.1.1 Sample and data sources
4.1.2 Conceptual framework and variables
4.1.3 Methodology
4.2 Data analysis
4.2.1 Descriptive statistics
4.2.2 Regression analysis on the influences on the (early) retirement decision.
4.2.3 Robustness check
4.3 Conclusions
Chapter 5: (early) retirement age at PFZW Page 48-56
5.1 Description of previous research regarding the age of (early) retirement at PFZW
5.2 Research on the new age of (early) retirement at PFZW
5.2.1 Literature research on the age of (early) retirement
5.2.2 Calculation of the age of (early) retirement at PFZW
5.2.3 Conclusion on the literature research and calculation on GO2011
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Chapter 6: Conclusion Page 57,58
6.1 Conclusion
6.2 Recommendations for further research.
Articles and references Page 59, 60
Appendixes Page 61- 72
Appendix A – Pensions
Appendix B – Average net FLEX rights
Appendix C – Male pension rights
Appendix D – Female pension rights
Appendix E – Male average wage
Appendix F – Female average wage
Appendix G – (early) retirement ages
Appendix H – (early) retirement ages II
Appendix I – Regression analysis
Appendix J – Robustness check
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Management summary
Due to the changes that the retirement system is currently in, it is of importance to understand the
retirement decision. Therefore, it is of importance to know which factors influence this decision to
retire. With the significant factors the expected (early) retirement age can be calculated more
accurately. And with a more accurate calculation upcoming changes can be implemented better and
new problems can be foreseen.
In this thesis the factors that influence the retirement decision are studied. First literature research is
performed to find the influencing factors. In the data analysis these factors are tested on their
significance. And finally, with the significant factors a calculation is made on the expected (early)
retirement age. The data analysis is performed on participants at “Pensioen Fonds Zorg en Welzijn”
(PFZW) that retired during the year 2009.
Retirement incentives are split up into three categories; work circumstances, family circumstances
and financial incentives. According to literature research the financial incentives are especially of
importance in the determination of the retirement age. However, it is found that men find these
factors relatively more important, compared to women. Based on the literature research seven
factors were found to be of importance to be researched in the data analysis. The factors are: FLEX
pension right, Old Age pension right, average wage, marital status, gender, part-time factor and the
work status of the participant. The FLEX pension right is used solely for early retirement, Old Age
pension right is a normal pension right and the participant has the option to use it for early
retirement.
Data analysis showed that the FLEX pension right, Old Age pension right, wage and the status of
the participant are of importance in the determination of the (early) retirement age. The data
analysis confirms, in addition to the literature research, that there is a difference in what factors are
of significance for males and females. It turns out that, based on the four factors that were found to
be significant, the FLEX pension right is especially of importance for men. Women are influenced
by all four factors and not specifically by the FLEX pension right.
With the use of the significant factors that were found, the expected (early) retirement age was
calculated for PFZW. The calculation shows that for men, as well as women, the retirement age is
expected to increase to about 64 years, within a period of forty years. With the significant factors
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included in the calculation a more accurate expected (early) retirement age can be found. The
sensitivity and accuracy can be seen in, for example, the factor Average wage. When the Average
wage would increase with 10 percent, this has a decreasing effect on the (early) retirement age of
28 days.
To conclude the research it can be stated, based on literature and data research, that especially the
variables: FLEX pension right, Old Age pension right, gender, wage and the status of the
participant are of significance. These variables have a significant contribution to the calculation of
the (early) retirement age.
It is recommended to perform the data analysis on the following years. When doing this it can be
tested whether there are differences based on the year, in which the research is performed, and
results can be confirmed. Another recommendation is to expand the data analysis with information
of the spouse. Since literature research shows that especially financial incentives influence the
(early) retirement decision differently it will be interesting to insert the family variables in the data
analysis.
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Chapter 1: Introduction
1.1 Preface
When writing my bachelors thesis on the topic “Couples retirement decision” I gained interest in
the retirement system. To be more specific, I got interested in the retirement decision, what
motivates an individual to retire (early). The internship at PGGM had as a heading “The (early)
retirement decision”, so it got my interest right away. After I had received some more information
on the assignment and the company it was a fairly easy decision for me personally. Luckily PGGM
also decided that they were interested in having me as an intern.
1.2 Motivation for research
PGGM is the company that executes the pension arrangement for “Pensioenfonds Zorg & Welzijn”,
which is the pension fund in the health and welfare sector, which will be abbreviated in this
research as PFZW. PGGM consists of four business units, Institutional Business is the one at which
I work as an intern. This business unit consists out of five departments, the department at which my
internship takes place is Financiële & Actuariële Verantwoording. Again, this department consists
out of two sub departments of which Actuariële Verantwoording & Analyse the sub department is
at which I do research and write my Master’s thesis.
Actuariële Verantwoording & Analyse has the objective to give the customer insight in the actuarial
pension obligation. With the information of the participants in the pension plan of PFZW this
department has a representative database for their actuarial source information. This information is
used as input for annual reports and actuarial analyses.
An example of the work at Actuariële Verantwoording & Analyse is the so-called
“Grondslagenonderzoek”, which is a research that is performed every three years and will be
abbreviated as GO. This research has as everything to do with the pension premium and the pension
obligation that PFZW has towards its participants. The pension premium is calculated based on
about forty to fifty separate impacts. These impacts can be divided into three groups, group one
consists of the most important factors; mortality, longevity and expected real rate. These factors
have a large impact as well as influence on the pension premium. Group two consists of; the age
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structure of new participants at PFZW, the (early) retirement age, costs, job promotion, frequency
of cohabitation and the exchange factor in between pensions. The factors in group two are of
influence on the pension premium, however less heavily than the first group. The third and last
group consists of the rest of the impacts, which are about twenty-five factors. These factors have a
relatively low influence on the pension premium and will therefore not be discussed further. This
year PGGM is working on GO2011 to make sure that the premiums for the financial year 2011 are
based on fair assumptions.
This research will focus on group two, in which the factor (early) retirement age is investigated.
What specifically will be researched and how this research will be done will be further explained in
section 1.4.
1.3 Recent developments
In the Dutch media, an important discussion is going on about the increase of the age at which
people are entitled to a pension in the first pillar. It is the case that the cost of the pension scheme
has gotten too high and has to go down. Several solutions have been mentioned and one of them is
that the participation of the elderly in the labor force has to increase. The government has also
mentioned the option to use fiscal regulation in the second pillar to increase the retirement age. This
immediately explains why research on the (early) retirement age and the (early) retirement decision
of employees is interesting.
It is of importance to know for the Dutch government what factors influence the retirement age to
get a clear view on the expected retirement ages. With this information the government should be
able to apply policy measures that work effectively and in the long run increase the retirement age.
In this thesis the factors that influence retirement and the retirement age will be discussed in the
perspective of pension fund PFZW. This pension fund has made information available which
enables me to study the topic of (early) retirement intensively. Which enables the possibility to, in
the end, answer the following questions: “When do employees in the sector health care and welfare
retire? And what factors influence this retirement age?”.
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1.4 Goal of investigation
The main goal of this research is to find out what the (early) retirement age is and what influences
the (early) retirement decision. Based on the influences that will be found and on the importance of
the separate influences, implications towards the future for PFZW can be provided.
In the second chapter of this research the focus will be on the retirement system and the pension
plan of PFZW. This means that at first the retirement system in the Netherlands will be explained.
Secondly, the pension arrangement of pension fund PFZW will be discussed with a focus on the
possible early retirement arrangements. In Chapter 3 an overview of the available literature on the
research on the retirement incentives of individuals is provided. Also the ability to exit into
alternative routes of retirement such as the Disability insurance and the Unemployment insurance is
discussed. The elements of this third chapter give a solid foundation for a clear view on (early)
retirement and the retirement decision. This clear view is needed before starting the data analysis at
PFZW, which will be executed in Chapter 4.
The idea of the research GO at PFZW has already been introduced in Section 1.2. In this thesis the
focus will be on the (early) retirement age, which is one of the impacts on the pension premium in
GO. In this part of the research the focus will be on what the average (early) retirement age is going
to be in the coming years. At this moment the factors that are used when calculating the expected
(early) retirement age, at PFZW, are the factors: male/female, age, status (active participant /
inactive participant) and the projection year. In this research it is the goal to find out if there are
additional factors that are important in the determination of the (early) retirement age. Also will it
be tested whether the factors that are used at the moment are of significant influence and whether
they should be used in the calculation of the (early) retirement age. In Chapter 4 the influence of the
following factors will be studied; gender, marital status, status (active participant/ inactive
participant), pension right, age, wage and the part-time factor. PFZW has provided information to
enable a data analysis to study the influences on the (early) retirement age. The data-analysis
enables it to research the specific influence of each of the factors. With the literature research that is
done in the third chapter and the data analysis a solid foundation is laid to be able to calculate the
(early) retirement age based on significant factors.
In chapter five the (early) retirement age at PFZW is calculated. This calculation is done based on
the factors that are found as significant influences in Chapter 3 and Chapter 4. Based on these
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calculations expected (early) retirement ages can be found. In Chapter 6 conclusions and
recommendations will be made based on the total thesis.
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Chapter 2: The retirement system
In this thesis, as stated before, the influences on the (early) retirement and its implications towards
the future will be discussed. Before this will be done the general retirement system of the
Netherlands will be discussed in Section 2.1, with a focus on the field in which PFZW operates. In
Section 2.2 the pension plan that PFZW offers will be stated. In Section 2.3 the recent
developments in the Dutch retirement system will briefly be summarized. The problems due to the
aging society and the possible solutions will be discussed. This chapter will finally provide a clear
overview of the retirement system and the pension plan at PFZW.
2.1 The pension system in the Netherlands.
Discussing pension facilities in the Netherlands, three pillars can be distinguished1. These pillars
are basic-facilities, pension-facilities and individual capital-facilities. Below, all three pillars will
be described and explained.
The first pillar: Basic-facilities
These facilities are taken care of by the government and can be divided into: basic insurance and
basic facilities. Basic insurance can once more be divided into: national-insurance and employee-
insurance.
National insurance is available to all Dutch inhabitants and is related to the legal minimum wage.
Important national insurances are the Surviving Dependents Shortfall Act (ANW), the Exceptional
Medical Expenses Act (AWBZ) and the General Old Age Pensions Act (AOW). The AOW is for
everyone at or beyond the age of 65 who has lived or worked in the Netherlands, and does not
depend on the salary of an individual. The AOW is attached to the marital status and the years the
individual worked and/or lived in the Netherlands between the age of 15 and 65.
Employee-insurances only apply, as the name already reveals, to employees. Examples of these
insurances are the Unemployment Act (WW) and the Law on Work and Income according to
Ability to Work (WIA).
1 Welten Opleidingen & Ontwikkeling BV (2008). “Succes verzekerd”. Examentraining Wft Verzekeren Leven.
Master thesis: The (early) retirement age Page 13
This first pillar is set up to serve as a safety net for the Dutch social system. This is also the reason
why everyone can claim these benefits, as long as they live in the Netherlands. An example of a
basic facility is the Work and Welfare Act (WWB).
The second pillar: Pension-facilities
This pillar consists of pension facilities for the employee, which are taken care of by the employer.
In this pillar the employer keeps in mind what an employee receives out of the first pillar. Which
implies that when an employee participates in a pension-arrangement from the employer, the
AOW-franchise is taken into account. This means that the pension is accrued as a certain
percentage of the salary minus the franchise.
In this pillar there are three types of pension funds: the professional fund, the sector fund and the
company pension fund. PFZW is an example of a sector- pension fund, in the health- and welfare-
sector. PFZW provides the customer with a pension facility as optimal as possible.
In this pillar the main idea is that everyone pays the same premium, on the salary minus the
franchise, which is called the “doorsneepremie”. This means that the pillar is based on solidarity
between employees. Since this thesis is based on information that is provided by PFZW, the focus
of the thesis will be on this pillar.
The third-pillar: Individual capital- facilities
In contrast to the first two pillars, saving money in the third pillar is a totally voluntary and
individual option. This pillar is open to everyone; employed or not, married or single, Dutch
inhabitant or not, it does not matter. Also, how to save the money and the amount of money in this
pillar is completely up to the individuals themselves. Examples of how to construct these individual
capital facilities are: to use the surplus value of the house, savings, investments, annuity-insurances
and even with art.
2.2 The pension arrangement at PFZW
PFZW aims to protect (ex-)employees and their spouses in the Health Care and Welfare sector
against the financial implications of old age, (work)disability and death.2 The pension fund tries to
2 PFZW (2009). “ Jaarverslag 2009”. Pensioenfonds Zorg & Welzijn, pages 91-95.
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reach this goal by collecting money from the employers that are connected to the fund. PFZW
invests this money and pays it out when employees reach old age, become disabled, or die.
PFZW’s pension plan consists of four mandatory arrangements: the old-age pension, the partner
pension, the orphan-pension and the disability pension. There is a fifth pension plan, the FLEX-
pension but this arrangement only holds for the group of participants who have been able to build
up rights to retire early. The focus in this section will be on this last pension arrangement and the
Old Age pension. The reason for this focus is that the (early) retirement age is in this thesis defined
as: “the transition from being an active or inactive participant moving into early retirement”.3
Prior to the FLEX pension the VUT/OBU was used as an early exit route into retirement, therefore
this arrangement will be explained first, followed by the FLEX pension and the Old Age pension.
Participants who are born before the year 1949 have the opportunity to use the OBU-arrangement.
The OBU, which is also called the VUT, is an opportunity for early retirement. The VUT/OBU
does not have a build up of pension rights, it is a pay as you go arrangement. There is only a small
number of people left that still has the opportunity to use the VUT/OBU as an exit route, this group
of people will therefore not be taken into account in the data-analysis.
The data-analysis focuses on the FLEX pension and the Old Age pension as an exit route. The
FLEX pension was introduced on January 1st 1999 and was used as a replacement for the abolished
VUT/OBU arrangement. When the FLEX pension was introduced a compensation was given to the
participants that had missed out on accrual years. The pension arrangement is fully financed with
capital coverage and consists of 1.75 percent of the salary of an employee. This way the employee
can save for retirement and has the option to retire early. The arrangement can be used in between
the age of fifty-five and sixty-five years. According to actuarially fair factors the height of the
payment will be adjusted when an individual decides to retire earlier or later.
On January 1st 2006, due to the law “Vut, Prepensioen en Levensloop” (VPL), the FLEX pension
was taken out of the pension plan for participants born after January 1st 1950. With the introduction
of the law “VPL” it was no longer fiscally attractive to participate in the FLEX pension. The
participants that had already gained rights could and can still use these rights or had the option to
convert their FLEX pension into Old Age pension.
As a response to the dismissal of the FLEX pension the New Flexible Pension arrangement was
introduced on the first of January 2006. Due to this new arrangement there were a few aspects that
changed in the Old Age pension. The three most important changes were the change from a final
3 The explanation of the partner-, orphan- and disability-pension can be found in appendix A of the thesis.
Master thesis: The (early) retirement age Page 15
pay to an average wage system, the increase in the contribution percentage from 1.75 percent
towards 2.05 percent and a lowering of the franchise to the fiscal minimum4. These measures were
introduced to offer pension plan participants a compensation for the abolishment of the FLEX
pension. Therefore, the changes that were made can be seen as an opportunity to retire at an earlier
age.
2.3 Recent developments in the retirement system in the Netherlands.
The government finances are sustainable as the government provisions grow equally with welfare,
when taxes do not need to be increased and when there is no increase in debt. However the problem
at the moment in the Netherlands is that the government finances are not sustainable. This means
that taxes will need to be increased otherwise debt will rise. The information below and in Section
2.3.1 is based on the proposition of Minister Donner because of the possible increase of the
retirement age5.
According to the last calculations of the central planning bureau (CPB), which date from 2007, the
deficit of the government is equal to 2.2 percent of the gross domestic product. However, in this
calculation the current credit crunch is not taken into account, so the percentage will be even larger
at this point in time. There are different directions towards solutions to be able to cope with this
problem, the main three directions will be discussed below.
2.3.1. Three different directions of solutions
The problem of the unsustainable government provisions mainly occurs in the part of the
government finances that have to do with the ageing of society. This means that an important
direction towards a solution will be to bring down spending on the AOW and health care. Secondly
an option is to increase labor force participation. The fact that the government provisions are
4 Pensioenfonds Zorg & Welzijn, “ De ontwikkeling van de pensioenregeling en de financiering van het pensioenfonds
voor de sector zorg en welzijn tot en met 2007”. Pages 64-68 April 2008.
5 Donner, J., Klijnsma, J. (2009). “ Wetsvoorstel tot wijziging van de algemene ouderdomswet, de wet
inkomstenbelasting 2001 en de wet op de loonbelasting 1964 i.v.m. de verhoging van de leeftijd waarop recht op
ouderdomspensioen onstaat”. http://docs.minszw.nl/pdf/34/2009/34_2009_3_13632.pdf , (geraadpleegd op 03-05-
2010).
Master thesis: The (early) retirement age Page 16
unsustainable implicates that the burden on the individuals in the Dutch society will increase.
However, before implementing a solution one should not forget to look at other effects, such as the
effect on the economy in total or the effect on employment. When looking at the directions towards
solutions, an increase in the AOW-age might help to reduce the problem that the Netherlands is
coping with at the moment.
It might be relevant to look at life expectation and mortality rates, to determine how many years
people still live when they reach the retirement age. Since the time when the AOW was introduced,
life expectation, at age 65, has increased with 25 percent. Looking at life expectancy of an
individual in good health, it can be noticed that this has increased too. The years during a lifetime
that an individual spends working have decreased, among others due to the fact that the age at
which an individual starts to work has increased. When life expectation will continue to increase in
the future an adjustment of the AOW retirement age will be inevitable.
2.3.2. Commissions
On request of the government there have been several commissions which have analyzed the topic
discussed above. Summaries of the aims and findings of these commissions are given below.
Commission Don – September 2009
The aim of this commission was to study if pension funds needed to adjust the computation rules
that they use for their financial planning. According to the commission Don pension funds can
continue to calculate with a wage inflation of 3 percent and a price inflation of 2 percent. Also the
expected return on fixed interest values can stay on 4.5 percent.
So pension funds do not have to use lower returns for the calculation of pension premiums. When
they would have had to use lower returns, the pension premium would have had to go up.
Commission Frijns – January 2010
This commission has studied the investment policy of pension funds in the past twenty years. Based
on their findings this commission made recommendations for the future investment policy and risk
management. An example of a recommendation is that boards of pension funds do not know
enough about the risks that are taken by their own fund.
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Commission Goudswaard – January 2010
The commission Goudswaard has studied the influence of the credit crunch and the aging of society
on the pension system in the Netherlands. The commission wanted to find out if these two
influences could endanger the pension system and how the total sustainability of the pension system
could be improved.
The commission found that the Netherlands has a pension system that is valuable and that an effort
should be made to maintain it. Another conclusion was that adjustments are necessary for the
system to be able to cope with the aging of society and the financial insecurities. According to the
commission the pension contracts should become more transparant, complete and focused on the
future. In case of an improvement in the sustainability of the pension system the commission
Goudswaard advised the government to choose between the options they have. It is an option to
choose for a decreasing adjustment in the pension ambition. Another option is to choose for better
maintenance of the current goal and acceptation of the risks that come with it.
2.4 The recent developments and PFZW
In the previous sections three aspects have been discussed: the Dutch pension system, the pension
plan at PFZW and the recent developments in the Dutch society concerning the pension system.
Now it is of importance to know what information is significant for the research and data analysis.
Since this research bases its data analysis on PFZW, the main focus will be on the second pillar. As
has been mentioned, the government is currently discussing an increase in the retirement age. Due
to this discussion pension funds are also considering an increase in the retirement age. The
commission Goudswaard has researched the sustainability of the pension system and confirms that
it is advisable to increase the retirement age. Therefore it is interesting to study the decision of an
individual to retire (early) and find the effects on the retirement decision.
When translating this to PFZW the early retirement exits will be studied, which are the FLEX
pension and the possibility to use the Old Age pension before the age of 65. In the next chapter a
literature overview will be given on what previous researchers found significant variables in the
explanation of the (early) retirement age. In the fourth chapter these findings will be translated into
a data analysis, based on data from PFZW. Based on these two chapters a conclusion can be given
on what, based on literature research and data analysis, are significant variables in the explanation
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of the (early) retirement age. In the fifth chapter the significant variables that were found will be
used in the calculation for PFZW on the expected future retirement ages.
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Chapter 3: Literature research
3.1 What influences the (early) retirement decision according to previous
research?
Retirement has always been an important topic, especially now, since the Dutch government is
discussing what needs to be adjusted in the retirement system to be able to cope with the growing
amount of elderly individuals. The different aspects that influence the retirement decision will be
discussed in this section. With the findings of this chapter the important factors that influence the
(early) retirement age can be summarized. The factors that are found will be tested in the fourth
chapter on their significance in the explanation of the (early) retirement age. In the fifth chapter the
significant factors will be used in the calculation of the expected future retirement age at PFZW.
Two main situations can be recognized which could force people to retire. These two options of
involuntary retirement are layoffs and health, which can both only indirectly be influenced by
policy (Heyma, 2004). But what happens when an employee is not obligated to retire? What aspects
will then influence his or her retirement decision? The factors that influence the retirement
decisions are divided into three categories: work incentives, family circumstances and financial
incentives. However an important remark will be made in section 3.1.4, when early retirement is
not an attractive option, individuals will seek for alternatives. This phenomenon is called
“communicating vessels”. Communicating vessels is the interaction between early retirement and
the entry into Disability Insurance and Unemployment Insurance.
Heyma (2004) states that the structure of the benefit and pension program is the most important
determinant of retirement. However, in his research Heyma (2004) also states that the benefits that
a worker gets, do not play an exclusive role. This implies that there are more incentives that
influence the (early) retirement decision. In the following sections a summarization is given on the
literature that was found regarding the influences on the (early) retirement decision.
3.1.1 Work incentives
Work conditions can be a determining factor to retire, these conditions influence the preferred
retirement age. When work is physically demanding, or possibly more tiring, it will increase the
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probability of retirement, especially retirement through disability. The work status of a job has also
a significant influence, Pienta (1998) found that especially men who have a higher work status in
their job, have lower or delayed retirement preferences. A possible explanation for this is that men,
more than women, identify themselves with their role as employee.
The attitude of the employee towards working longer is supposed to influence the age of retirement,
according to Henkens et al. (2009). However a positive attitude of the employer has less influence
on the retirement decision than a negative attitude. According to Heyma (2004) is the retirement
decision an optimal choice between consumption and leisure. When making this optimal choice, the
employee takes the working conditions, health conditions and the risk of involuntary retirement into
account.
The incentive of an individual to work depends also on the years of education of an individual.
When an individual is lower educated, he or she will have entered into the workforce earlier and is
intended to retire earlier to. This means that the work incentive around the age of (early) retirement
will be lower for individuals who are lower educated. This is one of the main findings from
Henkens and Kalmijn (2005). They found that the number of years of education as well as the level
of education influence the (early) retirement age. Lower educated individuals have a 2.4 times
higher chance to leave the labor market through disability or unemployment than higher educated
individuals.
In the case of the PFZW- participant the health care sector can be seen as a tough job. In general
health care employees have physically demanding tasks. This means that the work circumstances in
this sector can lead to early retirement. However, work circumstances are often subjective, this
means that it is difficult to include this in the data analysis. Therefore the height and status of a job
and the attitude of an individual towards a job will also be difficult to include in the data analysis.
Education is a variable that can be measured, however PFZW is not allowed to have this
information of its participants and therefore it is not in the data analysis. The only work-related
factor, which can be included in the data-analysis, is the part-time factor. With the part-time factor
it can be studied what the optimal decision is between work and leisure.
In addition to this, the participants of PFZW are divided into active participants and inactive
participants. These two types of participants will also be explained in Section 4.1.2., but to state
shortly: active participants contribute actively to the pension fund and thus work. Inactive
participants do not contribute actively and therefore do not work (in the Health Care and Welfare
Master thesis: The (early) retirement age Page 21
Sector). So the status of the participant represents whether or not this individual is working (in the
sector). This status can be used in the data set to divide the group of participants that retire in 2009
into working and not- working (in the Health Care and Welfare Sector).
So it can be concluded that there are two factors that will be researched in the data-analysis. It will
be researched what the influence of the Part-time factor is on the (early) retirement age. In addition
to this it will be researched how the Status of being an active or inactive participant will influence
the (early) retirement age.
3.1.2 Family circumstances
Gustman and Steinmeier (2000) state three main explanations for the fact that labor force
participation of older married couples is strongly positively correlated; State dependence, Assortive
mating and Joint pension schemes. State dependence refers to the fact that couples usually create
the same preferences in leisure, therefore they will prefer retirement together. Assortive mating
means that individuals usually find their partner in an individual who has the same preferences and
therefore they will also prefer retirement around the same time. Next to this, spouses arrange their
financial administration together and therefore often have retirement schemes that match.
According to Blau and Gilleskie (2001) the fact that spouse arrange financial administration jointly
is an explanation for the strong correlation between health insurance, retirement and employment
for couples.
Following Johnson and Favreault (2001), family is an aspect that influences the rate of retirement
for husbands differently than for wives. When taking a closer look at the retreatment from the labor
force, in order to spend more time with the family, husbands are more likely to retreat as opposed to
wives. Blau and Gilleskie (2001) confirm this finding in their research. Pienta (1998) finds that
women are better able to combine work and family roles during their life.
Clark et. al (1980) find in their research that individuals respond positively to increases in their own
wage but tend to reduce labor-force participation as the wage of their spouse increases. It is tried to
extend the research into a family framework, in which it is studied if the retirement of the husband
and wife is jointly determined. The research is concluded with the answer that wage and health are
important determinants of joint labor-force participation. It is also found that the probability of
employment of a person increases whenever the spouse is employed. Heyma (2004) confirms this,
Master thesis: The (early) retirement age Page 22
when an employee has an employed partner, the probability of retirement is significantly lower.
The probability of retirement is especially low when the employed spouse faces disability or
unemployment. So it can be concluded that spouses take joint retirement decisions.
Coile (2003) points out an important factor of retirement incentives; the spill-over effects on the
husband’s retirement decision. However, the spill-over effects of the husband’s incentives on the
wife’s retirement are found to be small and statistically insignificant. However the other way
around, the effect of the financial incentives of the wife on the husband turn out to be significant.
These results have several important implications. The first, the results demonstrate that women are
primarily influenced by their own economic variables and do not just follow their husbands in
making a retirement decision. The second implication is that the common assumption in past
literature, that the decision to retire of the husband is independent of the decision of his wife, is
incorrect. So, it can be concluded that joint modelling of the retirement decision of couples would
be appropriate. Johnson and Favreault (2001) estimate that 22 till 40 percent of husbands and wives
retire within a period of two years. In addition to this, Gustman and Steinmeier (2000) state that the
rate of retirement for married employees increases when one of the spouses is retired or
unemployed. Blau (1998) states it even more strongly than Johnson and Favreault (2001); about a
third of the couples, in which both spouses are employed, retire within one year of each other.
As is stated in this section, the financial incentives to retire together with the spouse is more
important for the husband than for the wife. As found, wives appear to be better able to combine
work and their family lives than husbands do. In the data from PFZW, there is no information on
the spouse only the marital status is known. So based on the research concerning family
circumstances, it is interesting to use the Marital Status and the Gender in the data analysis in the
next chapter.
3.1.3 Financial incentives
According to Lumsdaine and Mitchell (1999) financial incentives explain about half of the
observed variation in the retirement patterns. These financial incentives consist of multiple sub-
incentives of which the most important ones will be briefly discussed below.
Belloni and Alessie (2009) focus on Social Security Wealth (SSW) and its influence on an early
retirement decision. SSW represents the total of financial incentives that determine the retirement
Master thesis: The (early) retirement age Page 23
decision. The higher the SSW, the higher the probability that an employee will decide to retire.
Belloni and Alessie (2009) also conclude that female employees react more heavily to financial
incentives compared to male employees. They also found that by becoming eligible for pension
benefits, a change in the financial incentives occurs and this results in an increase of thirty percent
in the probability of retirement. In addition to this the article written by Heyma (2004), states that
female workers retire sooner than male workers.
In Euwals and Trevisan (2010) it is stated that theory has shown that where there is no pension
system or when the pension system is neutral or actuarially fair, people retire when the marginal
utility of inactivity is equal to their marginal productivity at work. Euwals and Trevisan (2010)
conclude with the statement that people in poor health and with low productivity will retire earlier
than people in good health and with high productivity. These findings are based on data provided
by pension fund PFZW.
The fiscal attractiveness of early retirement seems interesting to employees, but according to
Heijdra (2008) these options act as a trap. Heijdra (2008) states this since it induces most workers
to retire before the normal retirement age. In Solinge et al. (2009) the participation rates of males
and females from 1971 until 2007 are given. These numbers are shown in Graph 1 and 2 below.
The graphs show that especially for the ages between 60 and 64 participation rates are significantly
lower than in other age groups. This can be explained by the trap that Heijdra (2008) discusses
which induces individuals to retire earlier than they otherwise would have done. This indicates that
due to the early retirement plans, for instance the VUT/OBU and the FLEX pension, it becomes
attractive to retire earlier than the age of 65. This makes the participation rate for the age category
60-64 lower than for the other two categories.
Graph 1&2: Labor force participation rates per year of birth (horizontal axes) in percentages (vertical axes) in the
Netherlands by age group, for males and females.
0
20
40
60
80
100
19
71
19
75
19
81
19
85
19
90
19
95
20
00
20
05
20
07
male 50-54
male 55-59
male 60-64
01020304050607080
19
71
19
75
19
81
19
85
19
90
19
95
20
00
20
05
20
07
female 50-54
female 55-59
female 60-64
Master thesis: The (early) retirement age Page 24
According to Heijdra (2008), the tax system influences the optimal retirement decision in two ways.
The first one is the substitution effect, which is negative. A higher tax leads to a discouragement
towards employees and therefore encourages them to retire earlier in life. The other effect is the
wealth effect which turns out to be positive. The increase in the amount of tax to be paid, makes the
employee poorer and in this way provides the employee with an incentive to retire later in life.
When translating this section towards the pension fund PFZW there is an important remark that
needs to be made. The pension fund PFZW consists of a majority of females, in 2009 82.1 percent
of the participants is female, which can also be found in the table below. This percentage influences
the effect of financial incentives, since the influence of financial incentives depends on gender. It is
stated that females are more influenced by changes in financial incentives and will therefore retire
earlier. At PFZW the average retirement age in 2009 for females is equal to 60.27 and for males
60.49. This difference in retirement age can be explained by the fact that the wife may have the
second pension which might be less important in the family income. Another explanation may be
that the wife is in general younger than the husband and that the wife may see work more as hobby.
2009: Gender distribution
Frequency Percent
Male 1757 17.9
Female 8069 82.1
Total 9826 100
Table1: Distribution of male and female retirees in 2009.
However, when looking at pension rights, in euro’s, the division is fifty-fifty, the total rights in the
pension fund for all men are of equal height as the total of the rights for all women. In the data-
analysis the Wage, Gender and the Pension payment are topics that will be taken into account,
based on this section.
Master thesis: The (early) retirement age Page 25
3.1.4 Communicating vessels
In the introduction the topic “communicating vessels” was already introduced. This topic discusses
the fact that the set up of the retirement system can induce people to retire through other exit routes.
The other routes that the individuals can use are the insurances for disability and unemployment,
which will be abbreviated as DI and UI.
According to Kohli and Rein (1991), the process of exit into early retirement is primarily driven by
evolutions in the labor market, of which the high unemployment rates during the 1970 and 1980s is
an example. Kerkhofs et al. (1999) analyse this topic by an estimation of a competing risk model
for the transition from work into (early) retirement, DI and UI schemes during the years 1993-1995.
It is found in this research that high replacement rates in DI and UI schemes reduce the chance that
an individual retires early. The replacement rate is defined as the ratio of an individual’s pension in
a given time period and the (average) income in a given time period. However it is also found that
(early) retirement is preferred over DI and UI. The factor that is most important in the
determination of the transition into DI and UI is the same, it is in both cases the health-aspect.
However financial incentives is the most important reason to enter (early) retirement. This
conclusion was also found in previous sections.
Van Vuren et al. (2009) have studied whether the reforms in the Netherlands have led to a different
functioning of the institutions surrounding early retirement. According to their research the inflow
of hidden unemployment into the DI scheme has stopped. The possibility to use this scheme as an
exit route is largely closed off. There are strong financial incentives for individuals who are
partially disabled to stay in the work force. A remark that needs to be made in this research is that it
can be questioned if older workers are sufficiently insured for disability. When researching UI as an
exit route for older employees no significant difference is found, compared to the younger
employees. However due to the reforms in the DI scheme and in the possibility to retire early it
might be that the pressure on UI will increase. (Van Vuren et. Al, 2009)
So it can be concluded that the exit into alternative routes has decreased, however it is still an
option. These results cannot be used in the data analysis since the information on entrance into
disability or unemployment is not available in the data set. However the results out of literature
need to be kept in mind when interpreting the results from PFZW.
Master thesis: The (early) retirement age Page 26
3.1.4. Conclusions
From the sections above a short conclusion can be drawn on the important incentives in retirement
for the general participants in pension funds.
When looking at the work circumstances the level in which the job is physically demanding,
the status of the job and the status of the participant appear to be important factors. For the
employee the level of education turns out to be a determining factor too. The level of
education and the physical demand of work are unknown in the data which PFZW has made
available. Therefore this part of work circumstances will be difficult to test in the data
analysis. However Wage might function as a representation of the level of education and the
physical demand of work. In addition to this the Status of the participant is also known and
can be tested in the data analysis.
Regarding family circumstances, the fact that spouses are in a lot of cases covered by their
husbands’ or wives’ employer is an important influence. However, when this is not the case
it appears that the husband seems to retire relatively earlier than the wife. This can be
explained by the fact that wives are, according to research, better in combining work and
family as opposed to their husband. The remark that needs to be made is that the wife is
also, in general, younger than the husband and she may find her work more an hobby than
the husband does and will work less hours. This family circumstance will be tested in the
data analysis with the Part-time factor.
Another factor concerning family circumstances is the marital status. There are spill-over
effects that were found in research, regarding when the effect of the retirement of one
spouse on the other. Therefore it is interesting to test in the data analysis whether Marital
Status is a significant factor.
The financial incentives appear to be more important to males than females. This can be
tested in the data analysis at PFZW, since gender is a known factor in the model. However
the importance of the financial incentives itself can also be tested. This is done with the use
of the Pension right and the Wage of the individual.
Fiscal attractiveness can also play an important role, but research has shown that this role
can be deceptive. This fiscal part of the financial incentives cannot be tested in the data
analysis at PFZW so on this part we need to rely on the literature research.
Master thesis: The (early) retirement age Page 27
The alternative pathways are used less often than previously. However the option to use
alternative routes should be kept in mind when performing the analysis.
3.2 PFZW and the retirement decision
What needs to be taken into account in this chapter and thesis in total is that the thesis discusses the
PFZW participant. The PFZW participant differs in some aspects from the general participant. In
case of the male- female division it can be said that the majority of the participants at PFZW is
female. Another important aspect is that, since a large part of the PFZW participant is female, this
may be the second pension in the family. This would imply that this pension might be less
important and the retirement decision will depend more heavily on the other pension and thus on
data that is not available out of the PFZW data. This will imply for the data-analysis, that will be
done in the next chapter, the financial incentives might be less important for women.
Concerning work circumstances, working in the health care sector can be seen as a tough job. In
general, health care employees have physically demanding tasks. This means that the work
circumstances in this sector can lead to early retirement. In addition to this, the fact that the
majority is female and has the second pension in the family can make the consumption and leisure
decision a determining factor concerning retirement. Working will in this case be relatively less
important compared to leisure. Therefore the data-analysis will be interesting to find out how
important the work circumstances are. This is because there are two effects that can be
distinguished, which work both ways. First of all, when the work is physically demanding this
would imply earlier retirement. However, being the second income in the family and having the
ability to combine work and family would imply retirement at a later age. So the data-analysis will
show what happens for the PFZW participant. Since there is no information regarding the level of
how physical demanding work it is, we will depend on the part-time factor in the data analysis. The
part-time factor of the individual will show the ability and the preference of the person to combine
work and leisure.
Concerning family circumstances, joint retirement is a topic that is still discussed heavily.
Researchers find, concerning family circumstances, that men are influenced differently than
women. Other researchers see a strong correlation between the retirement decision of men and
women. There is no information available on couples at the PFZW participants, however the gender
and the marital status are known. This means that the joint decision of participants cannot be
Master thesis: The (early) retirement age Page 28
checked, however the influence of gender and marital status can be researched on its impact on the
retirement decision.
It can be concluded that, for the PFZW participant, the circumstances work in a few cases
differently than for the general participant. Based on the literature research especially the factors
Gender, Marital Status, Part-time factor, Wage and Pension right appear to be interesting factors to
use in the data-analysis. It is up to the data-analysis to find out what the importance of each factor
will be!
Master thesis: The (early) retirement age Page 29
Chapter 4: Data-analysis
4.1 Data and Methodology
In this section a data analysis will be done to find out what the importance is of specific factors in
the explanation of the (early) retirement age. The factors that are found to be significant in the
literature research will be tested in the data analysis. The result of the data analysis, in addition to
the literature research in chapter 3, will be used in the calculation of the expected retirement age in
the following chapter.
In the data analysis the variables that were found in the literature research will be tested on whether
they add to the model used for the explanation of the (early) retirement age. The pension right can
be found for specific individuals and will be divided into FLEX pension right and Old Age pension
right. The pension rights will be measured separately since they work differently. FLEX pension is
a pension right that needs to be saved for, which means that the participant needs to make the
decision to save for early retirement. The Old Age pension is a pension right that is already there
and the individual has the option to use it earlier than the original age of 65. Wage can also be
included in the model as a variable specific for each individual. In addition to this there might also
be other variables that could have an impact on the (early) retirement age which should be taken
into account.
Other variables that will be taken into account in the model and that will be tested are the marital
status, the status and the part-time factor of the individual. The status of the participant will be
explained in the next section. It will be interesting to know the significance of the factors in the
explanation of the (early) retirement age. Therefore the next sections will include the set up of the
data analysis and the actual research with its results.
4.1.1 Sample and data sources
The data contains the main characteristics of all participants in the pension fund PFZW that entered
or will enter into retirement in the years 2000 until 2011. Since the dataset contains more than
thirty-four thousand participants and is spread over a period of more than ten years it is necessary to
narrow down the dataset. This will be done to make sure that the dataset will contain more up to
Master thesis: The (early) retirement age Page 30
date information. Since the last large group with individuals who came out of the VUT/OBU went
into retirement in 2008, I decided to narrow down the dataset to the year thereafter. This means that
the dataset includes the year 2009.
4.1.2 Conceptual framework and variables
Figure 1 presents the framework that will be used in this paper to determine the factors that impact
the (early) retirement decision. The variable in the middle represents the dependent variable; Age,
which represents the time at which a participant at PFZW enters into (early) retirement.
Figure 1: Conceptual framework of the data analysis.
Then there are seven independent variables that are used. The first four are general aspects, which
are the blue circles; Marital Status, Part-time Factor, Status (active or inactive participant) and
Gender. The factor marital status has five options; single (in which the individual is alone or does
not have a registered partner), married (when the individual is married by law), registered
partnership (when the individual has a legal binding towards another person which is equal to
marriage), divorced (when the person has been married to another person) and widowed (when the
person has been married and his or her partner has deceased). The part-time factor represents the
fulltime equivalent, which shows the hours of work of an individual per week. Status shows if an
Average wage
Old Age pension
right at age 55 /
Average wage
FLEX pension
right at age 55 /
Average wage
Master thesis: The (early) retirement age Page 31
individual is an active participant or if the person is “asleep” which means that he or she is not
actively contributing to his or her pension so he or she does not work and does not receive income.
This means that when the individual is “asleep” that he or she has been a participant in the pension
fund. However this person may have switched to another job and/or pension fund or may have quit
working. Therefore he or she is not actively involved in the pension fund PFZW anymore. Gender
is a factor which speaks for itself, the person is male or female.
The other independent variables represent the income at retirement and can be found in the red
circles. These red circles represent factors that will be tested on its influence on the (early)
retirement age. The income out of the FLEX pension is represented in FLEX pension right/ average
wage. The FLEX pension right is the amount of FLEX pension that the individual has saved, until
the abolishment in 2006, in euro’s per year, to be able to go into early retirement. The income out
of the Old Age pension is represented in Old Age pension right/ average wage. After the
abolishment of the FLEX pension the decision has been made to adjust the conditions of the Old
Age pension, an example of an adjustment is that the build-up percentage of the pension right has
increased. In this transition the contribution rises from 1.75 percent towards 2.05 percent. In this
data analysis it is assumed that the participants see this partially as an opportunity for early
retirement. This increase can be seen as an extra incentive for individuals to retire early. So the
decision at PGGM has been taken to assume that 0.25 out of the 0.30 percent rise will be used as an
opportunity for early retirement. This number was taken to give the participant an extra margin. So
this way the Old Age pension takes over the same financial incentive and it gives individuals an
early retirement opportunity.
When trying to explain the retirement age with the factors in Figure 1 there is a difficulty. The
problem in the model is that the pension rights influence the outcome variable: the (early)
retirement age also has an influence on the pension rights. For example, when an individual is older
at the time of retirement the amount of pension rights that the individual has will be higher, but
when the pension rights are higher this will also influence his or her retirement age. Therefore it is
necessary to have a good standard of comparison in the data-analysis. To make sure that the
influence of the pension rights on the (early) retirement age is measured properly and to avoid
biases it is decided to compute the pension rights all at the same age. The age of 55 is chosen as the
benchmark in the data, this was done since this is the first year at which an individual in the data of
2009 at PFZW retires. This way the amount of pension rights in the model will show the financial
status of the person before he or she makes the decision to retire. The pension right will be divided
Master thesis: The (early) retirement age Page 32
by the average wage so that it reflects the relative pension earnings of an individual. In this model
the average wage is the fulltime salary, per individual, multiplied by the part-time factor. The
figures used are all yearly figures and the salary and pension rights are entered as euro’s per year.
Average wage will also be used in the model as a separate variable.
There are independent variables that cannot be used in the regression as cardinal or ordinal
variables, therefore they are changed into dummy variables. The independent variables that are
transferred into dummies are Marital Status, Status and Gender. With the transition from the
independent variable Marital status into a dummy variable the following dummies occur: Dummy-
single, Dummy-cohabiting, Dummy-divorced and the Dummy-widowed. When adding these dummy
variables the option “married” is the disappearing value. For the independent variable Status the
dummy variable Dummy-active is made, which makes “inactive” the option that is the disappearing
value. Lastly with the independent variable Gender the Dummy-male is made and “female” is the
option that is the disappearing value. The dependent, independent and dummy variables result in
the following regression model.
4.1.3 Methodology
Pearson’s correlation matrix is used to get insight in the relation between the independent variables,
that will be used in the regression model. High correlation could indicate multicollinearity, which
could negatively affect the outcome of the model. If the independent variables would be highly
correlated, a precise measure of the independent influence of one variable on the dependent variable
would be very hard to provide.
Master thesis: The (early) retirement age Page 33
After the use of the correlation matrix a regression will be performed. The formula which
represents this regression can be found in the previous section. In this regression the importance
and significance of the separate factors will be tested.
4.2 Data analysis
In the data analysis the factors that were found to be important in the literature research in chapter
three are tested on their significance. In section 4.2.1 the data will be described and the goal is to
get knowledge on the data set in total. In section 4.2.2 a regression analysis will be performed on to
get insight into the specific significance of the factors.
4.2.1 Descriptive statistics
As a start it might be interesting to give some insight in the distribution of the (early) retirement
age. The insight will be split into the retirement age for active and for inactive participants. This is
because there is a strong assumption that the retirement of the inactive participants will be strongly
centered around the age of 60. This strong assumption is based on the fact that regulation at PFZW
states for inactive participants that they have to move into retirement at age sixty6. The only
exception on this regulation is when the participant has mentioned that he or she prefers another
age.
Graph 3&4:Histograms with the distribution of the retirement ages for inactive (left) and active (right) participants in
2009.
6 Article 4.6.3in:”Statuten en reglementen 2009” states that the person should be employed for the same part as the
part of the FLEX pension that he or she wants to delay. Otherwise should the FLEX pension start at age 60.
Master thesis: The (early) retirement age Page 34
Active participants have, according to the graph on the right, a strong preference to retire at age 60.
However, in contrast to the inactive participants, there are also quite some individuals that retire at
another age. As was expected, the peak at age sixty in the histogram with the inactive participants
immediately catches the eye in the graph on the left. According to the histogram of the inactive
participants the conclusion can be drawn that there is such a strong peak at age 60, due to
regulation, that it will be difficult to do a regression on determinants of retirement with these
participants. Therefore the decision is made to only do a regression for the active participants.
Following the previous conclusion, the regression will be done based on the available information
at PFZW of the active participants. Table 2 provides summary statistics for the active participants
of pension fund PFZW that entered into (early) retirement during the year 2009. The table presents
a summary of all variables, including a description of means, standard deviations, minimum and
maximum values.
2009: Descriptive statistics
N Minimum Maximum Mean Std. Deviation
Age 5339 55 64 60.30 0.987
Part-time factor 5339 0.01 2.16 0.624 0.277
FLEX pension right /
Average wage
5339 0.0007 3.730 0.317 0.278
Old Age pension right/
Average wage
5339 0.0001 0.445 0.003 0.012
Average wage 5339 237 348631 23392 20088
Dummy_single 5339 0 1 0.082 0.275
Dummy_cohabiting 5339 0 1 0.043 0.203
Dummy_divorced 5339 0 1 0.133 0.339
Dummy_widowed 5339 0 1 0.023 0.150
Dummy_male 5339 0 1 0.168 0.374
Table 2: Descriptive statistics on the active participants that retired in 2009.
An interesting variable, according to the table above, is the part-time factor, the average of this
factor is 62,4 percent for the active participants. At PFZW the average participation rate for
females is 62.2 percent and for males 83.4 percent7. With the knowledge of the fact that the data set
contains for 82 percent females and that participants already reduce their work hours before their
(complete) retirement this variable is plausible and can be representative for PFZW. A remark on
7 These percentages are stated in:“SEA 2009, Sociaal Economische Analyse Operations”. This is published by; F&C
Operations, Jan Jacob van Houte September 22, 2009 PGGM.
Master thesis: The (early) retirement age Page 35
the variable part-time factor is that the maximum is fairly high, so a graph has been made to give
some insight in the distribution of the variable. Graph 5 shows that the maxima of the variable part-
time factor are outliers of the analysis and they will be removed.
Graph 5: The distribution of the variable part-time factor for active participants in 2009.
The factor FLEX pension right/average wage and Old Age pension right/ average wage have, in
Table 2, relatively low averages comparing them with the highest value. It is suspected that the
variables are skewed to the left, when this would be the case it might be interesting to take a log()
of the variable. When taking a log () of the variable the outcomes will be more distributed like the
normal distribution, because the outliers will be better distributed when the log() is taken of a
variable. The difference of using a linear variable or a log() variable, lies in the fact that a linear
variable measure the difference in numbers and the log() variable in percentages. In the literature
the use of the log() variable is widely accepted. To find out if these variables are skewed, and
would need a logarithm, identical graphs as for the part-time factor will be made and can be found
below.
Grap 6&7: The graphs above represent the distributions of the variables FLEX right pension/ Average wage (on the
left) and Old Age pension right/ Average wage (on the right).
Master thesis: The (early) retirement age Page 36
It turns out that both graphs are highly skewed to the left. Especially Old Age pension right/
Average wage turns out to be concentrated on the left side of the graph. So based on this
information the decision is made to take the logarithm of both variables in the model to make them
better suiting in the model. The outliers in the two variables will be removed to enhance the model
and regression. The graphs below give the distribution of the logarithms of the variables for the
FLEX pension and the Old Age pension.
Graph 8&9: The graphs above represent the new distributions with the use of logarithms on the variables FLEX
pension right/ Average wage (on the left) and Old Age pension/ Average wage (on the right).
The variable average wage is an underlying factor of the two pension rights that have been
analyzed above. Therefore, it is interesting to perform the same analysis on the variable average
wage. The graph below shows the distribution of the variable. Based on this it is decided to also
take a log() of this variable in the model. The result of the distribution with the logarithm of the
average wage can be found in Graph 11 below. It turns out that the variable Log Average wage has
a distribution close to the normal distribution.
Graph 10&11: The graphs above represent the distributions of the average wage (on the left) and for the logarithm of
the average wage(on the right).
Master thesis: The (early) retirement age Page 37
The other variables in Table 2 do not have any remarkable numbers or outcomes that need to be
discussed. Therefore the topic correlation will now be discussed. In Table 3 below a correlation
matrix is set up with the correlation coefficients and significance of the researched variables.
2009: Pearson correlation matrix
Age Part-time
factor
LOG(FLE
X Pension
right/
Average
wage)
LOG(Old
Age
pension
right /
Average
wage)
LOG(Ave
rage
wage)
Dum
my_
single
Dummy
_cohabi
ting
Dummy
_divorc
ed
Dummy_widowed Dummy_male
Age Corr. C..
Sign.
1
Part-time
factor
Corr. C..
Sign.
-0.008
0.555
1
LOG(FLEX
Pension right/
Average wage)
Corr. C..
Sign.
-0.338
0.000
0.019
0.167
1
LOG(Old Age
pension right
/Average
wage)
Corr. C.
Sign.
-0.343
0.000
-0.516
0.000
0.096
0.000
1
LOG(Average
wage)
Corr. C.
Sign.
-0.052
0.000
0.886
0.000
0.079
0.000
-0.572
0.000
1
Dummy_
single
Corr. C.
Sign.
-0.010
0.462
0.175
0.000
0.061
0.000
-0.089
0.000
0.121
0.000
1
Dummy_
cohabiting
Corr. C.
Sign.
-0.024
0.079
0.107
0.000
0.076
0.000
-0.078
0.000
0.129
0.000
-.063
0.000
1
Dummy_
divorced
Corr. C.
Sign.
0.077
0.000
0.094
0.000
-0.114
0.000
-0.063
0.000
0.015
0.266
-.117
0.000
-0.083
0.000
1
Dummy_
widowed
Corr. C.
Sign.
0.010
0.484
-0.051
0.000
-0.042
0.002
0.006
0.648
-0.051
0.000
-.046
0.001
-0.033
0.018
-0.060
0.000
1
Dummy_ male Corr. C.
Sign.
0.085
0.000
0.376
0.000
0.080
0.000
-0.090
0.000
0.399
0.000
0.006
0.651
0.041
0.003
-0.020
0.139
-0.036
0.009
1
Table 3: The Pearson correlation matrix with the new Log() variables incorporated in the model.
The average wage and the part-time factor have a relatively high positive correlation of 0.886. This
correlation was expected, due to the fact that the average wage is calculated by multiplying the
maximum full time salary by the part-time factor. This explains the relatively high correlation
between the two variables. In the analysis the decision was made not to use the fulltime salary, but
the average wage, due to the fact that there are is a large number of individuals in the data set who
work part-time. The fulltime salary would therefore give a biased figure, since the full time wages
would give a high number that is not representative for the included participants.
Two important correlations that need some extra explanation are between Age and Log(FLEX
pension right/ Average wage) (-0.338) and between Age and Log(Old Age pension right/ Average
wage) (-0.343). These two relations are both negative which was expected, since it implies that
Master thesis: The (early) retirement age Page 38
when the relative pension right rises the (early) retirement age decreases. So when an individual has
saved for retirement this person will allow himself to retire earlier.
In the correlation matrix two strong negative correlations with the Log(Old Age pension right/
Average wage) -factor are found. First of all it has a negative correlation with the Part-time factor
of -0.516. This negative correlation can be explained by the fact that the Part-time factor is
included in the Average wage. So when the Part-time factor rises the Log(Old Age pension right/
Average wage) decreases. The same explanation holds for the correlation with Log( Old Age
pension right/ Average wage) and Log(Average wage).
Regarding the dummies that were entered into the model, different values of correlation with the
outcome variable, Age, were found. Dummy_single and Dummy_cohabiting are negatively
correlated with Age and in contrary to this, Dummy_divorced and Dummy_widowed are positively
correlated with the outcome variable. An explanation that could clarify (part) of these figures is the
fact that the last two dummy variables correspond with events that were, in most cases, not
expected in the financial- and work planning. Which explains why these events are positively
related with the (early) retirement age; when an individual divorces or loses his or her partner, the
(early) retirement age increases.
So the conclusion can be made that, based on Table 2, the outliers in the data set are removed. In
addition to this the correlations have been researched in Table 3. The remarkable correlations have
been explained. The information in this section functions as a solid foundation for the regression
analysis that will be performed in the following section.
4.2.2 Regression analysis on the influences on the (early) retirement decision.
In the regression analysis the variables will be used that have been described in the previous
section. As has been stated before, the information is used from the participants that were actively
participating in the pension fund while moving into retirement in 2009. This gives a total of 5337
participants on which the regression will be done. The first outcome of the linear regression can be
found in the table below.
Master thesis: The (early) retirement age Page 39
2009: Regression analysis
R R Square Adjusted R Square Std. Error of the estimate
0.624 0.390 0.389 0.772
Model Sum of squares Df. Mean Square F Sig.
Regression 2024.072 9 224.897 377.776 0.000
Residual 3171.852 5328 0.595
Total 5195.924 5337
Unstandardized coefficients Standardized
coefficients
Model B Std. Error Beta t Sig.
(constant) 62.813 0.266 236.451 0.000
Part-time factor 0.111 0.086 0.031 1.294 0.196
Log(FLEX right/
average wage)
-0.247 0.011 -0.255 -23.029 0.000
Log(Old Age
pension right/
Average wage)
-0.686 0.015 -0.689 -47.071 0.000
Log(Average wage) -0.807 0.034 -0.616 -23.739 0.000
Dummy_single 0.046 0.040 0.013 1.143 0.253
Dummy_cohabiting 0.016 0.053 0.003 0.297 0.766
Dummy_divorced 0.059 0.032 0.020 1.812 0.070
Dummy_widowed -0.070 0.071 -0.011 -0.988 0.323
Dummy_male 1.060 0.034 0.402 31.037 0.000
Table 4: Regression analysis of the active participants at pension fund PFZW in 2009.
The table above describes the results of the first regression analysis. When focusing on the
significances quite a few variables turn out to be significant when assuming α=0.05, with
corresponding high t-values. The numbers concerning significance can be found in the last column
of Table 4. The figures that are not significant, assuming α=0.05, are Part-time factor,
Dummy_single, Dummy_cohabiting. Dummy_divorced and Dummy_ widowed. However a remark
that needs to be made is that the part-time factor is also included in the factors for the pension rights
and the average wage. So that the factor Part-time factor, itself is not significant does not mean that
it plays no role at all. Since the dummy-variables work together it is tested if the dummy-variables
are also together not significant in the model. The regression analysis that is made with the
exclusion of the Part-time factor can be found in Appendix I. With the help of this regression
analysis and the following in the table below, it can be tested whether the dummy-variables are of
significance together.
Master thesis: The (early) retirement age Page 40
2009: Regression analysis
R R Square Adjusted R Square Std. Error of the estimate
0.623 0.389 0.388 0.772
Model Sum of squares Df. Mean Square F Sig.
Regression 2018.851 4 504.713 847.205 0.000
Residual 3177.074 5333 0.596
Total 5195.924 5337
Unstandardized coefficients Standardized
coefficients
Model B Std. Error Beta T Sig.
(constant) 62.501 0.154 404.720 0.000
Log(FLEX right/
average wage)
-0.249 0.011 -0.257 -23.580 0.000
Log(Old Age
pension right/
Average wage)
-0.688 0.015 -0.691 -47.261 0.000
Log(Average wage) -0.769 0.021 -0.587 -37.071 0.000
Dummy_male 1.062 0.034 0.402 31.196 0.000
Table 5 : Regression results of the active participants of pension fund PFZW in 2009 with the
Dummy_single,Dummy_cohabiting, Dummy_divorced and Dummy_widowed excluded.
Finally, a regression with significant variables and high t-values is found. However it should be
checked now if it was a good decision to remove the dummy variables, based on their joint
significance. This check can be done with the F-test and the calculation and the outcome can be
found below.
The SSEr and SSEu represent the Sum of Squared residuals. The SSEr represents the second
regression, without the dummies for marital status and the SSEu represents the regression including
the marital status. The number of independent variables dropped is in this case equal to four since
there are four dummies that are excluded out of the model. The N represents the total of degrees of
freedom and the k represents the number of variables in the model. When implementing the
numbers into the formula for the F-test the critical value of the F-distribution is equal to 1.774.
Master thesis: The (early) retirement age Page 41
Now the value for will be used to be able to conclude on the F-test. When the outcome
out of this regression is higher than the F-value the H0 hypothesis should be rejected and when it is
lower it should not be rejected. The critical value of the F-distribution is equal to 2.37 and thus the
H0 hypothesis should not be rejected, which means that, based on the joint significance, it is
positive for the model to exclude the factor marital status from the model.
The four variables that are left in the final model in Table 5 explain 38.9 percent of the variation in
the outcome of the (early) retirement age. The numbers found can be entered into the formula,
which was presented at the beginning of this chapter.
The formula above shows that the variables Log(Flex right/ average wage), Log(Old Age pension
right/ average wage) and Log(average wage) have a negative influence on the (early) retirement
age. Since the variables are log() variables the effects need to be multiplied differently to find the
effect on the (early) retirement age. This means that when the average wage of an individual
increases with 10 percent, assuming all else staying equal, the (early) retirement age will decrease
with 0.769*0.1. This decrease is equal to 0.0769, which is equal to 28 days. So when the average
wage of an individual increases, his or her expected retirement age decrease with about a month.
The influence of the FLEX right and the Old Age pension right, on the retirement age, are smaller
compared to the impact of the average wage. However the effects can be found by doing the same
calculation as for the average wage. The explanation for the fact that the (negative) influence of the
Old Age pension right is larger than that of the FLEX pension right might lie in the fact that the
FLEX pension is already an early retirement exit route by itself. The Old Age pension can be used
at age 65 but it can also be used as an exit into early retirement. The gender is in contrast to the
other variables the only factor that has a positive influence on the retirement age. This means that
when the person is male he has about a year higher retirement age than a female.
𝐹5329;0.954
Master thesis: The (early) retirement age Page 42
4.2.3 Robustness check
Since in the regression the log of three variables are taken the robustness can be checked by adding
the squares of the log-variables. In this section new regressions will be done with additional
squared variables for the three log-variables. Below the first regression of the robustness check is
given with the addition of the variables: Log(FLEX right/ Average wage)^2, Log( Old Age pension
right/ Average wage)^2 and Log(Average wage)^2.
2009: Regression analysis – Robustness check
R R Square Adjusted R Square Std. Error of the estimate
0.681 0.464 0.463 0.723
Model Sum of squares Df. Mean Square F Sig.
Regression 2408.525 7 344.075 657.932 0.000
Residual 2787.399 5330 0.523
Total 5195.924 5337
Unstandardized coefficients Standardized
coefficients
Model B Std. Error Beta t Sig.
(constant) 61.794 0.945 65.413 0.000
Log(FLEX right/
average wage)
-0.259 0.028 -0.268 -9.189 0.000
Log(Old Age
pension right/
Average wage)
1.652 0.087 1.657 18.906 0.000
Log(Average wage) 1.132 0.216 0.864 5.240 0.000
Dummy_male 1.804 0.044 0.683 41.346 0.000
Log(FLEX right/
average wage)^2
-0.009 0.006 -0.042 -1.459 0.145
Log(Old Age
pension right/
Average wage)^2
0.218 0.008 2.657 27.116 0.000
Log( Average
wage)^2
-0.129 0.012 -1.908 -10.988 0.000
Table 6: Regression analysis with the addition of the squares of the log-variables.
The regression shows that the Log(FLEX right/ Average wage)^2 is not significant, when assuming
that α=0.05. Therefore this variable will be removed out of the regression. With the outcome of the
Master thesis: The (early) retirement age Page 43
new regression calculations can be made to find out what the influence is of the log()-variables
together with the squared log()-variables.
2009: Regression analysis – Robustness check
R R Square Adjusted R Square Std. Error of the estimate
0.681 0.463 0.463 0.723
Model Sum of squares Df. Mean Square F Sig.
Regression 2407.412 6 401.235 767.070 0.000
Residual 2788.513 5331 0.523
Total 5195.924 5337
Unstandardized coefficients Standardized
coefficients
Model B Std. Error Beta t Sig.
(constant) 61.722 0.944 65.418 0.000
Log(FLEX right/
average wage)
-0.221 0.010 -0.228 -22.106 0.000
Log(Old Age
pension right/
Average wage)
1.640 0.087 1.646 18.850 0.000
Log(Average wage) 1.142 0.216 0.871 5.289 0.000
Dummy_male 1.797 0.043 0.680 41.413 0.000
Log(Old Age
pension right/
Average wage)^2
0.217 0.008 2.644 27.089 0.000
Log( Average
wage)^2
-0.130 0.012 -1.913 -11.016 0.000
Table 7:Second regression with addition of the log-square variables.
This regression shows for the variable Log(FLEX right/ Average wage) a negative linear relation
with the (early) retirement age of -0.221. Concerning the average wage a linear as well as quadratic
relation is found. The linear relation is positive (1.142) and the quadratic is negative (-0.130). The
total impact of this variable can be measured by filling in the numbers in the formula below. Based
on Graph 11 it can be concluded, with the outcome out of the formula below, if the top of the
parabolic is on the right or on the left hand side of the curve .
Master thesis: The (early) retirement age Page 44
The outcome of the formula above is equal to 4.93 for the variable Log(Average wage). In addition
to this, graph 11 shows that the Log(Average wage) has a distribution in between, roughly, six and
twelve. This means that the variable Average wage is negatively related. In Appendix J a parabolic
is drawn, in the top figure, to show the relation of the Average wage. The number 4.93 is inserted
as the top of the parabolic and the spread of the variable has been added.
For the variable Old Age pension right the same calculation can be done to find the top of the
parabolic. The outcome of the calculation is equal to -3.78, this means that there is no top of the
parabolic but a sag. Graph 9 shows that the Log(Old Age pension right/ Average wage) has a
spread in between minus ten and minus two. This spread implies that the variable Old Age pension
lies mainly at the left hand side of the parabolic, so the variable is mainly negatively related. The
figure on the bottom of Appendix J represents the parabolic for the variable Old Age pension right.
The figure includes th
e sag of the parabolic and the spread of the variable.
Based on the parabola’s that have been drawn, for the variables Average wage and Old Age pension
right, some conclusions can be made. In these conclusions the values are the values that are taken in
the data analysis. For the Log(Average wage) it holds that the higher the value for Log(Average
wage) gets the stronger the effect on the (early) retirement age is. This means that the (early)
retirement age will decrease more heavily, when the variable for Average wage becomes higher.
For the Old Age pension right it holds that when the value of the variable decreases the effect on
the (early) retirement age becomes stronger. The found relations for the Log(Average wage) and the
Log(Old Age pension right/ Average wage) can be checked in the original regression. According to
the robustness check and the figures in Appendix J the variables are both negatively related. In the
regression analysis in Table 4 the Beta for Log(Average wage) is equal to -0.807 and the Beta for
Log(Old Age pension right/ Average wage) is equal to -0.686. These figures confirm the found
negative relation in the parabola’s.
Master thesis: The (early) retirement age Page 45
In the table on the next page the regression will be divided concerning gender, to study how the
factors influence males and females differently.
Master thesis: The (early) retirement age Page 46
2009: Regression analysis – Robustness check – Females
R R Square Adjusted R Square Std. Error of the estimate
0.767 0.588 0.587 0.612
Model Sum of squares Df. Mean Square F Sig.
Regression 2368.074 5 473.615 1264.089 0.000
Residual 1662.406 4437 0.375
Total 4030.480 4442
Unstandardized coefficients Standardized
coefficients
Model B Std. Error Beta t Sig.
(constant) 56.134 0.976 57.522 0.000
Log(FLEX right/
average wage)
-0.189 0.009 -0.201 -20.181 0.000
Log(Old Age pension
right/ Average wage)
2.525 0.084 2.636 30.153 0.000
Log(Average wage) 3.121 0.232 2.242 13.463 0.000
Log(Old Age pension
right/ Average wage)^2
0.303 0.008 3.827 39.062 0.000
Log(Average wage)^2 -0.253 0.013 -3.437 -19.665 0.000
2009: Regression analysis – Robustness check – Males
R R Square Adjusted R Square Std. Error of the estimate
0.432 0.186 0.182 1.016
Model Sum of squares Df. Mean Square F Sig.
Regression 209.985 5 41.997 40.683 0.000
Residual 917.703 889 1.032
Total 1127.687 894
Unstandardized coefficients Standardized
coefficients
Model B Std. Error Beta t Sig.
(constant) 57.593 4.041 14.252 0.000
Log(FLEX right/
average wage)
-0.309 0.033 -0.285 -9.272 0.000
Log(Old Age pension
right/ Average wage)
-0.683 0.399 -0.574 -1.712 0.087
Log(Average wage) 0.197 0.949 0.127 0.208 0.835
Log(Old Age pension
right/ Average wage)^2
-0.013 0.035 -0.133 -0.363 0.717
Log(Average wage)^2 -0.033 0.049 -0.427 -0.669 0.503
Table 8: Regression analysis for robustness check split into males and females.
Master thesis: The (early) retirement age Page 47
The figures show that the males follow the negative relation of the Old Age pension right that was
found in the regression in the previous section. The females however still have a positive relation
between the Old Age pension right and the (early) retirement age. This is a problem, since about
eighty percent of the participants is female. However, no explanation can be found in the data set
for the negative relation that turns positive. So this is the negative remark that can be made based
on the robustness check.
However an important remark can be made based on the figures in Table 8. It turns out that the only
variable that is of significance for males is the FLEX pension right. In contrary to women since for
them all remaining variables are of significance. This is an important finding in the data analysis.
4.3 Conclusions
Based on the data analysis in the previous sections there are five factors that appeared to be of
importance in the determination of the (early) retirement age at PFZW.
Concerning the work circumstances the variable Part-time factor was tested in the model.
The regression analysis showed that the factor was not of importance in the model.
However the remark that needs to be made is that the factors for the FLEX pension right,
Old Age pension right and Average wage all have the part-time factor in the calculation of
the factor. This means that the Part-time factor is in the model, but the variable is not of
significance in addition to being included in the other factors.
The status of the participant was taken into account in the data set, however before the start
of the regression analysis the data was split into active and inactive participants. The split of
the data set showed a significant difference, which could be explained by different
regulation regarding retirement for inactive participants. Therefore it was decided to
perform the regression analysis solely on active participants.
To test the family circumstances the variable Marital Status was added in the regression
analysis. The Marital Status was transformed into dummy variables and tested. However the
test turned out that the Marital Status did not add significantly to the model. The joint
significance has also been tested and confirmed the fact that Marital Status did not have a
significant value in the model.
Master thesis: The (early) retirement age Page 48
The financial incentives appeared to be of significance since the factors: Log(FLEX right/
average wage), Log(Old Age pension right/ average wage) and Log( Average wage) did all
have a significant value in the model. The FLEX right turned out to be of significant
importance for men, and all of the financial incentives were significant for women.
The previous conclusion shows that a significant relation was found in the model regarding
gender.
When adding the squared log() variables to the model it turned out that the squared log()
variable was not of importance for the FLEX right. The Old Age pension right turned out to
have a positive relation and the Average wage had a negative relation.
So it can be concluded that five variables were found that appeared to add significantly to the
model. In Chapter 3 research already showed that these variables were significant in previous
studies. This means that it can be concluded, based on literature research and data analysis, that
the five variables are very important. These five variables will function as a solid foundation to
calculate the expected retirement age for PFZW in the next chapter.
Master thesis: The (early) retirement age Page 49
Chapter 5: (early) retirement age at PFZW
In Chapter 5 the calculation for the expected (early) retirement age at PFZW is performed. This
means that in Section 5.1 the calculation that was performed in 2008 will be explained first.
Following Section 5.1, in Section 5.2.1 a short literature research will be done on the specifics of
the calculation of the expected retirement age. Then in Section 5.2.2 the new calculation of the
expected (early) retirement age will be done. This calculation will be based on the literature
research of Section 5.2.1, but especially on the literature research of Chapter 3 and the data analysis
that was performed in Chapter 4. The factors that were found to be of significance based on Chapter
3 and Chapter 4 will be taken into account in the new calculation of the expected (early) retirement
age in Section 5.2.2.
5.1 Description of previous research regarding the age of (early) retirement at
PFZW
In this section the calculation of the possible adjustment of the expected (early) retirement age in
the research project GO2008 will be explained. In this project, research was done on the probability
that an individual retires (early), and thus uses an early exit into retirement. Early exit into
retirement can be done with the use of the FLEX –pension arrangement or with the advanced use of
the Old-Age pension arrangement.
GO2008
In 2008, when this research project on the expected retirement ages was going on, there were
changes in the pension plan that influenced the expected retirement age. The first change was that
participants who were born after the first of January 1950, or entered the program after December
31st 2005, were not able to build up any FLEX pension rights anymore. The other amendment to
the retirement opportunities was that the VUT/OBU, was only available for participants born before
January 1, 1949.
Until 2008 the assumption was made that every participant would exit the labor force at age 60.
This assumption was made since then the VUT/OBU arrangement would allow them. However,
Master thesis: The (early) retirement age Page 50
due to the amendments this assumption was not possible anymore from 2008 on. Therefore new
assumptions were made, which will be explained below. These assumptions are the ones that were
made by the board of PGGM, which means that they do not completely follow the advice that was
given based on the GO2008.
- For the period 2006-2008 it was assumed that all participants would retire with the
VUT/OBU-arrangement or would otherwise continue to work until the age of 65.
- In the year of 2009 the FLEX pension would start to be the most important exit into
retirement. Since entrance into retirement with the FLEX arrangement was new, no data on
this pension was available. Because of this, the prognosis on the retirement age was made
based on a forecast, which can be found in Table 9. This forecast contained a prediction on
the probabilities of retirement. For 2009 it was concluded that the average age of retirement
for males and females was equal to 61 years.
Table 9: Per year (jaar) the probability that an individual will retire. When calculating the average retirement
age this is equal to 60.88 years.
- From the year of 2021 on it is assumed that men retire at the age of 62 and women at the
age of 61. These ages are also given with the forecast in mind, which results in a relatively
early retirement age.
- The period from 2010 until 2020 was seen as a transition period. In this period the
probabilities of retirement were calculated by use of linear interpolation, with the use of the
retirement age for 2009 and 2021.
Voorlopige aanname verdeling FLEX
55 jaar 3%
56 jaar 3%
57 jaar 3%
58 jaar 5%
59 jaar 3%
60 jaar 20%
61 jaar 17%
62 jaar 25%
63 jaar 15%
64 jaar 5%
65 jaar 1%
100%
Master thesis: The (early) retirement age Page 51
Table 9 translates the decisions that were made by the board of PGGM, for the years 2006 until
2021, into numbers that give the probability of retirement per specific age. The percentages in
the table are results of a combination of the guidelines that were decided by the board, which
are summarized above, and the data available at PGGM.
5.2 Research on the new age of (early) retirement at PFZW
5.2.1 Literature research on the age of (early) retirement
According to van Nimwegen and Heering (2009) the elderly as a percentage of the labor force will
increase during the coming fifteen years, this effect can be seen in Graph 12. The article finds that
the participation of the elderly in the labor force will increase. The increase will especially occur in
the age group of the 55-64 year olds. In the year 2000 the percentage of the elderly that was
working was lower than 10 percent, which can be seen in Graph 12. It is expected that this rate will
increase to 20 percent in 2025.
Graph 12: representation of the young (line) and the old (dotted line) as a percentage of the labor force8.
The strong increase in the old age rate can be seen as a confirmation that the (early) retirement age
will also increase strongly. The article of Euwals, Van Vuuren and Wolthof (2006) confirms this
fact. In this article it is stated that it became financially more attractive to work longer. This
financial attractiveness is due to the revisions in the pension arrangements.
8 Nimwegen, N., van, Heering, L. (2009). Werkverband periodieke rapportage bevolkingsvraagstukken,
bevolkingsvraagstukken in Nederland anno 2009. Van Groei naar krimp. Een demografische omslag in beeld.
Master thesis: The (early) retirement age Page 52
The health care sector in the article from Van Nimwegen and Heering (2009) is an important
subject. The focus in this article is on participation in the health care and personal services. The
health care sector is a sector in which it is difficult to have an international labor market, because of
the native language that the employees need to speak. This means that the employees mainly need
to be searched for in the home country. So with an increase in the demand for health care, labor
immigration is not a fulfilling solution. In addition to this the inflow of young employees is
decreasing, which makes the solution to the problem of employment in the health care sector even
more difficult. This will make the policy option of rewarding employees an opportunity to make
work in the health care sector more attractive, according to van Nimwegen and Heering (2009).
When the pension plan will be adjusted to a higher retirement age, as it is currently discussed in
Dutch politics, the (early) retirement age will also be influenced. This is because an increase in the
AOW retirement age, will make it less attractive to retire and will probably lead to an increase in
the participation rate of the elderly age groups. Within pension fund PFZW it is assumed that when
the retirement age will increase, the (early) retirement age will increase with the same amount of
years. However according to research from CPB, an increase in the AOW age of two years will
make employees decide to postpone their retirement for only one year (Nimwegen, 2009).
Therefore it is advisable to study this subject intensively when the adjustment in the retirement age
is implemented. This subject will not be further researched in this thesis.
5.2.2 Data-analysis: on the age of (early) retirement at PFZW
Research on the (early) retirement age at PFZW is performed intensively every three years. The
intensive research for GO2011 will be performed this year and will be explained in this section.
The difference with GO2008 is that the VUT/OBU is only left as an exit route for a limited amount
of participants. The number of people is that small that it is negligible for the calculations of the
expected (early) retirement age. So it can be concluded that the primary opportunity for employees
to retire early is by use of the FLEX arrangement and by an advanced use of the Old Age pension.
Therefore, the calculations in the data-analysis will be based on the FLEX pension and the early use
of the Old Age pension.
At PFZW there are two important factors that are taken into account when calculating the expected
retirement age: the year of birth and gender. A model has been set up, with the use of these factors,
Master thesis: The (early) retirement age Page 53
to calculate the expected retirement age for the coming years. Now a brief description of this model
will be given. The exact formulas and calculations are available upon request.
To start off, the focus will be on the option to use FLEX-right. The FLEX-right is the amount of
money that is saved to go into (early) retirement. The average net FLEX-rights, per year of birth
and gender, will be calculated first. This calculation is done by dividing the net FLEX-right by the
amount of individuals that have built up FLEX-rights. The result of the calculations can be found in
appendix C.
An individual has the option to forward or postpone his or her retirement. For the individuals who
use this option PFZW has factors9 that can be used to calculate the retirement income that he or she
will receive in a particular situation. With the use of these factors, which are actuarially fair, the
retirement income for males and females for specific years of birth can be calculated. These
calculations can be found in appendix D for males and in appendix E for females. So it can be
concluded that the table contains the retirement income that an individual can expect when retiring
early, at age 65 or when he or she decides to postpone retirement.
For an individual the AOW retirement income at age 65 is equal to on average, seventy percent of
the net minimum wage10
. It is an average since the exact number depends on the situation of the
individual. When an individual has a high wage, the seventy percent of net minimum wage will not
come close to seventy percent of his own wage. However this person will add to the AOW with the
pension that has been build up at the occupational pension scheme. This means that individuals are
likely to use the seventy percent as a reference point. Therefore this might be a possibility to use
this percentage as a guideline and minimum for the calculation of the needed pension payment at
early retirement. Calculation of the percentage, of pension income subject to the wage at retirement,
in previous years shows an average of 78 percent. However this percentage is biased due to the fact
that the VUT/OBU arrangement is still in it. Adding to this, at PFZW it turns out that this guideline
holds more strongly for men than for women. For 2009 and the first quarter of 2010 the exact
numbers for males and females can be calculated with the available data at PFZW. The table below
shows the percentage of the net average wage that males and females have at the moment that they
enter into (early) retirement. However these numbers differ immensely with the 78 percent due to
9 PGGM (2009). “ Statuten en reglementen 2009”, page 98.
10 http://www.svb.nl/int/nl/aow/hoogte_aow/hoeveel_aow_later/. Consulted at June 3rd 2010.
Master thesis: The (early) retirement age Page 54
the fact that in the 78 percent the VUT/OBU was included and on the other hand, without this
arrangement individuals have the opportunity to retire at an even earlier age.
Year Gender % into (early) retirement
2009 Male 57% Female 43%
2010 Male 54%
Female 38%
Table 10: Percentage of net average wage for females and males when the enter into (early) retirement in 2009 and the
first quarter of 2010.
There is an important remark that needs to be made when looking at table 10. This table gives a
biased view, since this includes the individuals that retired in the last years and did not use the
VUT/OBU. This means that these retirees are relatively young and will therefore not have a high
percentage. Based on the figures and the remark, PGGM decided to set the percentages in the
calculations for the (early) retirement age for males at seventy percent and for females at fifty
percent. The difference in percentage in Table 10 between men and women is quite large. It is
therefore chosen to also implement this difference in the calculation of the expected early
retirement ages.
Before implementing this knowledge into the research some base calculations on the labor income
need to be done. In Appendix B the average net FLEX rights are found for each year of birth. These
FLEX rights are implemented in the top row of the sheets in Appendix C and D, just like the Old
Age pension rights. On the vertical axes the factors are inserted that determine the pay out of the
pension income in specific retiring years. With the pension rights in the top row and the
multiplication factors on the vertical axes the whole sheets in Appendix C and D can be filled in
with the to-be-received pension rights in specific years. In these sheets it can be found what value
of pension right an individual, out of a specific year of birth, will receive when retiring at a specific
age.
In appendix E and F, the average income of males and females can be found for each year of birth.
Based on the percentages that were set by PGGM the average income is multiplied by seventy
percent, for men, and fifty percent, for women. To be able to see the difference the option of thirty
percent is also calculated. The numbers, for the thirthy, fifty and seventy percent, are implemented
Master thesis: The (early) retirement age Page 55
in the table in appendix B and in appendix C, by making the boxes red when the seventy percent
minimum is reached, green at fifty percent and blue at thirty percent. The colored boxes represent
an important indication for the retirement expectation, assuming that people work until they have
reached the seventy and fifty percent of the net average wage for their retirement income.
For the years that have passed, indexation has been included in the figures that are given. Pensions
are fully indexed. For the years that are still to come the assumption is made that price indexation is
equal to wage indexation.
With the help of the boxes retirement ages can be found for each year of birth, for females as well
as males. However in the first years, from 1945 until 1948, individuals mainly retired with the VUT
as their exit into retirement. When the entry into VUT/OBU is taken into account the entry into
early retirement will be according to the graphs below.
Grap13&14: Representation of the (early) retirement ages of males and females, for the years of birth 1945-1990.
The beginning of the graph shows a fall which can be attributed to the VUT/OBU arrangement,
which is not researched in this thesis, therefore the first four years will not be taken into account in
the calculations. The number of individuals that is left in the group of participants that will use
VUT/OBU as an exit into retirement is that small that it is negligible. The exemption of the years
1945 until 1948 out of the graphs gives the new graphs below.
57,00
59,00
61,00
63,00
65,00
1945 1950 1955 1960 1965 1970 1975 1980 1985 1990
(early) retirement age- male
(early) retirement age 2011 (early) retirement age 2008
57,00
59,00
61,00
63,00
65,00
1945 1950 1955 1960 1965 1970 1975 1980 1985 1990
(early) retirement age - female
(early) retirement age 2011 (early) retirement age 2008
Master thesis: The (early) retirement age Page 56
Grap 15&16: Representation of the (early) retirement age of males and females, for the years of birth 1949-1990.
With the numbers found, a model has been set up for PFZW on which it can base the (early)
retirement age. In the graph it can be noticed that within a period of forty years the (early)
retirement age will increase with on average 2.5 till 3 years. This increase is, compared to previous
years, very big. The decision of the board of PFZW based on GO2008 is represented in the graphs
with the dashed lines. The difference in the two researches is fairly large, especially for women
since the decision of the board in 2008 made clear that they do not expect an increase.
Based on the literature research in the previous section and the calculations in this section it can be
concluded that an increase in (early) retirement age is representative for the future. So it is clear out
of these two researches that an increase will occur, but the size of this increase is debatable. The set
up in this section, with the 70 percent for males and 50 percent for females, is plausible however it
can be argued if this is the best fit with reality. It may be an option to adjust the percentages and
thus the prospects based on new or extra information.
5.2.3 Conclusion on the literature research and the calculation on GO2011.
In this paragraph a brief summary of GO2011 will be given with average (early) retirement ages
given for the coming years. In this summary a comparison will be made with GO2008, in which the
VUT/OBU is still taken into account, to be able to see the difference. This also because in GO2011
the new approach with the 50 percent/70 percent- assumption is used.
57,00
59,00
61,00
63,00
65,00
1949 1954 1959 1964 1969 1974 1979 1984 1989
(early) retirement age- male
(early) retirement age 2011 (early) retirement age 2008
57,00
59,00
61,00
63,00
65,00
1949 1954 1959 1964 1969 1974 1979 1984 1989
(early) retirement age - female
(early) retirement age 2011 (early) retirement age 2008
Master thesis: The (early) retirement age Page 57
The analysis shows for GO2011 for males that the retirement age is in 2010 equal to 61.33
and for females 60.92. These numbers are on average in accordance with GO2008 which
states that the retirement age is equal to 61.
The analysis in GO2011 shows that the (early) retirement age increases rapidly. This is not
the case in GO2008 which states that the (early) retirement age increases in ten years, until
2021, towards 62 for men and stays at 61 for women. In GO2011 the numbers show an
increase towards 62 over a three year period for men as well as women, which indicates that
in 2013 the (early) retirement age is equal to 62. So in GO2011 a rapid increase is projected
in the coming years.
Until 2023, in GO2011, the (early) retirement age for men increased to 63. In contrary, for
women the retirement age increases a lot less rapid, they do not reach the average (early)
retirement age of 63 until 2036. The prediction in GO2008 does not continue after the year
2021, which means that no further predictions are known and no further comparisons can be
made.
The increase of the (early) retirement age of men increases that rapidly that in 2037 the age
of 64 is reached. The number for females at that moment just passed 63.This is how far the
current information reaches and is also still relatively valid to use and to do projections
with.
Master thesis: The (early) retirement age Page 58
Chapter 6: Conclusion
6.1 Conclusion
The questions that were set up at the beginning of this chapter and which needed to be answered
were: “When do employees in the sector health care and welfare retire? And what factors influence
this retirement age?”. In this research these questions have been answered and will now be briefly
summarized.
Literature research shows that especially financial incentives are important determinants of
retirement. The literature states that financial incentives appear to be more important to men
than to women. The data analysis, based on the participants at PFZW, confirms this
statement. Financial incentives in total, turn out to be very important in the determination of
the retirement decision specifically for men, but as well for women. The FLEX pension
right is especially of importance to men, women find all financial incentives important. This
means that for women the FLEX pension right, but as well Old Age pension right and the
Average wage are of importance.
Family circumstances matter in the retirement decision in the sense that it matters if the
person is male or female. However the tested variable, marital status, appeared not to be
significant in the model. The literature research showed that men and women can influence
the retirement decision of the spouse. Data analysis shows that this does not depend on the
Marital Status, additional information, for instance on the income of the spouse, would be
needed to research this topic. Gender was of significant importance in the data analysis, for
this relation there was already a lot of evidence found in the literature research in Chapter 3.
For the work circumstances there was little information available. The status of the
participant turned out to be relevant in the retirement decision. The remark that needs to be
made on the significance of the Status of the participant is that this can be attributed to the
regulation of PFZW. The regulation strongly influences the individual to retire at age 60
when he or she is not actively participating.
Based on the literature research on the work circumstances the Part-time factor was also
included in the data analysis. The Part-time factor turned out not to be of significance as a
separate variable in the model. However when the variables for the FLEX pension right, Old
Age pension right and wage were inserted in the data analysis they were all divided or
Master thesis: The (early) retirement age Page 59
multiplied by the Part-time factor. This was done to omit biases in the model. This means
that the Part-time factor was inserted in the regression analysis in several factors. So the
fact that the Part-time factor is not of significance separately does not mean that it is not of
significance at all because it is included in three other significant variables in the model.
The conclusion that can be made for PFZW based on the research is that the retirement age will
strongly increase towards age 64 within the next forty years. This calculated age could be
calculated more accurately when the financial incentives, gender and status of the individuals
would be taken into account.
The advice towards PFZW that can be given based on this research is that the found factors should
be used in the calculation of the retirement age. Because a calculation for al individuals separately
would be very time consuming my advice is to make a deviation into income- and pension right –
classes. With these classes, the gender and status included, the next research will be more accurate
and will give a more precise value! Especially since the differences in values turn out to influence
the (early) retirement age.
6.2 Recommendations for further research
As was already stated in the previous section, the recommendation towards PFZW is made
that the expected (early) retirement age should be calculated with the use of the five factors
that were found to be of significance.
Besides this the research could be expanded to a regression done on more years than only
2009. By making more regressions the conclusion of the research could be stated more
strongly and could be more precise.
Lastly the variables that are researched in the regression could be expanded if the
participants would be asked personal information. However this information is not available
at PFZW and this would need a completely other approach and would therefore give a
different set up compared to this thesis.
Master thesis: The (early) retirement age Page 60
Articles and references:
Belloni, M., Alessie, R. (2009). The importance of financial incentives on retirement choices:
New evidence for Italy. Labour economics, 16(5) 578-588.
Donner, J., Klijnsma, J. (2009). Wetsvoorstel tot wijziging van de algemene ouderdomswet,
de wet inkomstenbelasting 2001 en de wet op de loonbelasting 1964 i.v.m. de
verhoging van de leeftijd waarop recht op ouderdomspensioen ontstaat. Retrieved
May 3, 2010 from http://docs.minszw.nl/pdf/34/2009/34_2009_3_13632.pdf.
Euwals, R., Trevisan, E. (2010). “ Early retirement and financial incentives: differences
between high and low wage earners”. Forthcoming.
Euwals, R., Vuuren, D., van, Wolthoff, R., (2006). Early retirement behaviour in the
Netherlands, evidence from a policy reform. CPB discussion paper 52.
Henkens, K., Kalmijn, M., (2006). Labor market exits of older men in the Netherlands: an
analysis of survey data 1979-99. In: Blossfeld, H.P., Buchholz, S., Hofacker, D.
(eds.), Globalization, uncertainty and late careers in society. London, New York:
Routledge, page 79-99.
Henkens, K., Dalen, H.P., van, Solinge, H., van, (2009). De vervagende grens tussen werk en
pensioen: over doorwerkers, doorstarters en herintreders. NIDI, KNAW Press, rapport
no. 78.
Heijdra, B.J., Romp, W.E., (2009). Retirement, pensions and ageing. Journal of public
economics, volume 93, issues 3-4, pages 586-604.
Heyma, A. (2004). A structural dynamic analysis of retirement behavior in the Netherlands.
Journal of applied econometrics, volume 19, pages 739-759.
Kerkhofs, M., M. Lindeboom, and J. Theeuwes, (1999). Retirement, Financial Incentives and
Health. Labour Economics, volume 6, 1999, pages 203-227.
Kohli, M., Rein, M., (1991). The changing balance of work and retirement. In: M. Kohli, M.
Rein, A. Guillemard and H. v. Gunsteren (eds.). Time for Retirement, Cambridge
University Press, pages 1-35.
Lumsdaine, R., Mitchell, O. (1999). New development in the economic analysis of
retirement. In; Ashenfelter, O., Card, D. (eds.). Handbook of Labour Economics,
volume 3, pages 3261-3307.
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Nimwegen, N. van, Heering, L., (2009). Bevolkingsvraagstukken in Nederland anno 2009.
Van groei naar krimp; een demografische omslag in beleid. Werkverband periodieke
rapportage bevolkingsvraagstukken (WPRB). NIDI rapport nr. 80.
Oorschot, W., Jensen, P.H. (2009). Early retirement differences between Denmark and the
Netherlands: A cross-national comparison of push and pull factors in two small
European welfare states. Journal of Aging Studies, volume 23(4), pages 267-278.
PFZW (2008). “ De ontwikkeling van de pensioenregeling en de financiering van het
pensioenfonds voor de sector zorg en welzijn tot en met 2007”. Pensioenfonds Zorg
&Welzijn, pages 64-68.
PFZW (2009). Jaarverslag 2009. Pensioenfonds Zorg & Welzijn, pages 91-95.
PGGM(2010). Betaalbaar, goed pensioen niet zonder risico. Bram@PGGM, volume 11.
PFZW (2009). Statuten en reglementen 2009. Pensioenfonds Zorg & Welzijn, page 98.
Solinge, H. van, Henkens, K., Dalen, H.P., van (2009). Do retirement plans come true?
Demos, bulletin on population and society, volume 25 (special issue), pages 7-9.
Vuren, A., van., Vuuren, D., van, Euwals, R., (2009). The decline of substitute pathways into
retirement. CPB Discussion Paper, forthcoming.
Welten Opleidingen & Ontwikkeling BV (2008). Succes verzekerd. Examentraining Wft
Verzekeren Leven.
Master thesis: The (early) retirement age Page 62
Appendix A -- Pensions
Partner pension
The partner pension is financed for fifty percent out of capital-coverage and for the other fifty
percent out of risk-coverage. The partner pension of the active participant is equal to 1.25 percent
of the pension base, per year. When the employee dies before the age of 65 it is assumed that the
company, which the employee worked for, will continue at least until the employee would have
reached the age of 65. So that the spouse who is left behind does not have to worry about his or her
financial position.
Orphan pension
When an active employee or retiree has died, the children that he or she has left behind have, until
the age of 21, the right to receive an orphan pension. The orphan pension is equal to 0.25 percent of
the pension base, per year. The old arrangement, the NCP calculates the pension base differently
than nowadays in the NFP. In the old arrangement the pension base is calculated subtracting the
middle-wage franchise from the salary. In the NFP the contribution is raised on the pension base,
which is equal to the salary of the employee minus the franchise.
The orphan pension works just like the partner pension: when the employee dies before the age of
65 it is assumed that the company will continue at least until the employee would have reached the
age of 65.
Disability pension
In the disability pension it is made sure that the individual receives a pension worth in total on
average 70 percent of the gross last received salary. This pension acts as an insurance to guarantee
the individual with a certain minimal standard of living.
Master thesis: The (early) retirement age Page 63
Appendix B – Average net FLEX right
Average net FLEX-right for males and females.
Master thesis: The (early) retirement age Page 64
Appendix C – Male rights
Table with forward and postpone factors on the vertical axes, the year of birth and average pension right on the horizontal axes.
The blue boxes represent the 30% of income for that year of birth, the green boxes 50% income and the red boxes 70%.
mannen nog op te bouwen 2,101530514 9,173267154 20,85420377 26,62972473 18,46694783 586,8701614 691,7027143 758,6730575 860,0218677 940,2688421 1203,603116 1280,260221 1320,674732 1402,962134 1484,251832 1521,335484 1562,22572
FLEX 13891,88039 15041,37707 17113,97863 20478,97461 22942,20411 20202,45196 16975,49644 15824,33526 15175,73655 14673,25353 13909,09388 13038,46643 12028,61065 11204,47937 10604,17985 9815,813975 9111,636761
opgebouwd 17,59378154 31,45011511 55,90133632 56,75133896 28,0697539 796,6676725 767,8928396 717,2231474 692,1479963 667,0633569 471,1512204 445,0069127 416,2474517 422,6801553 427,9312495 409,5523682 407,0256116
1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961
13911,5757 15082,00045 17190,73417 20562,35568 22988,74081 21585,9898 18435,09199 17300,23146 16727,90641 16280,58573 15583,84821 14763,73356 13765,53283 13030,12166 12516,36293 11746,70183 11080,88809
55 45,71% 6.358,63€ 6.893,60€ 7.857,45€ 9.398,53€ 10.507,57€ 9.866,41€ 8.426,22€ 7.907,50€ 7.645,90€ 7.441,45€ 7.122,98€ 6.748,13€ 6.291,88€ 5.955,74€ 5.720,91€ 5.369,12€ 5.064,79€
55 1/12 46,17% 6.422,56€ 6.962,92€ 7.936,46€ 9.493,03€ 10.613,22€ 9.965,62€ 8.510,94€ 7.987,01€ 7.722,78€ 7.516,27€ 7.194,60€ 6.815,98€ 6.355,14€ 6.015,62€ 5.778,44€ 5.423,11€ 5.115,72€
55 2/12 46,63% 6.487,43€ 7.033,24€ 8.016,62€ 9.588,92€ 10.720,42€ 10.066,27€ 8.596,90€ 8.067,68€ 7.800,78€ 7.592,18€ 7.267,27€ 6.884,82€ 6.419,33€ 6.076,38€ 5.836,80€ 5.477,88€ 5.167,39€
55 3/12 47,11% 6.553,26€ 7.104,60€ 8.097,96€ 9.686,21€ 10.829,19€ 10.168,41€ 8.684,13€ 8.149,54€ 7.879,93€ 7.669,22€ 7.341,01€ 6.954,68€ 6.484,46€ 6.138,04€ 5.896,02€ 5.533,46€ 5.219,82€
55 4/12 47,59% 6.620,06€ 7.177,03€ 8.180,50€ 9.784,95€ 10.939,58€ 10.272,06€ 8.772,65€ 8.232,61€ 7.960,26€ 7.747,39€ 7.415,84€ 7.025,57€ 6.550,56€ 6.200,60€ 5.956,12€ 5.589,87€ 5.273,03€
55 5/12 48,07% 6.687,86€ 7.250,53€ 8.264,28€ 9.885,16€ 11.051,62€ 10.377,26€ 8.862,50€ 8.316,92€ 8.041,78€ 7.826,74€ 7.491,79€ 7.097,53€ 6.617,65€ 6.264,11€ 6.017,12€ 5.647,12€ 5.327,03€
55 6/12 48,57% 6.756,68€ 7.325,14€ 8.349,33€ 9.986,88€ 11.165,34€ 10.484,05€ 8.953,69€ 8.402,51€ 8.124,54€ 7.907,28€ 7.568,88€ 7.170,56€ 6.685,75€ 6.328,57€ 6.079,04€ 5.705,23€ 5.381,85€
55 7/12 49,07% 6.826,54€ 7.400,88€ 8.435,66€ 10.090,14€ 11.280,80€ 10.592,45€ 9.046,28€ 8.489,39€ 8.208,54€ 7.989,04€ 7.647,14€ 7.244,71€ 6.754,88€ 6.394,01€ 6.141,90€ 5.764,22€ 5.437,50€
55 8/12 49,58% 6.897,48€ 7.477,78€ 8.523,31€ 10.194,99€ 11.398,01€ 10.702,52€ 9.140,27€ 8.577,60€ 8.293,84€ 8.072,05€ 7.726,60€ 7.319,98€ 6.825,07€ 6.460,44€ 6.205,72€ 5.824,11€ 5.494,00€
55 9/12 50,10% 6.969,50€ 7.555,87€ 8.612,31€ 10.301,45€ 11.517,03€ 10.814,27€ 9.235,72€ 8.667,17€ 8.380,44€ 8.156,34€ 7.807,29€ 7.396,42€ 6.896,34€ 6.527,91€ 6.270,52€ 5.884,93€ 5.551,37€
55 10/12 50,62% 7.042,65€ 7.635,17€ 8.702,70€ 10.409,56€ 11.637,90€ 10.927,77€ 9.332,65€ 8.758,13€ 8.468,39€ 8.241,94€ 7.889,22€ 7.474,05€ 6.968,71€ 6.596,42€ 6.336,33€ 5.946,69€ 5.609,63€
55 11/12 51,16% 7.116,93€ 7.715,70€ 8.794,50€ 10.519,36€ 11.760,66€ 11.043,04€ 9.431,09€ 8.850,51€ 8.557,72€ 8.328,88€ 7.972,44€ 7.552,88€ 7.042,22€ 6.666,00€ 6.403,17€ 6.009,42€ 5.668,80€
56 51,70% 7.192,39€ 7.797,51€ 8.887,75€ 10.630,90€ 11.885,36€ 11.160,13€ 9.531,09€ 8.944,36€ 8.648,46€ 8.417,19€ 8.056,97€ 7.632,97€ 7.116,89€ 6.736,68€ 6.471,06€ 6.073,14€ 5.728,91€
56 1/12 52,27% 7.271,64€ 7.883,43€ 8.985,67€ 10.748,03€ 12.016,31€ 11.283,09€ 9.636,10€ 9.042,91€ 8.743,75€ 8.509,93€ 8.145,74€ 7.717,07€ 7.195,30€ 6.810,90€ 6.542,36€ 6.140,05€ 5.792,03€
56 2/12 52,85% 7.352,20€ 7.970,76€ 9.085,21€ 10.867,10€ 12.149,43€ 11.408,08€ 9.742,85€ 9.143,08€ 8.840,61€ 8.604,20€ 8.235,98€ 7.802,56€ 7.275,01€ 6.886,35€ 6.614,83€ 6.208,07€ 5.856,19€
56 3/12 53,44% 7.434,09€ 8.059,55€ 9.186,41€ 10.988,15€ 12.284,76€ 11.535,16€ 9.851,38€ 9.244,93€ 8.939,09€ 8.700,05€ 8.327,72€ 7.889,47€ 7.356,05€ 6.963,06€ 6.688,52€ 6.277,22€ 5.921,42€
56 4/12 54,04% 7.517,37€ 8.149,82€ 9.289,32€ 11.111,23€ 12.422,37€ 11.664,37€ 9.961,73€ 9.348,49€ 9.039,22€ 8.797,50€ 8.421,01€ 7.977,84€ 7.438,45€ 7.041,06€ 6.763,44€ 6.347,54€ 5.987,75€
56 5/12 54,65% 7.602,05€ 8.241,63€ 9.393,96€ 11.236,40€ 12.562,31€ 11.795,77€ 10.073,95€ 9.453,80€ 9.141,05€ 8.896,61€ 8.515,87€ 8.067,71€ 7.522,24€ 7.120,37€ 6.839,63€ 6.419,04€ 6.055,21€
56 6/12 55,26% 7.688,18€ 8.335,01€ 9.500,39€ 11.363,71€ 12.704,64€ 11.929,41€ 10.188,08€ 9.560,91€ 9.244,61€ 8.997,40€ 8.612,35€ 8.159,12€ 7.607,47€ 7.201,05€ 6.917,12€ 6.491,77€ 6.123,81€
56 7/12 55,89% 7.775,79€ 8.430,00€ 9.608,66€ 11.493,21€ 12.849,42€ 12.065,36€ 10.304,19€ 9.669,86€ 9.349,97€ 9.099,94€ 8.710,50€ 8.252,10€ 7.694,16€ 7.283,11€ 6.995,95€ 6.565,75€ 6.193,60€
56 8/12 56,54% 7.864,93€ 8.526,63€ 9.718,81€ 11.624,96€ 12.996,72€ 12.203,67€ 10.422,31€ 9.780,71€ 9.457,15€ 9.204,25€ 8.810,35€ 8.346,70€ 7.782,37€ 7.366,60€ 7.076,15€ 6.641,02€ 6.264,60€
56 9/12 57,19% 7.955,63€ 8.624,96€ 9.830,89€ 11.759,02€ 13.146,60€ 12.344,41€ 10.542,50€ 9.893,51€ 9.566,21€ 9.310,40€ 8.911,96€ 8.442,96€ 7.872,11€ 7.451,55€ 7.157,75€ 6.717,60€ 6.336,84€
56 10/12 57,85% 8.047,94€ 8.725,04€ 9.944,95€ 11.895,46€ 13.299,14€ 12.487,64€ 10.664,82€ 10.008,30€ 9.677,20€ 9.418,42€ 9.015,36€ 8.540,92€ 7.963,45€ 7.538,01€ 7.240,80€ 6.795,54€ 6.410,37€
56 11/12 58,53% 8.141,89€ 8.826,89€ 10.061,05€ 12.034,32€ 13.454,39€ 12.633,42€ 10.789,32€ 10.125,13€ 9.790,17€ 9.528,38€ 9.120,60€ 8.640,62€ 8.056,42€ 7.626,01€ 7.325,33€ 6.874,88€ 6.485,20€
57 59,21% 8.237,53€ 8.930,58€ 10.179,24€ 12.175,69€ 13.612,44€ 12.781,82€ 10.916,07€ 10.244,08€ 9.905,18€ 9.640,31€ 9.227,74€ 8.742,13€ 8.151,06€ 7.715,59€ 7.411,38€ 6.955,64€ 6.561,38€
57 1/12 59,94% 8.338,24€ 9.039,76€ 10.303,68€ 12.324,54€ 13.778,85€ 12.938,08€ 11.049,51€ 10.369,31€ 10.026,27€ 9.758,16€ 9.340,55€ 8.849,00€ 8.250,70€ 7.809,92€ 7.501,98€ 7.040,67€ 6.641,60€
57 2/12 60,67% 8.440,84€ 9.151,00€ 10.430,47€ 12.476,20€ 13.948,41€ 13.097,29€ 11.185,48€ 10.496,91€ 10.149,65€ 9.878,24€ 9.455,49€ 8.957,89€ 8.352,23€ 7.906,02€ 7.594,30€ 7.127,31€ 6.723,32€
57 3/12 61,43% 8.545,41€ 9.264,36€ 10.559,68€ 12.630,76€ 14.121,20€ 13.259,54€ 11.324,05€ 10.626,94€ 10.275,38€ 10.000,61€ 9.572,63€ 9.068,86€ 8.455,70€ 8.003,96€ 7.688,38€ 7.215,60€ 6.806,61€
57 4/12 62,19% 8.651,99€ 9.379,91€ 10.691,39€ 12.788,29€ 14.297,33€ 13.424,92€ 11.465,29€ 10.759,49€ 10.403,54€ 10.125,34€ 9.692,02€ 9.181,97€ 8.561,16€ 8.103,79€ 7.784,27€ 7.305,60€ 6.891,51€
57 5/12 62,97% 8.760,65€ 9.497,71€ 10.825,66€ 12.948,89€ 14.476,88€ 13.593,51€ 11.609,27€ 10.894,61€ 10.534,20€ 10.252,50€ 9.813,74€ 9.297,28€ 8.668,68€ 8.205,56€ 7.882,03€ 7.397,34€ 6.978,05€
57 6/12 63,77% 8.871,44€ 9.617,82€ 10.962,56€ 13.112,65€ 14.659,96€ 13.765,42€ 11.756,09€ 11.032,39€ 10.667,42€ 10.382,16€ 9.937,85€ 9.414,86€ 8.778,31€ 8.309,33€ 7.981,71€ 7.490,89€ 7.066,30€
57 7/12 64,58% 8.984,43€ 9.740,32€ 11.102,19€ 13.279,66€ 14.846,68€ 13.940,75€ 11.905,82€ 11.172,90€ 10.803,28€ 10.514,39€ 10.064,42€ 9.534,77€ 8.890,11€ 8.415,16€ 8.083,37€ 7.586,30€ 7.156,30€
57 8/12 65,41% 9.099,68€ 9.865,27€ 11.244,61€ 13.450,02€ 15.037,14€ 14.119,59€ 12.058,56€ 11.316,23€ 10.941,87€ 10.649,27€ 10.193,53€ 9.657,09€ 9.004,16€ 8.523,12€ 8.187,06€ 7.683,62€ 7.248,11€
57 9/12 66,26% 9.217,27€ 9.992,75€ 11.389,92€ 13.623,83€ 15.231,46€ 14.302,05€ 12.214,38€ 11.462,47€ 11.083,27€ 10.786,89€ 10.325,26€ 9.781,88€ 9.120,51€ 8.633,26€ 8.292,86€ 7.782,91€ 7.341,77€
57 10/12 67,12% 9.337,27€ 10.122,85€ 11.538,20€ 13.801,19€ 15.429,75€ 14.488,24€ 12.373,40€ 11.611,69€ 11.227,56€ 10.927,32€ 10.459,68€ 9.909,23€ 9.239,25€ 8.745,65€ 8.400,82€ 7.884,24€ 7.437,35€
57 11/12 68,00% 9.459,75€ 10.255,63€ 11.689,55€ 13.982,22€ 15.632,14€ 14.678,28€ 12.535,70€ 11.764,00€ 11.374,83€ 11.070,65€ 10.596,88€ 10.039,21€ 9.360,44€ 8.860,37€ 8.511,02€ 7.987,65€ 7.534,91€
58 68,90% 9.584,78€ 10.391,18€ 11.844,05€ 14.167,03€ 15.838,76€ 14.872,29€ 12.701,39€ 11.919,50€ 11.525,18€ 11.216,98€ 10.736,94€ 10.171,90€ 9.484,16€ 8.977,48€ 8.623,51€ 8.093,23€ 7.634,50€
58 1/12 69,85% 9.716,86€ 10.534,37€ 12.007,27€ 14.362,25€ 16.057,02€ 15.077,23€ 12.876,42€ 12.083,75€ 11.683,99€ 11.371,55€ 10.884,90€ 10.312,07€ 9.614,85€ 9.101,19€ 8.742,34€ 8.204,76€ 7.739,70€
58 2/12 70,82% 9.851,85€ 10.680,72€ 12.174,07€ 14.561,77€ 16.280,08€ 15.286,69€ 13.055,29€ 12.251,61€ 11.846,31€ 11.529,52€ 11.036,11€ 10.455,33€ 9.748,42€ 9.227,62€ 8.863,79€ 8.318,74€ 7.847,22€
58 3/12 71,81% 9.989,84€ 10.830,32€ 12.344,59€ 14.765,73€ 16.508,11€ 15.500,80€ 13.238,16€ 12.423,22€ 12.012,23€ 11.691,01€ 11.190,69€ 10.601,77€ 9.884,97€ 9.356,87€ 8.987,94€ 8.435,25€ 7.957,14€
58 4/12 72,82% 10.130,94€ 10.983,28€ 12.518,94€ 14.974,29€ 16.741,27€ 15.719,74€ 13.425,13€ 12.598,68€ 12.181,90€ 11.856,14€ 11.348,75€ 10.751,51€ 10.024,58€ 9.489,03€ 9.114,89€ 8.554,39€ 8.069,52€
58 5/12 73,86% 10.275,25€ 11.139,74€ 12.697,27€ 15.187,59€ 16.979,74€ 15.943,66€ 13.616,37€ 12.778,15€ 12.355,42€ 12.025,02€ 11.510,41€ 10.904,66€ 10.167,38€ 9.624,19€ 9.244,73€ 8.676,25€ 8.184,47€
58 6/12 74,92% 10.422,88€ 11.299,79€ 12.879,70€ 15.405,80€ 17.223,71€ 16.172,73€ 13.812,01€ 12.961,74€ 12.532,94€ 12.197,80€ 11.675,79€ 11.061,34€ 10.313,46€ 9.762,47€ 9.377,55€ 8.800,91€ 8.302,06€
58 7/12 76,01% 10.573,95€ 11.463,57€ 13.066,39€ 15.629,10€ 17.473,35€ 16.407,15€ 14.012,20€ 13.149,61€ 12.714,60€ 12.374,60€ 11.845,02€ 11.221,66€ 10.462,95€ 9.903,98€ 9.513,48€ 8.928,47€ 8.422,40€
58 8/12 77,12% 10.728,59€ 11.631,22€ 13.257,47€ 15.857,66€ 17.728,89€ 16.647,09€ 14.217,12€ 13.341,91€ 12.900,54€ 12.555,57€ 12.018,24€ 11.385,77€ 10.615,96€ 10.048,81€ 9.652,60€ 9.059,04€ 8.545,57€
58 9/12 78,26% 10.886,91€ 11.802,86€ 13.453,11€ 16.091,67€ 17.990,51€ 16.892,75€ 14.426,92€ 13.538,80€ 13.090,91€ 12.740,85€ 12.195,60€ 11.553,79€ 10.772,62€ 10.197,10€ 9.795,05€ 9.192,73€ 8.671,67€
58 10/12 79,42% 11.049,06€ 11.978,65€ 13.653,48€ 16.331,34€ 18.258,46€ 17.144,34€ 14.641,79€ 13.740,45€ 13.285,88€ 12.930,61€ 12.377,23€ 11.725,87€ 10.933,06€ 10.348,98€ 9.940,93€ 9.329,64€ 8.800,83€
58 11/12 80,62% 11.215,16€ 12.158,73€ 13.858,74€ 16.576,86€ 18.532,95€ 17.402,09€ 14.861,91€ 13.947,01€ 13.485,62€ 13.125,00€ 12.563,31€ 11.902,15€ 11.097,43€ 10.504,56€ 10.090,38€ 9.469,90€ 8.933,14€
59 81,84% 11.385,38€ 12.343,27€ 14.069,08€ 16.828,45€ 18.814,23€ 17.666,20€ 15.087,48€ 14.158,69€ 13.690,30€ 13.324,21€ 12.753,99€ 12.082,80€ 11.265,86€ 10.663,99€ 10.243,52€ 9.613,63€ 9.068,72€
59 1/12 83,14% 11.565,96€ 12.539,04€ 14.292,22€ 17.095,36€ 19.112,64€ 17.946,40€ 15.326,77€ 14.383,26€ 13.907,43€ 13.535,54€ 12.956,27€ 12.274,44€ 11.444,54€ 10.833,13€ 10.405,99€ 9.766,10€ 9.212,55€
59 2/12 84,47% 11.751,27€ 12.739,94€ 14.521,21€ 17.369,26€ 19.418,86€ 18.233,94€ 15.572,34€ 14.613,71€ 14.130,26€ 13.752,40€ 13.163,86€ 12.471,10€ 11.627,91€ 11.006,70€ 10.572,72€ 9.922,58€ 9.360,16€
59 3/12 85,84% 11.941,50€ 12.946,18€ 14.756,28€ 17.650,43€ 19.733,21€ 18.529,11€ 15.824,42€ 14.850,27€ 14.359,00€ 13.975,02€ 13.376,95€ 12.672,98€ 11.816,14€ 11.184,87€ 10.743,87€ 10.083,20€ 9.511,68€
59 4/12 87,24% 12.136,84€ 13.157,96€ 14.997,67€ 17.939,17€ 20.056,01€ 18.832,22€ 16.083,29€ 15.093,20€ 14.593,89€ 14.203,63€ 13.595,78€ 12.880,29€ 12.009,43€ 11.367,84€ 10.919,62€ 10.248,15€ 9.667,27€
59 5/12 88,69% 12.337,52€ 13.375,51€ 15.245,65€ 18.235,78€ 20.387,62€ 19.143,59€ 16.349,21€ 15.342,75€ 14.835,19€ 14.438,48€ 13.820,57€ 13.093,25€ 12.208,00€ 11.555,80€ 11.100,17€ 10.417,59€ 9.827,11€
59 6/12 90,17% 12.543,73€ 13.599,08€ 15.500,47€ 18.540,58€ 20.728,40€ 19.463,57€ 16.622,48€ 15.599,20€ 15.083,15€ 14.679,81€ 14.051,58€ 13.312,10€ 12.412,05€ 11.748,95€ 11.285,70€ 10.591,72€ 9.991,37€
59 7/12 91,69% 12.755,73€ 13.828,91€ 15.762,44€ 18.853,93€ 21.078,72€ 19.792,52€ 16.903,41€ 15.862,84€ 15.338,07€ 14.927,91€ 14.289,06€ 13.537,09€ 12.621,82€ 11.947,51€ 11.476,44€ 10.770,73€ 10.160,23€
59 8/12 93,26% 12.973,76€ 14.065,28€ 16.031,86€ 19.176,19€ 21.439,01€ 20.130,82€ 17.192,33€ 16.133,97€ 15.600,23€ 15.183,07€ 14.533,30€ 13.768,47€ 12.837,56€ 12.151,72€ 11.672,60€ 10.954,82€ 10.333,89€
59 9/12 94,87% 13.198,07€ 14.308,47€ 16.309,05€ 19.507,74€ 21.809,68€ 20.478,87€ 17.489,58€ 16.412,93€ 15.869,96€ 15.445,58€ 14.784,57€ 14.006,52€ 13.059,52€ 12.361,82€ 11.874,42€ 11.144,23€ 10.512,56€
59 10/12 96,53% 13.428,95€ 14.558,77€ 16.594,34€ 19.848,99€ 22.191,20€ 20.837,11€ 17.795,53€ 16.700,04€ 16.147,57€ 15.715,77€ 15.043,20€ 14.251,54€ 13.287,97€ 12.578,07€ 12.082,14€ 11.339,18€ 10.696,46€
59 11/12 98,24% 13.666,68€ 14.816,50€ 16.888,11€ 20.200,38€ 22.584,05€ 21.205,99€ 18.110,56€ 16.995,68€ 16.433,43€ 15.993,98€ 15.309,51€ 14.503,83€ 13.523,21€ 12.800,74€ 12.296,03€ 11.539,91€ 10.885,82€
60 100,00% 13.911,58€ 15.082,00€ 17.190,73€ 20.562,36€ 22.988,74€ 21.585,99€ 18.435,09€ 17.300,23€ 16.727,91€ 16.280,59€ 15.583,85€ 14.763,73€ 13.765,53€ 13.030,12€ 12.516,36€ 11.746,70€ 11.080,89€
60 1/12 101,87% 14.171,63€ 15.363,93€ 17.512,09€ 20.946,73€ 23.418,48€ 21.989,50€ 18.779,71€ 17.623,63€ 17.040,61€ 16.584,92€ 15.875,16€ 15.039,72€ 14.022,86€ 13.273,70€ 12.750,34€ 11.966,29€ 11.288,03€
60 2/12 103,80% 14.440,27€ 15.655,17€ 17.844,05€ 21.343,80€ 23.862,40€ 22.406,34€ 19.135,70€ 17.957,71€ 17.363,63€ 16.899,31€ 16.176,09€ 15.324,81€ 14.288,68€ 13.525,32€ 12.992,03€ 12.193,12€ 11.502,00€
60 3/12 105,80% 14.717,92€ 15.956,18€ 18.187,14€ 21.754,19€ 24.321,21€ 22.837,16€ 19.503,63€ 18.302,99€ 17.697,49€ 17.224,24€ 16.487,12€ 15.619,47€ 14.563,41€ 13.785,37€ 13.241,84€ 12.427,56€ 11.723,16€
60 4/12 107,86% 15.005,03€ 16.267,45€ 18.541,93€ 22.178,56€ 24.795,66€ 23.282,65€ 19.884,09€ 18.660,03€ 18.042,72€ 17.560,24€ 16.808,74€ 15.924,16€ 14.847,50€ 14.054,29€ 13.500,15€ 12.669,99€ 11.951,85€
60 5/12 110,00% 15.302,07€ 16.589,49€ 18.908,99€ 22.617,62€ 25.286,53€ 23.743,57€ 20.277,73€ 19.029,43€ 18.399,90€ 17.907,87€ 17.141,49€ 16.239,41€ 15.141,43€ 14.332,52€ 13.767,41€ 12.920,82€ 12.188,45€
60 6/12 112,21% 15.609,58€ 16.922,86€ 19.288,98€ 23.072,13€ 25.794,67€ 24.220,70€ 20.685,22€ 19.411,84€ 18.769,66€ 18.267,74€ 17.485,96€ 16.565,75€ 15.445,71€ 14.620,53€ 14.044,07€ 13.180,46€ 12.433,38€
60 7/12 114,50% 15.928,08€ 17.268,16€ 19.682,56€ 23.542,90€ 26.321,00€ 24.714,92€ 21.107,29€ 19.807,93€ 19.152,65€ 18.640,48€ 17.842,75€ 16.903,76€ 15.760,87€ 14.918,86€ 14.330,63€ 13.449,41€ 12.687,08€
60 8/12 116,87% 16.258,18€ 17.626,03€ 20.090,47€ 24.030,82€ 26.866,49€ 25.227,12€ 21.544,73€ 20.218,44€ 19.549,57€ 19.026,80€ 18.212,53€ 17.254,08€ 16.087,50€ 15.228,04€ 14.627,62€ 13.728,14€ 12.950,01€
60 9/12 119,33% 16.600,51€ 17.997,16€ 20.513,49€ 24.536,80€ 27.432,17€ 25.758,29€ 21.998,36€ 20.644,15€ 19.961,20€ 19.427,42€ 18.596,01€ 17.617,38€ 16.426,24€ 15.548,68€ 14.935,62€ 14.017,19€ 13.222,68€
60 10/12 121,88% 16.955,74€ 18.382,28€ 20.952,45€ 25.061,85€ 28.019,19€ 26.309,48€ 22.469,10€ 21.085,90€ 20.388,34€ 19.843,14€ 18.993,94€ 17.994,36€ 16.777,74€ 15.881,40€ 15.255,22€ 14.317,14€ 13.505,63€
60 11/12 124,53% 17.324,60€ 18.782,17€ 21.408,25€ 25.607,06€ 28.628,73€ 26.881,83€ 22.957,90€ 21.544,61€ 20.831,88€ 20.274,81€ 19.407,14€ 18.385,82€ 17.142,72€ 16.226,89€ 15.587,09€ 14.628,60€ 13.799,44€
61 127,29% 17.707,88€ 19.197,70€ 21.881,88€ 26.173,57€ 29.262,09€ 27.476,55€ 23.465,81€ 22.021,26€ 21.292,75€ 20.723,36€ 19.836,49€ 18.792,58€ 17.521,98€ 16.585,88€ 15.931,93€ 14.952,23€ 14.104,73€
61 1/12 130,23% 18.117,09€ 19.641,33€ 22.387,54€ 26.778,42€ 29.938,31€ 28.111,50€ 24.008,07€ 22.530,14€ 21.784,80€ 21.202,25€ 20.294,89€ 19.226,85€ 17.926,89€ 16.969,17€ 16.300,10€ 15.297,76€ 14.430,67€
61 2/12 133,30% 18.543,45€ 20.103,57€ 22.914,41€ 27.408,62€ 30.642,87€ 28.773,07€ 24.573,08€ 23.060,36€ 22.297,48€ 21.701,23€ 20.772,51€ 19.679,34€ 18.348,78€ 17.368,52€ 16.683,70€ 15.657,78€ 14.770,28€
61 3/12 136,49% 18.988,06€ 20.585,58€ 23.463,81€ 28.065,78€ 31.377,57€ 29.462,94€ 25.162,25€ 23.613,27€ 22.832,10€ 22.221,54€ 21.270,56€ 20.151,17€ 18.788,72€ 17.784,95€ 17.083,72€ 16.033,20€ 15.124,42€
61 4/12 139,83% 19.452,08€ 21.088,64€ 24.037,21€ 28.751,64€ 32.144,37€ 30.182,95€ 25.777,16€ 24.190,32€ 23.390,06€ 22.764,58€ 21.790,36€ 20.643,62€ 19.247,87€ 18.219,57€ 17.501,20€ 16.425,01€ 15.494,03€
61 5/12 143,31% 19.936,80€ 21.614,15€ 24.636,19€ 29.468,09€ 32.945,36€ 30.935,07€ 26.419,49€ 24.793,11€ 23.972,91€ 23.331,85€ 22.333,35€ 21.158,03€ 19.727,50€ 18.673,58€ 17.937,31€ 16.834,30€ 15.880,12€
61 6/12 146,95% 20.443,62€ 22.163,60€ 25.262,47€ 30.217,20€ 33.782,87€ 31.721,47€ 27.091,10€ 25.423,38€ 24.582,33€ 23.924,97€ 22.901,09€ 21.695,90€ 20.229,00€ 19.148,28€ 18.393,30€ 17.262,25€ 16.283,81€
61 7/12 150,77% 20.974,05€ 22.738,66€ 25.917,94€ 31.001,23€ 34.659,41€ 32.544,53€ 27.794,02€ 26.083,02€ 25.220,15€ 24.545,73€ 23.495,28€ 22.258,82€ 20.753,87€ 19.645,11€ 18.870,53€ 17.710,14€ 16.706,31€
61 8/12 154,76% 21.529,77€ 23.341,14€ 26.604,65€ 31.822,63€ 35.577,74€ 33.406,82€ 28.530,44€ 26.774,11€ 25.888,37€ 25.196,09€ 24.117,81€ 22.848,59€ 21.303,76€ 20.165,62€ 19.370,52€ 18.179,38€ 17.148,96€
61 9/12 158,95% 22.112,61€ 23.973,02€ 27.324,87€ 32.684,10€ 36.540,87€ 34.311,18€ 29.302,79€ 27.498,92€ 26.589,20€ 25.878,18€ 24.770,71€ 23.467,13€ 21.880,47€ 20.711,53€ 19.894,90€ 18.671,52€ 17.613,20€
61 10/12 163,35% 22.724,57€ 24.636,46€ 28.081,08€ 33.588,63€ 37.552,13€ 35.260,73€ 30.113,74€ 28.259,94€ 27.325,05€ 26.594,35€ 25.456,23€ 24.116,57€ 22.486,01€ 21.284,72€ 20.445,49€ 19.188,25€ 18.100,64€
61 11/12 167,97% 23.367,87€ 25.333,88€ 28.876,01€ 34.539,47€ 38.615,17€ 36.258,91€ 30.966,21€ 29.059,94€ 28.098,58€ 27.347,19€ 26.176,85€ 24.799,27€ 23.122,55€ 21.887,25€ 21.024,27€ 19.731,44€ 18.613,04€
62 172,84% 24.044,94€ 26.067,91€ 29.712,67€ 35.540,23€ 39.734,02€ 37.309,49€ 31.863,44€ 29.901,93€ 28.912,72€ 28.139,56€ 26.935,31€ 25.517,82€ 23.792,52€ 22.521,42€ 21.633,43€ 20.303,14€ 19.152,34€
62 1/12 178,12% 24.779,57€ 26.864,35€ 30.620,47€ 36.626,07€ 40.948,00€ 38.449,39€ 32.836,95€ 30.815,51€ 29.796,07€ 28.999,30€ 27.758,26€ 26.297,45€ 24.519,44€ 23.209,51€ 22.294,39€ 20.923,46€ 19.737,50€
62 2/12 183,71% 25.556,26€ 27.706,39€ 31.580,24€ 37.774,08€ 42.231,47€ 39.654,55€ 33.866,19€ 31.781,40€ 30.730,01€ 29.908,25€ 28.628,31€ 27.121,72€ 25.287,98€ 23.936,99€ 22.993,19€ 21.579,28€ 20.356,15€
62 3/12 189,62% 26.378,70€ 28.598,02€ 32.596,54€ 38.989,70€ 43.590,54€ 40.930,68€ 34.956,05€ 32.804,16€ 31.718,94€ 30.870,74€ 29.549,61€ 27.994,53€ 26.101,78€ 24.707,31€ 23.733,14€ 22.273,73€ 21.011,24€
62 4/12 195,89% 27.251,00€ 29.543,71€ 33.674,45€ 40.279,03€ 45.032,01€ 42.284,20€ 36.111,99€ 33.888,94€ 32.767,83€ 31.891,59€ 30.526,77€ 28.920,27€ 26.964,92€ 25.524,34€ 24.517,96€ 23.010,29€ 21.706,04€
62 5/12 202,55% 28.177,80€ 30.548,49€ 34.819,72€ 41.648,91€ 46.563,54€ 43.722,28€ 37.340,15€ 35.041,50€ 33.882,26€ 32.976,22€ 31.564,98€ 29.903,84€ 27.881,99€ 26.392,42€ 25.351,81€ 23.792,86€ 22.444,26€
62 6/12 209,64% 29.164,34€ 31.618,02€ 36.038,79€ 43.107,08€ 48.193,78€ 45.253,04€ 38.647,47€ 36.268,34€ 35.068,51€ 34.130,75€ 32.670,10€ 30.950,81€ 28.858,17€ 27.316,45€ 26.239,40€ 24.625,88€ 23.230,06€
62 7/12 217,20% 30.216,52€ 32.758,73€ 37.338,99€ 44.662,29€ 49.932,50€ 46.885,67€ 40.041,78€ 37.576,82€ 36.333,71€ 35.362,11€ 33.848,76€ 32.067,44€ 29.899,31€ 28.301,96€ 27.186,06€ 25.514,32€ 24.068,15€
62 8/12 225,29% 31.341,08€ 33.977,90€ 38.728,62€ 46.324,47€ 51.790,82€ 48.630,60€ 41.532,01€ 38.975,31€ 37.685,93€ 36.678,17€ 35.108,51€ 33.260,89€ 31.012,06€ 29.355,27€ 28.197,84€ 26.463,88€ 24.963,89€
62 9/12 233,95% 32.545,69€ 35.283,87€ 40.217,18€ 48.104,99€ 53.781,44€ 50.499,75€ 43.128,32€ 40.473,35€ 39.134,41€ 38.087,92€ 36.457,92€ 34.539,29€ 32.204,03€ 30.483,56€ 29.281,64€ 27.481,04€ 25.923,39€
62 10/12 243,24% 33.839,17€ 36.686,16€ 41.815,54€ 50.016,83€ 55.918,89€ 52.506,77€ 44.842,38€ 42.081,89€ 40.689,74€ 39.601,66€ 37.906,88€ 35.912,00€ 33.483,92€ 31.695,08€ 30.445,39€ 28.573,23€ 26.953,67€
62 11/12 253,25% 35.231,64€ 38.195,79€ 43.536,24€ 52.075,01€ 58.219,93€ 54.667,41€ 46.687,63€ 43.813,55€ 42.364,11€ 41.231,25€ 39.466,74€ 37.389,76€ 34.861,78€ 32.999,32€ 31.698,20€ 29.749,01€ 28.062,80€
63 264,06% 36.734,85€ 39.825,47€ 45.393,79€ 54.296,88€ 60.703,98€ 56.999,88€ 48.679,63€ 45.682,92€ 44.171,64€ 42.990,45€ 41.150,65€ 38.985,06€ 36.349,21€ 34.407,29€ 33.050,66€ 31.018,29€ 29.260,15€
63 1/12 276,14% 38.416,06€ 41.648,12€ 47.471,28€ 56.781,83€ 63.482,16€ 59.608,54€ 50.907,50€ 47.773,65€ 46.193,20€ 44.957,95€ 43.033,95€ 40.769,25€ 38.012,77€ 35.981,97€ 34.563,26€ 32.437,88€ 30.599,27€
63 2/12 289,31% 40.247,83€ 43.634,00€ 49.734,82€ 59.489,32€ 66.509,14€ 62.450,81€ 53.334,89€ 50.051,61€ 48.395,80€ 47.101,65€ 45.085,91€ 42.713,22€ 39.825,31€ 37.697,68€ 36.211,31€ 33.984,59€ 32.058,32€
63 3/12 303,71% 42.251,24€ 45.805,97€ 52.210,46€ 62.450,51€ 69.819,75€ 65.559,41€ 55.989,73€ 52.543,02€ 50.804,79€ 49.446,22€ 47.330,14€ 44.839,35€ 41.807,68€ 39.574,15€ 38.013,80€ 35.676,24€ 33.654,07€
63 4/12 319,53% 44.451,48€ 48.191,32€ 54.929,33€ 65.702,63€ 73.455,63€ 68.973,44€ 58.905,42€ 55.279,21€ 53.450,47€ 52.021,15€ 49.794,87€ 47.174,37€ 43.984,83€ 41.634,98€ 39.993,38€ 37.534,09€ 35.406,62€
63 5/12 336,98% 46.878,95€ 50.823,03€ 57.929,00€ 69.290,62€ 77.467,01€ 72.740,04€ 62.122,21€ 58.297,98€ 56.369,37€ 54.862,00€ 52.514,14€ 49.750,54€ 46.386,82€ 43.908,65€ 42.177,39€ 39.583,80€ 37.340,16€
63 6/12 356,33% 49.570,63€ 53.741,16€ 61.255,14€ 73.269,12€ 81.914,97€ 76.916,60€ 65.689,12€ 61.645,31€ 59.605,96€ 58.012,04€ 55.529,38€ 52.607,09€ 49.050,24€ 46.429,78€ 44.599,12€ 41.856,61€ 39.484,14€
63 7/12 377,90% 52.571,97€ 56.995,02€ 64.963,94€ 77.705,33€ 86.874,66€ 81.573,66€ 69.666,38€ 65.377,73€ 63.214,91€ 61.524,48€ 58.891,51€ 55.792,29€ 52.020,08€ 49.240,95€ 47.299,45€ 44.390,89€ 41.874,78€
63 8/12 402,11% 55.939,51€ 60.645,87€ 69.125,25€ 82.682,80€ 92.439,48€ 86.798,91€ 74.128,91€ 69.565,55€ 67.264,19€ 65.465,48€ 62.663,84€ 59.366,10€ 55.352,26€ 52.395,11€ 50.329,25€ 47.234,38€ 44.557,10€
63 9/12 429,46% 59.744,40€ 64.770,89€ 73.827,01€ 88.306,72€ 98.727,03€ 92.702,80€ 79.171,01€ 74.297,26€ 71.839,36€ 69.918,31€ 66.926,11€ 63.404,06€ 59.117,21€ 55.958,92€ 53.752,55€ 50.447,17€ 47.587,78€
63 10/12 460,61% 64.077,54€ 69.468,59€ 79.181,54€ 94.711,43€ 105.887,50€ 99.426,35€ 84.913,12€ 79.685,89€ 77.049,73€ 74.989,34€ 71.780,13€ 68.002,63€ 63.404,86€ 60.017,51€ 57.651,11€ 54.106,00€ 51.039,23€
63 11/12 496,40% 69.056,87€ 74.866,84€ 85.334,56€ 102.071,25€ 114.115,79€ 107.152,55€ 91.511,54€ 85.878,11€ 83.037,09€ 80.816,60€ 77.358,00€ 73.286,97€ 68.331,91€ 64.681,34€ 62.131,05€ 58.310,46€ 55.005,37€
64 537,96% 74.838,25€ 81.134,63€ 92.478,70€ 110.616,56€ 123.669,46€ 116.123,27€ 99.172,81€ 93.067,75€ 89.988,89€ 87.582,50€ 83.834,35€ 79.422,49€ 74.052,60€ 70.096,41€ 67.332,61€ 63.192,17€ 59.610,38€
64 1/12 588,64% 81.889,22€ 88.778,82€ 101.191,69€ 121.038,43€ 135.321,13€ 127.063,96€ 108.516,49€ 101.836,24€ 98.467,30€ 95.834,18€ 91.732,90€ 86.905,37€ 81.029,55€ 76.700,62€ 73.676,43€ 69.145,89€ 65.226,64€
64 2/12 649,47% 90.352,05€ 97.953,65€ 111.649,32€ 133.547,12€ 149.305,86€ 140.195,36€ 119.731,10€ 112.360,48€ 108.643,38€ 105.738,15€ 101.213,02€ 95.886,59€ 89.403,54€ 84.627,23€ 81.290,50€ 76.291,76€ 71.967,47€
64 3/12 723,84% 100.697,35€ 109.169,34€ 124.433,17€ 148.838,26€ 166.401,38€ 156.247,72€ 133.440,31€ 125.225,75€ 121.083,04€ 117.845,16€ 112.801,91€ 106.865,60€ 99.640,24€ 94.317,05€ 90.598,26€ 85.027,16€ 80.207,74€
64 4/12 816,81% 113.631,09€ 123.191,24€ 140.415,58€ 167.955,31€ 187.774,25€ 176.316,45€ 150.579,61€ 141.309,96€ 136.635,15€ 132.981,40€ 127.290,38€ 120.591,60€ 112.438,20€ 106.431,29€ 102.234,86€ 95.948,19€ 90.509,76€
64 5/12 936,36% 130.262,62€ 141.222,03€ 160.967,39€ 192.537,95€ 215.257,69€ 202.122,87€ 172.619,08€ 161.992,68€ 156.633,65€ 152.445,12€ 145.921,13€ 138.241,90€ 128.895,13€ 122.009,03€ 117.198,39€ 109.991,58€ 103.757,16€
64 6/12 1095,78% 152.440,85€ 165.266,18€ 188.373,35€ 225.319,05€ 251.907,00€ 236.535,87€ 202.008,83€ 189.573,21€ 183.301,76€ 178.400,09€ 170.765,35€ 161.778,66€ 150.840,54€ 142.782,02€ 137.152,33€ 128.718,51€ 121.422,62€
64 7/12 1319,00% 183.493,84€ 198.931,76€ 226.745,98€ 271.217,71€ 303.221,75€ 284.719,45€ 243.159,07€ 228.190,25€ 220.641,28€ 214.741,11€ 205.551,14€ 194.733,81€ 181.567,54€ 171.867,45€ 165.090,97€ 154.939,13€ 146.157,04€
64 8/12 1653,86% 230.077,70€ 249.434,86€ 284.310,32€ 340.072,15€ 380.201,12€ 357.001,61€ 304.890,24€ 286.121,25€ 276.655,81€ 269.257,76€ 257.734,71€ 244.171,18€ 227.662,36€ 215.499,70€ 207.002,86€ 194.273,76€ 183.262,15€
64 9/12 2211,99% 307.723,35€ 333.613,09€ 380.258,17€ 454.838,27€ 508.509,79€ 477.481,00€ 407.783,30€ 382.680,25€ 370.020,45€ 360.125,73€ 344.713,94€ 326.573,04€ 304.492,89€ 288.225,63€ 276.861,32€ 259.836,45€ 245.108,69€
64 10/12 3328,33% 463.023,56€ 501.979,20€ 572.164,88€ 684.383,67€ 765.141,85€ 718.453,62€ 613.581,25€ 575.809,31€ 556.760,43€ 541.872,11€ 518.682,36€ 491.386,22€ 458.162,77€ 433.685,84€ 416.586,24€ 390.969,35€ 368.808,85€
64 11/12 6677,48% 928.942,19€ 1.007.097,03€ 1.147.907,22€ 1.373.046,46€ 1.535.067,75€ 1.441.399,38€ 1.230.998,93€ 1.155.218,88€ 1.117.002,01€ 1.087.132,28€ 1.040.607,79€ 985.844,83€ 919.190,21€ 870.083,30€ 835.777,19€ 784.383,25€ 739.923,69€
Master thesis: The (early) retirement age Page 65
1602,863808 1629,325751 1693,361314 1722,615457 1789,932193 1824,012979 1870,104546 1920,678637 1956,863005 2024,597406 2056,224352 2115,265739 2086,753823 2104,653924 2098,514858 2062,09048 2065,418269 1994,468968 1942,727287 1883,150789 1794,91559 1736,774431 1621,950277 1449,049046 1262,44668 1138,67792 927,752963 693,0177969 504,6277714
8437,673666 7565,321071 7011,254565 6307,973648 5793,360408 5183,504683 4742,065888 4293,851207 3855,310417 3349,387828 3033,938725 2626,443488 2351,817757 2149,746969 1893,598005 1675,008674 1412,134442 1232,264926 990,0446696 787,5689713 643,3463277 445,6247133 308,7224435 216,1769089 126,5462094 76,53198962 40,44534591 20,38507042 10,28235294
403,4136722 378,8538433 377,0120913 363,1044149 353,5593241 340,0383765 334,2276219 329,7105881 319,1334748 319,8199587 306,9140823 304,0941904 286,3524009 270,6731089 259,2227832 240,3415694 229,6705503 205,4760604 191,4927571 167,5849158 149,9949695 128,9440696 111,4482988 96,92729275 87,7210009 70,42925843 55,59746577 39,64661267 26,48548231
1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
10443,95115 9573,500665 9081,62797 8393,69352 7936,851926 7347,556038 6946,398055 6544,240432 6131,306896 5693,805193 5397,077159 5045,803417 4724,923981 4525,074002 4251,335646 3977,440723 3707,223261 3432,209955 3124,264714 2838,304676 2588,256887 2311,343214 2042,12102 1762,153247 1476,71389 1285,639168 1023,795775 753,04948 541,3956066
4.773,67€ 4.375,81€ 4.150,98€ 3.836,55€ 3.627,73€ 3.358,38€ 3.175,02€ 2.991,21€ 2.802,47€ 2.602,49€ 2.466,87€ 2.306,31€ 2.159,64€ 2.068,30€ 1.943,18€ 1.817,99€ 1.694,48€ 1.568,78€ 1.428,02€ 1.297,32€ 1.183,03€ 1.056,46€ 933,40€ 805,44€ 674,97€ 587,63€ 467,95€ 344,20€ 247,46€
4.821,66€ 4.419,80€ 4.192,72€ 3.875,12€ 3.664,21€ 3.392,15€ 3.206,95€ 3.021,28€ 2.830,64€ 2.628,66€ 2.491,67€ 2.329,50€ 2.181,36€ 2.089,09€ 1.962,72€ 1.836,27€ 1.711,52€ 1.584,55€ 1.442,38€ 1.310,36€ 1.194,92€ 1.067,08€ 942,79€ 813,53€ 681,76€ 593,54€ 472,66€ 347,66€ 249,95€
4.870,36€ 4.464,44€ 4.235,07€ 3.914,26€ 3.701,22€ 3.426,41€ 3.239,34€ 3.051,80€ 2.859,23€ 2.655,21€ 2.516,84€ 2.353,03€ 2.203,39€ 2.110,19€ 1.982,54€ 1.854,81€ 1.728,80€ 1.600,55€ 1.456,95€ 1.323,60€ 1.206,99€ 1.077,86€ 952,31€ 821,75€ 688,64€ 599,54€ 477,43€ 351,17€ 252,47€
4.919,78€ 4.509,74€ 4.278,04€ 3.953,98€ 3.738,77€ 3.461,18€ 3.272,21€ 3.082,76€ 2.888,24€ 2.682,15€ 2.542,37€ 2.376,90€ 2.225,75€ 2.131,60€ 2.002,66€ 1.873,63€ 1.746,34€ 1.616,79€ 1.471,73€ 1.337,03€ 1.219,24€ 1.088,79€ 961,97€ 830,09€ 695,63€ 605,62€ 482,27€ 354,74€ 255,03€
4.969,93€ 4.555,71€ 4.321,65€ 3.994,28€ 3.776,89€ 3.496,46€ 3.305,56€ 3.114,19€ 2.917,69€ 2.709,49€ 2.568,29€ 2.401,13€ 2.248,44€ 2.153,33€ 2.023,07€ 1.892,73€ 1.764,15€ 1.633,28€ 1.486,73€ 1.350,66€ 1.231,67€ 1.099,89€ 971,78€ 838,55€ 702,72€ 611,79€ 487,19€ 358,35€ 257,63€
5.020,83€ 4.602,37€ 4.365,91€ 4.035,19€ 3.815,57€ 3.532,27€ 3.339,42€ 3.146,08€ 2.947,57€ 2.737,24€ 2.594,59€ 2.425,72€ 2.271,46€ 2.175,39€ 2.043,79€ 1.912,12€ 1.782,21€ 1.650,00€ 1.501,96€ 1.364,49€ 1.244,28€ 1.111,16€ 981,73€ 847,14€ 709,92€ 618,06€ 492,18€ 362,02€ 260,27€
5.072,50€ 4.649,73€ 4.410,83€ 4.076,71€ 3.854,83€ 3.568,62€ 3.373,78€ 3.178,46€ 2.977,90€ 2.765,41€ 2.621,29€ 2.450,68€ 2.294,84€ 2.197,77€ 2.064,82€ 1.931,79€ 1.800,55€ 1.666,98€ 1.517,42€ 1.378,53€ 1.257,08€ 1.122,59€ 991,83€ 855,86€ 717,22€ 624,42€ 497,24€ 365,75€ 262,95€
5.124,95€ 4.697,81€ 4.456,44€ 4.118,87€ 3.894,69€ 3.605,52€ 3.408,66€ 3.211,32€ 3.008,69€ 2.794,00€ 2.648,40€ 2.476,02€ 2.318,57€ 2.220,50€ 2.086,17€ 1.951,77€ 1.819,17€ 1.684,22€ 1.533,11€ 1.392,78€ 1.270,08€ 1.134,20€ 1.002,09€ 864,71€ 724,64€ 630,88€ 502,39€ 369,53€ 265,67€
5.178,20€ 4.746,62€ 4.502,75€ 4.161,66€ 3.935,16€ 3.642,98€ 3.444,08€ 3.244,69€ 3.039,95€ 2.823,04€ 2.675,92€ 2.501,75€ 2.342,66€ 2.243,57€ 2.107,85€ 1.972,05€ 1.838,07€ 1.701,72€ 1.549,04€ 1.407,26€ 1.283,28€ 1.145,98€ 1.012,50€ 873,69€ 732,17€ 637,43€ 507,61€ 373,37€ 268,43€
5.232,27€ 4.796,19€ 4.549,77€ 4.205,12€ 3.976,25€ 3.681,02€ 3.480,05€ 3.278,57€ 3.071,70€ 2.852,52€ 2.703,86€ 2.527,88€ 2.367,12€ 2.267,00€ 2.129,86€ 1.992,64€ 1.857,27€ 1.719,49€ 1.565,21€ 1.421,95€ 1.296,68€ 1.157,95€ 1.023,07€ 882,81€ 739,81€ 644,09€ 512,91€ 377,27€ 271,23€
5.287,18€ 4.846,52€ 4.597,52€ 4.249,25€ 4.017,98€ 3.719,65€ 3.516,57€ 3.312,98€ 3.103,93€ 2.882,45€ 2.732,24€ 2.554,41€ 2.391,96€ 2.290,79€ 2.152,21€ 2.013,55€ 1.876,76€ 1.737,53€ 1.581,64€ 1.436,87€ 1.310,29€ 1.170,10€ 1.033,81€ 892,08€ 747,58€ 650,85€ 518,29€ 381,23€ 274,08€
5.342,95€ 4.897,65€ 4.646,01€ 4.294,08€ 4.060,36€ 3.758,89€ 3.553,66€ 3.347,93€ 3.136,68€ 2.912,86€ 2.761,06€ 2.581,35€ 2.417,19€ 2.314,95€ 2.174,91€ 2.034,79€ 1.896,55€ 1.755,86€ 1.598,32€ 1.452,03€ 1.324,11€ 1.182,45€ 1.044,72€ 901,49€ 755,46€ 657,71€ 523,76€ 385,25€ 276,97€
5.399,61€ 4.949,58€ 4.695,27€ 4.339,61€ 4.103,42€ 3.798,74€ 3.591,34€ 3.383,42€ 3.169,93€ 2.943,74€ 2.790,33€ 2.608,72€ 2.442,82€ 2.339,50€ 2.197,97€ 2.056,37€ 1.916,66€ 1.774,48€ 1.615,27€ 1.467,43€ 1.338,15€ 1.194,98€ 1.055,79€ 911,05€ 763,47€ 664,69€ 529,31€ 389,33€ 279,91€
5.459,10€ 5.004,11€ 4.747,01€ 4.387,42€ 4.148,63€ 3.840,60€ 3.630,91€ 3.420,70€ 3.204,86€ 2.976,18€ 2.821,08€ 2.637,46€ 2.469,74€ 2.365,28€ 2.222,19€ 2.079,03€ 1.937,78€ 1.794,03€ 1.633,07€ 1.483,59€ 1.352,89€ 1.208,15€ 1.067,43€ 921,09€ 771,88€ 672,01€ 535,14€ 393,62€ 282,99€
5.519,57€ 5.059,55€ 4.799,59€ 4.436,02€ 4.194,58€ 3.883,15€ 3.671,14€ 3.458,60€ 3.240,36€ 3.009,15€ 2.852,33€ 2.666,68€ 2.497,10€ 2.391,48€ 2.246,81€ 2.102,06€ 1.959,25€ 1.813,91€ 1.651,16€ 1.500,03€ 1.367,88€ 1.221,53€ 1.079,25€ 931,29€ 780,44€ 679,45€ 541,07€ 397,98€ 286,12€
5.581,06€ 5.115,90€ 4.853,06€ 4.485,44€ 4.241,31€ 3.926,40€ 3.712,03€ 3.497,12€ 3.276,46€ 3.042,67€ 2.884,10€ 2.696,39€ 2.524,91€ 2.418,12€ 2.271,84€ 2.125,47€ 1.981,07€ 1.834,11€ 1.669,55€ 1.516,74€ 1.383,12€ 1.235,14€ 1.091,27€ 941,66€ 789,13€ 687,02€ 547,10€ 402,42€ 289,31€
5.643,57€ 5.173,21€ 4.907,42€ 4.535,68€ 4.288,82€ 3.970,38€ 3.753,61€ 3.536,30€ 3.313,16€ 3.076,75€ 2.916,41€ 2.726,59€ 2.553,20€ 2.445,20€ 2.297,28€ 2.149,28€ 2.003,26€ 1.854,66€ 1.688,25€ 1.533,73€ 1.398,61€ 1.248,98€ 1.103,50€ 952,21€ 797,97€ 694,72€ 553,23€ 406,92€ 292,55€
5.707,15€ 5.231,49€ 4.962,70€ 4.586,77€ 4.337,13€ 4.015,11€ 3.795,89€ 3.576,13€ 3.350,48€ 3.111,41€ 2.949,26€ 2.757,30€ 2.581,96€ 2.472,75€ 2.323,16€ 2.173,49€ 2.025,83€ 1.875,55€ 1.707,27€ 1.551,01€ 1.414,37€ 1.263,04€ 1.115,93€ 962,94€ 806,96€ 702,54€ 559,46€ 411,51€ 295,85€
5.771,81€ 5.290,76€ 5.018,93€ 4.638,74€ 4.386,27€ 4.060,60€ 3.838,90€ 3.616,65€ 3.388,44€ 3.146,66€ 2.982,67€ 2.788,54€ 2.611,21€ 2.500,76€ 2.349,48€ 2.198,12€ 2.048,78€ 1.896,80€ 1.726,61€ 1.568,58€ 1.430,39€ 1.277,35€ 1.128,57€ 973,85€ 816,10€ 710,50€ 565,80€ 416,17€ 299,20€
5.837,59€ 5.351,05€ 5.076,12€ 4.691,61€ 4.436,26€ 4.106,87€ 3.882,65€ 3.657,86€ 3.427,06€ 3.182,52€ 3.016,66€ 2.820,32€ 2.640,97€ 2.529,26€ 2.376,26€ 2.223,17€ 2.072,13€ 1.918,41€ 1.746,29€ 1.586,45€ 1.446,69€ 1.291,91€ 1.141,43€ 984,95€ 825,40€ 718,60€ 572,24€ 420,91€ 302,61€
5.904,50€ 5.412,39€ 5.134,31€ 4.745,39€ 4.487,11€ 4.153,95€ 3.927,16€ 3.699,80€ 3.466,34€ 3.219,00€ 3.051,25€ 2.852,65€ 2.671,24€ 2.558,26€ 2.403,50€ 2.248,65€ 2.095,88€ 1.940,41€ 1.766,31€ 1.604,64€ 1.463,28€ 1.306,72€ 1.154,52€ 996,24€ 834,86€ 726,84€ 578,80€ 425,74€ 306,08€
5.972,60€ 5.474,81€ 5.193,52€ 4.800,11€ 4.538,86€ 4.201,86€ 3.972,45€ 3.742,46€ 3.506,32€ 3.256,12€ 3.086,43€ 2.885,55€ 2.702,05€ 2.587,76€ 2.431,22€ 2.274,58€ 2.120,05€ 1.962,78€ 1.786,68€ 1.623,15€ 1.480,15€ 1.321,79€ 1.167,83€ 1.007,72€ 844,49€ 735,22€ 585,48€ 430,65€ 309,61€
6.041,89€ 5.538,33€ 5.253,78€ 4.855,81€ 4.591,52€ 4.250,61€ 4.018,54€ 3.785,89€ 3.547,00€ 3.293,90€ 3.122,24€ 2.919,03€ 2.733,40€ 2.617,78€ 2.459,43€ 2.300,98€ 2.144,65€ 1.985,56€ 1.807,41€ 1.641,98€ 1.497,32€ 1.337,13€ 1.181,38€ 1.019,42€ 854,29€ 743,75€ 592,27€ 435,64€ 313,20€
6.112,43€ 5.602,99€ 5.315,11€ 4.912,49€ 4.645,12€ 4.300,23€ 4.065,45€ 3.830,08€ 3.588,41€ 3.332,36€ 3.158,69€ 2.953,11€ 2.765,31€ 2.648,34€ 2.488,14€ 2.327,84€ 2.169,69€ 2.008,74€ 1.828,51€ 1.661,15€ 1.514,80€ 1.352,74€ 1.195,17€ 1.031,32€ 864,26€ 752,43€ 599,19€ 440,73€ 316,86€
6.184,23€ 5.668,81€ 5.377,55€ 4.970,20€ 4.699,69€ 4.350,75€ 4.113,21€ 3.875,08€ 3.630,56€ 3.371,50€ 3.195,80€ 2.987,80€ 2.797,79€ 2.679,46€ 2.517,37€ 2.355,18€ 2.195,18€ 2.032,33€ 1.849,99€ 1.680,66€ 1.532,60€ 1.368,63€ 1.209,21€ 1.043,43€ 874,41€ 761,27€ 606,23€ 445,91€ 320,58€
6.259,83€ 5.738,11€ 5.443,29€ 5.030,96€ 4.757,14€ 4.403,93€ 4.163,49€ 3.922,45€ 3.674,95€ 3.412,72€ 3.234,87€ 3.024,32€ 2.832,00€ 2.712,21€ 2.548,14€ 2.383,97€ 2.222,01€ 2.057,18€ 1.872,60€ 1.701,21€ 1.551,33€ 1.385,36€ 1.223,99€ 1.056,19€ 885,10€ 770,58€ 613,64€ 451,36€ 324,50€
6.336,86€ 5.808,72€ 5.510,27€ 5.092,87€ 4.815,68€ 4.458,13€ 4.214,72€ 3.970,71€ 3.720,17€ 3.454,71€ 3.274,67€ 3.061,54€ 2.866,85€ 2.745,59€ 2.579,50€ 2.413,31€ 2.249,36€ 2.082,49€ 1.895,65€ 1.722,14€ 1.570,42€ 1.402,41€ 1.239,06€ 1.069,19€ 896,00€ 780,06€ 621,19€ 456,91€ 328,49€
6.415,36€ 5.880,68€ 5.578,54€ 5.155,96€ 4.875,34€ 4.513,35€ 4.266,94€ 4.019,90€ 3.766,25€ 3.497,51€ 3.315,24€ 3.099,47€ 2.902,36€ 2.779,60€ 2.611,45€ 2.443,21€ 2.277,22€ 2.108,29€ 1.919,13€ 1.743,47€ 1.589,88€ 1.419,78€ 1.254,41€ 1.082,43€ 907,10€ 789,72€ 628,88€ 462,57€ 332,56€
6.495,38€ 5.954,02€ 5.648,11€ 5.220,27€ 4.936,15€ 4.569,65€ 4.320,15€ 4.070,04€ 3.813,23€ 3.541,13€ 3.356,59€ 3.138,12€ 2.938,56€ 2.814,27€ 2.644,02€ 2.473,68€ 2.305,62€ 2.134,59€ 1.943,07€ 1.765,22€ 1.609,71€ 1.437,49€ 1.270,05€ 1.095,93€ 918,41€ 799,57€ 636,73€ 468,34€ 336,71€
6.576,95€ 6.028,80€ 5.719,04€ 5.285,83€ 4.998,14€ 4.627,03€ 4.374,41€ 4.121,16€ 3.861,12€ 3.585,60€ 3.398,74€ 3.177,53€ 2.975,46€ 2.849,61€ 2.677,23€ 2.504,74€ 2.334,58€ 2.161,39€ 1.967,47€ 1.787,39€ 1.629,92€ 1.455,54€ 1.286,00€ 1.109,69€ 929,94€ 809,62€ 644,72€ 474,22€ 340,94€
6.660,13€ 6.105,04€ 5.791,37€ 5.352,67€ 5.061,34€ 4.685,55€ 4.429,73€ 4.173,27€ 3.909,95€ 3.630,95€ 3.441,73€ 3.217,72€ 3.013,09€ 2.885,65€ 2.711,08€ 2.536,42€ 2.364,10€ 2.188,73€ 1.992,35€ 1.809,99€ 1.650,54€ 1.473,95€ 1.302,26€ 1.123,73€ 941,70€ 819,85€ 652,88€ 480,22€ 345,25€
6.744,95€ 6.182,80€ 5.865,13€ 5.420,85€ 5.125,81€ 4.745,23€ 4.486,15€ 4.226,43€ 3.959,74€ 3.677,20€ 3.485,56€ 3.258,70€ 3.051,47€ 2.922,40€ 2.745,61€ 2.568,73€ 2.394,21€ 2.216,60€ 2.017,72€ 1.833,04€ 1.671,56€ 1.492,72€ 1.318,85€ 1.138,04€ 953,70€ 830,30€ 661,19€ 486,34€ 349,65€
6.831,48€ 6.262,11€ 5.940,37€ 5.490,39€ 5.191,56€ 4.806,10€ 4.543,70€ 4.280,65€ 4.010,54€ 3.724,37€ 3.530,28€ 3.300,50€ 3.090,61€ 2.959,89€ 2.780,84€ 2.601,68€ 2.424,93€ 2.245,04€ 2.043,61€ 1.856,56€ 1.693,00€ 1.511,87€ 1.335,77€ 1.152,64€ 965,93€ 840,95€ 669,67€ 492,58€ 354,13€
6.919,76€ 6.343,03€ 6.017,14€ 5.561,34€ 5.258,65€ 4.868,21€ 4.602,42€ 4.335,96€ 4.062,37€ 3.772,50€ 3.575,90€ 3.343,16€ 3.130,55€ 2.998,14€ 2.816,77€ 2.635,30€ 2.456,26€ 2.274,05€ 2.070,02€ 1.880,55€ 1.714,88€ 1.531,41€ 1.353,03€ 1.167,53€ 978,41€ 851,82€ 678,33€ 498,94€ 358,71€
7.009,85€ 6.425,61€ 6.095,47€ 5.633,74€ 5.327,11€ 4.931,59€ 4.662,33€ 4.392,41€ 4.115,25€ 3.821,61€ 3.622,45€ 3.386,68€ 3.171,31€ 3.037,17€ 2.853,44€ 2.669,61€ 2.488,24€ 2.303,66€ 2.096,97€ 1.905,03€ 1.737,20€ 1.551,34€ 1.370,65€ 1.182,73€ 991,15€ 862,90€ 687,16€ 505,44€ 363,38€
7.101,79€ 6.509,90€ 6.175,43€ 5.707,64€ 5.396,99€ 4.996,27€ 4.723,49€ 4.450,03€ 4.169,23€ 3.871,74€ 3.669,96€ 3.431,10€ 3.212,91€ 3.077,01€ 2.890,87€ 2.704,62€ 2.520,88€ 2.333,87€ 2.124,47€ 1.930,02€ 1.759,99€ 1.571,69€ 1.388,62€ 1.198,25€ 1.004,15€ 874,22€ 696,17€ 512,07€ 368,14€
7.195,66€ 6.595,94€ 6.257,05€ 5.783,08€ 5.468,32€ 5.062,31€ 4.785,92€ 4.508,84€ 4.224,34€ 3.922,91€ 3.718,47€ 3.476,45€ 3.255,37€ 3.117,68€ 2.929,08€ 2.740,37€ 2.554,20€ 2.364,72€ 2.152,55€ 1.955,53€ 1.783,25€ 1.592,47€ 1.406,98€ 1.214,09€ 1.017,42€ 885,78€ 705,37€ 518,84€ 373,01€
7.294,82€ 6.686,83€ 6.343,27€ 5.862,77€ 5.543,68€ 5.132,07€ 4.851,87€ 4.570,98€ 4.282,55€ 3.976,97€ 3.769,71€ 3.524,36€ 3.300,23€ 3.160,64€ 2.969,44€ 2.778,14€ 2.589,40€ 2.397,31€ 2.182,21€ 1.982,48€ 1.807,83€ 1.614,41€ 1.426,37€ 1.230,82€ 1.031,44€ 897,98€ 715,09€ 525,98€ 378,15€
7.396,16€ 6.779,73€ 6.431,39€ 5.944,21€ 5.620,69€ 5.203,36€ 4.919,27€ 4.634,48€ 4.342,05€ 4.032,22€ 3.822,08€ 3.573,32€ 3.346,08€ 3.204,55€ 3.010,70€ 2.816,73€ 2.625,37€ 2.430,61€ 2.212,53€ 2.010,02€ 1.832,94€ 1.636,84€ 1.446,18€ 1.247,92€ 1.045,77€ 910,46€ 725,03€ 533,29€ 383,40€
7.499,75€ 6.874,69€ 6.521,48€ 6.027,47€ 5.699,42€ 5.276,25€ 4.988,18€ 4.699,39€ 4.402,86€ 4.088,70€ 3.875,62€ 3.623,37€ 3.392,95€ 3.249,44€ 3.052,86€ 2.856,18€ 2.662,14€ 2.464,65€ 2.243,52€ 2.038,17€ 1.858,62€ 1.659,77€ 1.466,44€ 1.265,39€ 1.060,42€ 923,21€ 735,18€ 540,76€ 388,77€
7.605,68€ 6.971,79€ 6.613,59€ 6.112,61€ 5.779,92€ 5.350,77€ 5.058,63€ 4.765,76€ 4.465,05€ 4.146,44€ 3.930,36€ 3.674,55€ 3.440,87€ 3.295,33€ 3.095,98€ 2.896,52€ 2.699,74€ 2.499,47€ 2.275,21€ 2.066,96€ 1.884,87€ 1.683,21€ 1.487,15€ 1.283,27€ 1.075,40€ 936,25€ 745,57€ 548,40€ 394,26€
7.714,02€ 7.071,10€ 6.707,79€ 6.199,68€ 5.862,25€ 5.426,99€ 5.130,69€ 4.833,65€ 4.528,65€ 4.205,51€ 3.986,34€ 3.726,89€ 3.489,88€ 3.342,27€ 3.140,08€ 2.937,78€ 2.738,20€ 2.535,07€ 2.307,62€ 2.096,40€ 1.911,72€ 1.707,18€ 1.508,33€ 1.301,55€ 1.090,72€ 949,59€ 756,19€ 556,21€ 399,88€
7.824,85€ 7.172,69€ 6.804,17€ 6.288,75€ 5.946,48€ 5.504,96€ 5.204,41€ 4.903,10€ 4.593,72€ 4.265,93€ 4.043,62€ 3.780,43€ 3.540,02€ 3.390,29€ 3.185,20€ 2.979,99€ 2.777,54€ 2.571,49€ 2.340,77€ 2.126,52€ 1.939,18€ 1.731,71€ 1.530,01€ 1.320,25€ 1.106,39€ 963,23€ 767,05€ 564,20€ 405,63€
7.938,27€ 7.276,66€ 6.902,79€ 6.379,90€ 6.032,67€ 5.584,75€ 5.279,84€ 4.974,17€ 4.660,30€ 4.327,77€ 4.102,23€ 3.835,23€ 3.591,33€ 3.439,43€ 3.231,37€ 3.023,19€ 2.817,80€ 2.608,76€ 2.374,70€ 2.157,35€ 1.967,29€ 1.756,81€ 1.552,18€ 1.339,38€ 1.122,43€ 977,19€ 778,17€ 572,38€ 411,51€
8.054,36€ 7.383,07€ 7.003,74€ 6.473,20€ 6.120,89€ 5.666,43€ 5.357,05€ 5.046,91€ 4.728,46€ 4.391,05€ 4.162,22€ 3.891,32€ 3.643,85€ 3.489,73€ 3.278,62€ 3.067,40€ 2.859,01€ 2.646,92€ 2.409,43€ 2.188,90€ 1.996,06€ 1.782,50€ 1.574,88€ 1.358,97€ 1.138,84€ 991,48€ 789,55€ 580,75€ 417,52€
8.173,22€ 7.492,02€ 7.107,09€ 6.568,73€ 6.211,22€ 5.750,05€ 5.436,11€ 5.121,39€ 4.798,23€ 4.455,85€ 4.223,64€ 3.948,74€ 3.697,63€ 3.541,23€ 3.327,01€ 3.112,66€ 2.901,20€ 2.685,98€ 2.444,98€ 2.221,20€ 2.025,52€ 1.808,81€ 1.598,12€ 1.379,02€ 1.155,65€ 1.006,11€ 801,20€ 589,32€ 423,69€
8.294,95€ 7.603,61€ 7.212,94€ 6.666,56€ 6.303,72€ 5.835,68€ 5.517,07€ 5.197,66€ 4.869,70€ 4.522,22€ 4.286,55€ 4.007,55€ 3.752,70€ 3.593,97€ 3.376,56€ 3.159,02€ 2.944,41€ 2.725,98€ 2.481,40€ 2.254,28€ 2.055,68€ 1.835,75€ 1.621,92€ 1.399,56€ 1.172,86€ 1.021,10€ 813,13€ 598,10€ 430,00€
8.419,65€ 7.717,92€ 7.321,38€ 6.766,79€ 6.398,49€ 5.923,42€ 5.600,01€ 5.275,80€ 4.942,91€ 4.590,20€ 4.350,99€ 4.067,80€ 3.809,12€ 3.648,00€ 3.427,32€ 3.206,51€ 2.988,67€ 2.766,96€ 2.518,70€ 2.288,17€ 2.086,59€ 1.863,35€ 1.646,31€ 1.420,60€ 1.190,49€ 1.036,45€ 825,36€ 607,09€ 436,46€
8.547,44€ 7.835,06€ 7.432,50€ 6.869,49€ 6.495,60€ 6.013,32€ 5.685,01€ 5.355,88€ 5.017,93€ 4.659,87€ 4.417,03€ 4.129,54€ 3.866,93€ 3.703,37€ 3.479,34€ 3.255,18€ 3.034,03€ 2.808,96€ 2.556,93€ 2.322,90€ 2.118,26€ 1.891,63€ 1.671,29€ 1.442,17€ 1.208,56€ 1.052,18€ 837,89€ 616,30€ 443,08€
8.683,01€ 7.959,32€ 7.550,39€ 6.978,44€ 6.598,63€ 6.108,69€ 5.775,17€ 5.440,82€ 5.097,51€ 4.733,78€ 4.487,08€ 4.195,04€ 3.928,26€ 3.762,11€ 3.534,52€ 3.306,81€ 3.082,15€ 2.853,51€ 2.597,49€ 2.359,74€ 2.151,85€ 1.921,63€ 1.697,80€ 1.465,04€ 1.227,73€ 1.068,87€ 851,17€ 626,08€ 450,11€
8.822,13€ 8.086,85€ 7.671,36€ 7.090,25€ 6.704,35€ 6.206,57€ 5.867,70€ 5.528,00€ 5.179,19€ 4.809,62€ 4.558,97€ 4.262,25€ 3.991,20€ 3.822,38€ 3.591,15€ 3.359,79€ 3.131,53€ 2.899,23€ 2.639,10€ 2.397,55€ 2.186,33€ 1.952,42€ 1.725,00€ 1.488,51€ 1.247,40€ 1.085,99€ 864,81€ 636,11€ 457,32€
8.964,94€ 8.217,76€ 7.795,54€ 7.205,03€ 6.812,88€ 6.307,04€ 5.962,69€ 5.617,48€ 5.263,03€ 4.887,48€ 4.632,77€ 4.331,25€ 4.055,81€ 3.884,26€ 3.649,29€ 3.414,18€ 3.182,23€ 2.946,16€ 2.681,82€ 2.436,36€ 2.221,72€ 1.984,02€ 1.752,93€ 1.512,61€ 1.267,59€ 1.103,57€ 878,81€ 646,41€ 464,73€
9.111,59€ 8.352,19€ 7.923,06€ 7.322,89€ 6.924,33€ 6.410,21€ 6.060,23€ 5.709,38€ 5.349,12€ 4.967,43€ 4.708,56€ 4.402,10€ 4.122,15€ 3.947,80€ 3.708,98€ 3.470,03€ 3.234,28€ 2.994,36€ 2.725,70€ 2.476,22€ 2.258,07€ 2.016,48€ 1.781,60€ 1.537,35€ 1.288,33€ 1.121,63€ 893,19€ 656,98€ 472,33€
9.262,24€ 8.490,28€ 8.054,06€ 7.443,97€ 7.038,82€ 6.516,20€ 6.160,43€ 5.803,78€ 5.437,56€ 5.049,57€ 4.786,41€ 4.474,88€ 4.190,31€ 4.013,07€ 3.770,31€ 3.527,40€ 3.287,76€ 3.043,86€ 2.770,76€ 2.517,16€ 2.295,40€ 2.049,82€ 1.811,06€ 1.562,77€ 1.309,63€ 1.140,17€ 907,96€ 667,84€ 480,14€
9.417,06€ 8.632,20€ 8.188,69€ 7.568,39€ 7.156,47€ 6.625,11€ 6.263,40€ 5.900,78€ 5.528,45€ 5.133,97€ 4.866,41€ 4.549,68€ 4.260,35€ 4.080,15€ 3.833,33€ 3.586,36€ 3.342,71€ 3.094,74€ 2.817,07€ 2.559,23€ 2.333,77€ 2.084,08€ 1.841,33€ 1.588,89€ 1.331,52€ 1.159,23€ 923,13€ 679,01€ 488,16€
9.576,22€ 8.778,09€ 8.327,08€ 7.696,30€ 7.277,42€ 6.737,08€ 6.369,26€ 6.000,51€ 5.621,89€ 5.220,74€ 4.948,66€ 4.626,57€ 4.332,35€ 4.149,11€ 3.898,11€ 3.646,98€ 3.399,21€ 3.147,04€ 2.864,69€ 2.602,48€ 2.373,21€ 2.119,31€ 1.872,45€ 1.615,74€ 1.354,02€ 1.178,82€ 938,73€ 690,48€ 496,41€
9.739,90€ 8.928,12€ 8.469,41€ 7.827,85€ 7.401,81€ 6.852,24€ 6.478,12€ 6.103,07€ 5.717,98€ 5.309,97€ 5.033,25€ 4.705,65€ 4.406,40€ 4.220,03€ 3.964,74€ 3.709,31€ 3.457,31€ 3.200,84€ 2.913,65€ 2.646,97€ 2.413,78€ 2.155,53€ 1.904,46€ 1.643,36€ 1.377,16€ 1.198,97€ 954,78€ 702,28€ 504,90€
9.908,30€ 9.082,49€ 8.615,84€ 7.963,19€ 7.529,78€ 6.970,71€ 6.590,13€ 6.208,60€ 5.816,84€ 5.401,78€ 5.120,27€ 4.787,01€ 4.482,59€ 4.292,99€ 4.033,29€ 3.773,44€ 3.517,08€ 3.256,18€ 2.964,03€ 2.692,73€ 2.455,51€ 2.192,80€ 1.937,38€ 1.671,77€ 1.400,98€ 1.219,70€ 971,29€ 714,43€ 513,63€
10.081,62€ 9.241,37€ 8.766,56€ 8.102,49€ 7.661,50€ 7.092,65€ 6.705,41€ 6.317,20€ 5.918,60€ 5.496,27€ 5.209,84€ 4.870,75€ 4.561,00€ 4.368,09€ 4.103,85€ 3.839,45€ 3.578,61€ 3.313,14€ 3.015,88€ 2.739,84€ 2.498,46€ 2.231,16€ 1.971,27€ 1.701,02€ 1.425,48€ 1.241,04€ 988,28€ 726,92€ 522,61€
10.260,10€ 9.404,97€ 8.921,76€ 8.245,93€ 7.797,13€ 7.218,21€ 6.824,11€ 6.429,04€ 6.023,37€ 5.593,57€ 5.302,07€ 4.956,98€ 4.641,75€ 4.445,42€ 4.176,50€ 3.907,42€ 3.641,96€ 3.371,79€ 3.069,27€ 2.788,34€ 2.542,69€ 2.270,65€ 2.006,17€ 1.731,13€ 1.450,72€ 1.263,01€ 1.005,77€ 739,79€ 531,86€
10.443,95€ 9.573,50€ 9.081,63€ 8.393,69€ 7.936,85€ 7.347,56€ 6.946,40€ 6.544,24€ 6.131,31€ 5.693,81€ 5.397,08€ 5.045,80€ 4.724,92€ 4.525,07€ 4.251,34€ 3.977,44€ 3.707,22€ 3.432,21€ 3.124,26€ 2.838,30€ 2.588,26€ 2.311,34€ 2.042,12€ 1.762,15€ 1.476,71€ 1.285,64€ 1.023,80€ 753,05€ 541,40€
10.639,18€ 9.752,46€ 9.251,39€ 8.550,60€ 8.085,22€ 7.484,91€ 7.076,25€ 6.666,57€ 6.245,92€ 5.800,24€ 5.497,97€ 5.140,13€ 4.813,25€ 4.609,66€ 4.330,81€ 4.051,79€ 3.776,52€ 3.496,37€ 3.182,67€ 2.891,36€ 2.636,64€ 2.354,55€ 2.080,30€ 1.795,09€ 1.504,32€ 1.309,67€ 1.042,93€ 767,13€ 551,52€
10.840,86€ 9.937,33€ 9.426,77€ 8.712,69€ 8.238,48€ 7.626,79€ 7.210,39€ 6.792,95€ 6.364,32€ 5.910,19€ 5.602,19€ 5.237,56€ 4.904,49€ 4.697,04€ 4.412,90€ 4.128,60€ 3.848,11€ 3.562,65€ 3.243,00€ 2.946,17€ 2.686,62€ 2.399,18€ 2.119,73€ 1.829,12€ 1.532,83€ 1.334,50€ 1.062,70€ 781,67€ 561,97€
11.049,30€ 10.128,40€ 9.608,02€ 8.880,21€ 8.396,89€ 7.773,43€ 7.349,02€ 6.923,56€ 6.486,69€ 6.023,83€ 5.709,90€ 5.338,27€ 4.998,79€ 4.787,36€ 4.497,75€ 4.207,98€ 3.922,10€ 3.631,15€ 3.305,35€ 3.002,82€ 2.738,28€ 2.445,31€ 2.160,49€ 1.864,29€ 1.562,31€ 1.360,16€ 1.083,14€ 796,70€ 572,78€
11.264,85€ 10.325,98€ 9.795,44€ 9.053,44€ 8.560,69€ 7.925,07€ 7.492,39€ 7.058,62€ 6.613,23€ 6.141,34€ 5.821,29€ 5.442,40€ 5.096,30€ 4.880,74€ 4.585,49€ 4.290,07€ 3.998,61€ 3.701,98€ 3.369,83€ 3.061,40€ 2.791,69€ 2.493,01€ 2.202,63€ 1.900,66€ 1.592,78€ 1.386,69€ 1.104,27€ 812,24€ 583,95€
11.487,85€ 10.530,40€ 9.989,36€ 9.232,66€ 8.730,16€ 8.081,96€ 7.640,71€ 7.198,35€ 6.744,15€ 6.262,92€ 5.936,53€ 5.550,14€ 5.197,19€ 4.977,37€ 4.676,27€ 4.375,00€ 4.077,77€ 3.775,27€ 3.436,54€ 3.122,00€ 2.846,96€ 2.542,37€ 2.246,24€ 1.938,29€ 1.624,32€ 1.414,14€ 1.126,13€ 828,32€ 595,51€
11.718,70€ 10.742,01€ 10.190,10€ 9.418,20€ 8.905,60€ 8.244,37€ 7.794,25€ 7.343,01€ 6.879,67€ 6.388,77€ 6.055,83€ 5.661,68€ 5.301,63€ 5.077,39€ 4.770,24€ 4.462,91€ 4.159,71€ 3.851,13€ 3.505,60€ 3.184,74€ 2.904,17€ 2.593,46€ 2.291,38€ 1.977,24€ 1.656,96€ 1.442,56€ 1.148,76€ 844,96€ 607,48€
11.957,82€ 10.961,20€ 10.398,03€ 9.610,37€ 9.087,31€ 8.412,60€ 7.953,29€ 7.492,84€ 7.020,05€ 6.519,13€ 6.179,39€ 5.777,20€ 5.409,81€ 5.180,99€ 4.867,57€ 4.553,98€ 4.244,59€ 3.929,71€ 3.577,13€ 3.249,72€ 2.963,43€ 2.646,38€ 2.338,13€ 2.017,58€ 1.690,77€ 1.471,99€ 1.172,20€ 862,21€ 619,87€
12.205,64€ 11.188,36€ 10.613,52€ 9.809,54€ 9.275,64€ 8.586,94€ 8.118,12€ 7.648,12€ 7.165,54€ 6.654,24€ 6.307,46€ 5.896,93€ 5.521,92€ 5.288,36€ 4.968,45€ 4.648,36€ 4.332,56€ 4.011,16€ 3.651,27€ 3.317,07€ 3.024,84€ 2.701,22€ 2.386,59€ 2.059,39€ 1.725,81€ 1.502,50€ 1.196,49€ 880,07€ 632,72€
12.462,63€ 11.423,94€ 10.836,99€ 10.016,09€ 9.470,95€ 8.767,75€ 8.289,05€ 7.809,16€ 7.316,41€ 6.794,35€ 6.440,26€ 6.021,09€ 5.638,19€ 5.399,71€ 5.073,07€ 4.746,23€ 4.423,78€ 4.095,61€ 3.728,15€ 3.386,91€ 3.088,53€ 2.758,10€ 2.436,84€ 2.102,76€ 1.762,14€ 1.534,14€ 1.221,68€ 898,60€ 646,04€
12.729,32€ 11.668,39€ 11.068,89€ 10.230,42€ 9.673,61€ 8.955,36€ 8.466,42€ 7.976,26€ 7.472,97€ 6.939,74€ 6.578,08€ 6.149,94€ 5.758,84€ 5.515,26€ 5.181,62€ 4.847,79€ 4.518,45€ 4.183,25€ 3.807,92€ 3.459,39€ 3.154,62€ 2.817,12€ 2.488,98€ 2.147,75€ 1.799,85€ 1.566,97€ 1.247,82€ 917,83€ 659,86€
13.006,24€ 11.922,23€ 11.309,69€ 10.452,98€ 9.884,05€ 9.150,18€ 8.650,61€ 8.149,78€ 7.635,54€ 7.090,71€ 6.721,18€ 6.283,72€ 5.884,12€ 5.635,24€ 5.294,34€ 4.953,25€ 4.616,74€ 4.274,26€ 3.890,76€ 3.534,65€ 3.223,25€ 2.878,40€ 2.543,13€ 2.194,47€ 1.839,01€ 1.601,05€ 1.274,97€ 937,80€ 674,22€
13.293,98€ 12.185,99€ 11.559,89€ 10.684,23€ 10.102,72€ 9.352,62€ 8.841,99€ 8.330,08€ 7.804,47€ 7.247,58€ 6.869,87€ 6.422,74€ 6.014,30€ 5.759,91€ 5.411,47€ 5.062,84€ 4.718,88€ 4.368,82€ 3.976,84€ 3.612,84€ 3.294,56€ 2.942,08€ 2.599,39€ 2.243,02€ 1.879,69€ 1.636,47€ 1.303,18€ 958,55€ 689,14€
13.601,19€ 12.467,60€ 11.827,03€ 10.931,13€ 10.336,19€ 9.568,74€ 9.046,31€ 8.522,58€ 7.984,82€ 7.415,06€ 7.028,63€ 6.571,16€ 6.153,28€ 5.893,02€ 5.536,53€ 5.179,83€ 4.827,93€ 4.469,78€ 4.068,74€ 3.696,33€ 3.370,69€ 3.010,07€ 2.659,46€ 2.294,86€ 1.923,13€ 1.674,29€ 1.333,29€ 980,70€ 705,06€
13.921,28€ 12.761,01€ 12.105,37€ 11.188,38€ 10.579,44€ 9.793,93€ 9.259,21€ 8.723,15€ 8.172,73€ 7.589,56€ 7.194,04€ 6.725,81€ 6.298,09€ 6.031,70€ 5.666,82€ 5.301,73€ 4.941,55€ 4.574,97€ 4.164,49€ 3.783,32€ 3.450,02€ 3.080,91€ 2.722,05€ 2.348,86€ 1.968,39€ 1.713,69€ 1.364,67€ 1.003,78€ 721,65€
14.255,06€ 13.066,97€ 12.395,61€ 11.456,64€ 10.833,09€ 10.028,76€ 9.481,21€ 8.932,30€ 8.368,69€ 7.771,53€ 7.366,53€ 6.887,07€ 6.449,10€ 6.176,32€ 5.802,69€ 5.428,85€ 5.060,03€ 4.684,66€ 4.264,34€ 3.874,03€ 3.532,74€ 3.154,78€ 2.787,31€ 2.405,18€ 2.015,58€ 1.754,78€ 1.397,39€ 1.027,85€ 738,96€
14.603,42€ 13.386,30€ 12.698,53€ 11.736,61€ 11.097,83€ 10.273,84€ 9.712,91€ 9.150,59€ 8.573,20€ 7.961,45€ 7.546,55€ 7.055,37€ 6.606,70€ 6.327,26€ 5.944,50€ 5.561,52€ 5.183,68€ 4.799,14€ 4.368,55€ 3.968,70€ 3.619,07€ 3.231,87€ 2.855,43€ 2.463,96€ 2.064,84€ 1.797,67€ 1.431,54€ 1.052,96€ 757,01€
14.967,32€ 13.719,87€ 13.014,96€ 12.029,07€ 11.374,37€ 10.529,85€ 9.954,94€ 9.378,61€ 8.786,83€ 8.159,84€ 7.734,60€ 7.231,18€ 6.771,33€ 6.484,92€ 6.092,63€ 5.700,10€ 5.312,85€ 4.918,73€ 4.477,41€ 4.067,60€ 3.709,25€ 3.312,41€ 2.926,58€ 2.525,36€ 2.116,29€ 1.842,46€ 1.467,21€ 1.079,20€ 775,88€
15.347,80€ 14.068,64€ 13.345,81€ 12.334,87€ 11.663,52€ 10.797,53€ 10.208,01€ 9.617,02€ 9.010,20€ 8.367,27€ 7.931,22€ 7.415,01€ 6.943,46€ 6.649,78€ 6.247,51€ 5.845,01€ 5.447,91€ 5.043,77€ 4.591,23€ 4.171,00€ 3.803,55€ 3.396,61€ 3.000,98€ 2.589,55€ 2.170,09€ 1.889,30€ 1.504,51€ 1.106,64€ 795,60€
15.746,02€ 14.433,67€ 13.692,09€ 12.654,91€ 11.966,15€ 11.077,68€ 10.472,87€ 9.866,55€ 9.243,98€ 8.584,37€ 8.137,01€ 7.607,40€ 7.123,62€ 6.822,31€ 6.409,61€ 5.996,66€ 5.589,27€ 5.174,64€ 4.710,36€ 4.279,22€ 3.902,23€ 3.484,74€ 3.078,84€ 2.656,74€ 2.226,40€ 1.938,32€ 1.543,55€ 1.135,35€ 816,25€
16.163,22€ 14.816,10€ 14.054,87€ 12.990,21€ 12.283,20€ 11.371,19€ 10.750,36€ 10.127,97€ 9.488,91€ 8.811,82€ 8.352,60€ 7.808,96€ 7.312,37€ 7.003,08€ 6.579,43€ 6.155,55€ 5.737,36€ 5.311,74€ 4.835,16€ 4.392,61€ 4.005,63€ 3.577,07€ 3.160,42€ 2.727,14€ 2.285,39€ 1.989,68€ 1.584,44€ 1.165,43€ 837,87€
16.600,78€ 15.217,19€ 14.435,35€ 13.341,87€ 12.615,72€ 11.679,03€ 11.041,38€ 10.402,15€ 9.745,78€ 9.050,37€ 8.578,72€ 8.020,36€ 7.510,32€ 7.192,66€ 6.757,55€ 6.322,19€ 5.892,67€ 5.455,54€ 4.966,06€ 4.511,52€ 4.114,06€ 3.673,91€ 3.245,98€ 2.800,96€ 2.347,25€ 2.043,54€ 1.627,34€ 1.196,98€ 860,55€
17.060,20€ 15.638,32€ 14.834,85€ 13.711,11€ 12.964,85€ 12.002,24€ 11.346,95€ 10.690,02€ 10.015,50€ 9.300,84€ 8.816,13€ 8.242,32€ 7.718,17€ 7.391,71€ 6.944,56€ 6.497,15€ 6.055,75€ 5.606,52€ 5.103,49€ 4.636,37€ 4.227,92€ 3.775,58€ 3.335,81€ 2.878,48€ 2.412,21€ 2.100,09€ 1.672,37€ 1.230,11€ 884,37€
17.543,15€ 16.081,02€ 15.254,80€ 14.099,24€ 13.331,87€ 12.342,00€ 11.668,16€ 10.992,64€ 10.299,02€ 9.564,13€ 9.065,70€ 8.475,65€ 7.936,66€ 7.600,96€ 7.141,15€ 6.681,08€ 6.227,18€ 5.765,23€ 5.247,96€ 4.767,62€ 4.347,61€ 3.882,46€ 3.430,24€ 2.959,96€ 2.480,50€ 2.159,54€ 1.719,71€ 1.264,93€ 909,41€
18.051,45€ 16.546,96€ 15.696,80€ 14.507,76€ 13.718,15€ 12.699,61€ 12.006,24€ 11.311,15€ 10.597,43€ 9.841,24€ 9.328,37€ 8.721,23€ 8.166,62€ 7.821,19€ 7.348,06€ 6.874,66€ 6.407,61€ 5.932,27€ 5.400,02€ 4.905,76€ 4.473,57€ 3.994,95€ 3.529,63€ 3.045,73€ 2.552,37€ 2.222,11€ 1.769,54€ 1.301,58€ 935,75€
18.602,97€ 17.052,51€ 16.176,37€ 14.951,01€ 14.137,28€ 13.087,61€ 12.373,06€ 11.656,73€ 10.921,20€ 10.141,92€ 9.613,38€ 8.987,68€ 8.416,13€ 8.060,15€ 7.572,56€ 7.084,70€ 6.603,38€ 6.113,52€ 5.565,00€ 5.055,64€ 4.610,25€ 4.117,01€ 3.637,47€ 3.138,78€ 2.630,35€ 2.290,01€ 1.823,61€ 1.341,35€ 964,34€
19.186,06€ 17.587,00€ 16.683,41€ 15.419,64€ 14.580,40€ 13.497,83€ 12.760,88€ 12.022,10€ 11.263,52€ 10.459,81€ 9.914,70€ 9.269,39€ 8.679,92€ 8.312,79€ 7.809,92€ 7.306,76€ 6.810,36€ 6.305,14€ 5.739,43€ 5.214,11€ 4.754,76€ 4.246,05€ 3.751,48€ 3.237,16€ 2.712,80€ 2.361,78€ 1.880,76€ 1.383,39€ 994,57€
19.803,50€ 18.152,98€ 17.220,30€ 15.915,86€ 15.049,61€ 13.932,21€ 13.171,54€ 12.408,99€ 11.625,99€ 10.796,42€ 10.233,77€ 9.567,70€ 8.959,25€ 8.580,30€ 8.061,25€ 7.541,90€ 7.029,52€ 6.508,05€ 5.924,13€ 5.381,91€ 4.907,77€ 4.382,70€ 3.872,21€ 3.341,34€ 2.800,10€ 2.437,79€ 1.941,29€ 1.427,91€ 1.026,58€
20.458,37€ 18.753,26€ 17.789,75€ 16.442,17€ 15.547,28€ 14.392,92€ 13.607,11€ 12.819,33€ 12.010,45€ 11.153,44€ 10.572,18€ 9.884,08€ 9.255,52€ 8.864,04€ 8.327,82€ 7.791,30€ 7.261,98€ 6.723,26€ 6.120,04€ 5.559,88€ 5.070,06€ 4.527,63€ 4.000,25€ 3.451,83€ 2.892,69€ 2.518,40€ 2.005,49€ 1.475,13€ 1.060,52€
21.154,15€ 19.391,06€ 18.394,78€ 17.001,37€ 16.076,04€ 14.882,42€ 14.069,88€ 13.255,31€ 12.418,92€ 11.532,76€ 10.931,74€ 10.220,24€ 9.570,30€ 9.165,51€ 8.611,05€ 8.056,28€ 7.508,96€ 6.951,92€ 6.328,18€ 5.748,97€ 5.242,50€ 4.681,61€ 4.136,30€ 3.569,23€ 2.991,07€ 2.604,05€ 2.073,69€ 1.525,30€ 1.096,59€
21.894,78€ 20.069,96€ 19.038,80€ 17.596,60€ 16.638,88€ 15.403,47€ 14.562,48€ 13.719,40€ 12.853,72€ 11.936,54€ 11.314,47€ 10.578,06€ 9.905,37€ 9.486,40€ 8.912,53€ 8.338,34€ 7.771,85€ 7.195,31€ 6.549,73€ 5.950,24€ 5.426,04€ 4.845,52€ 4.281,12€ 3.694,19€ 3.095,79€ 2.695,22€ 2.146,29€ 1.578,70€ 1.134,99€
22.684,70€ 20.794,04€ 19.725,67€ 18.231,45€ 17.239,17€ 15.959,20€ 15.087,86€ 14.214,36€ 13.317,45€ 12.367,18€ 11.722,68€ 10.959,69€ 10.262,73€ 9.828,65€ 9.234,08€ 8.639,17€ 8.052,24€ 7.454,90€ 6.786,03€ 6.164,92€ 5.621,80€ 5.020,33€ 4.435,57€ 3.827,47€ 3.207,48€ 2.792,46€ 2.223,73€ 1.635,65€ 1.175,93€
23.528,95€ 21.567,93€ 20.459,80€ 18.909,97€ 17.880,76€ 16.553,15€ 15.649,39€ 14.743,37€ 13.813,09€ 12.827,45€ 12.158,96€ 11.367,58€ 10.644,68€ 10.194,44€ 9.577,74€ 8.960,69€ 8.351,92€ 7.732,35€ 7.038,59€ 6.394,35€ 5.831,03€ 5.207,17€ 4.600,65€ 3.969,92€ 3.326,86€ 2.896,39€ 2.306,49€ 1.696,53€ 1.219,70€
24.433,30€ 22.396,90€ 21.246,18€ 19.636,78€ 18.568,02€ 17.189,38€ 16.250,88€ 15.310,05€ 14.344,00€ 13.320,48€ 12.626,29€ 11.804,50€ 11.053,81€ 10.586,27€ 9.945,87€ 9.305,10€ 8.672,93€ 8.029,55€ 7.309,12€ 6.640,12€ 6.055,15€ 5.407,31€ 4.777,48€ 4.122,50€ 3.454,73€ 3.007,71€ 2.395,14€ 1.761,74€ 1.266,58€
25.404,35€ 23.287,03€ 22.090,58€ 20.417,21€ 19.305,97€ 17.872,54€ 16.896,74€ 15.918,52€ 14.914,08€ 13.849,88€ 13.128,10€ 12.273,65€ 11.493,13€ 11.007,00€ 10.341,15€ 9.674,91€ 9.017,62€ 8.348,67€ 7.599,61€ 6.904,02€ 6.295,80€ 5.622,22€ 4.967,35€ 4.286,34€ 3.592,03€ 3.127,25€ 2.490,33€ 1.831,75€ 1.316,92€
26.449,74€ 24.245,28€ 22.999,60€ 21.257,37€ 20.100,40€ 18.607,99€ 17.592,04€ 16.573,56€ 15.527,79€ 14.419,80€ 13.668,32€ 12.778,70€ 11.966,06€ 11.459,94€ 10.766,68€ 10.073,03€ 9.388,70€ 8.692,21€ 7.912,33€ 7.188,12€ 6.554,87€ 5.853,57€ 5.171,76€ 4.462,73€ 3.739,84€ 3.255,93€ 2.592,80€ 1.907,13€ 1.371,11€
27.578,26€ 25.279,75€ 23.980,91€ 22.164,35€ 20.958,02€ 19.401,93€ 18.342,63€ 17.280,70€ 16.190,31€ 15.035,04€ 14.251,50€ 13.323,93€ 12.476,62€ 11.948,89€ 11.226,06€ 10.502,81€ 9.789,28€ 9.063,08€ 8.249,92€ 7.494,82€ 6.834,54€ 6.103,32€ 5.392,42€ 4.653,13€ 3.899,40€ 3.394,85€ 2.703,43€ 1.988,50€ 1.429,61€
28.840,40€ 26.436,70€ 25.078,42€ 23.178,73€ 21.917,18€ 20.289,88€ 19.182,10€ 18.071,56€ 16.931,27€ 15.723,13€ 14.903,73€ 13.933,71€ 13.047,62€ 12.495,75€ 11.739,83€ 10.983,49€ 10.237,30€ 9.477,86€ 8.627,49€ 7.837,82€ 7.147,33€ 6.382,65€ 5.639,21€ 4.866,09€ 4.077,87€ 3.550,22€ 2.827,16€ 2.079,51€ 1.495,03€
30.215,58€ 27.697,27€ 26.274,22€ 24.283,94€ 22.962,25€ 21.257,35€ 20.096,75€ 18.933,26€ 17.738,59€ 16.472,85€ 15.614,38€ 14.598,10€ 13.669,76€ 13.091,57€ 12.299,62€ 11.507,20€ 10.725,43€ 9.929,79€ 9.038,87€ 8.211,55€ 7.488,13€ 6.686,99€ 5.908,10€ 5.098,12€ 4.272,31€ 3.719,51€ 2.961,96€ 2.178,66€ 1.566,32€
31.719,62€ 29.075,95€ 27.582,07€ 25.492,72€ 24.105,23€ 22.315,47€ 21.097,10€ 19.875,70€ 18.621,56€ 17.292,81€ 16.391,61€ 15.324,75€ 14.350,20€ 13.743,23€ 12.911,85€ 12.080,00€ 11.259,31€ 10.424,06€ 9.488,79€ 8.620,29€ 7.860,87€ 7.019,85€ 6.202,18€ 5.351,88€ 4.484,97€ 3.904,65€ 3.109,40€ 2.287,11€ 1.644,29€
33.371,42€ 30.590,09€ 29.018,41€ 26.820,26€ 25.360,52€ 23.477,55€ 22.195,74€ 20.910,73€ 19.591,29€ 18.193,34€ 17.245,21€ 16.122,79€ 15.097,49€ 14.458,91€ 13.584,24€ 12.709,07€ 11.845,64€ 10.966,90€ 9.982,92€ 9.069,20€ 8.270,22€ 7.385,41€ 6.525,16€ 5.630,59€ 4.718,53€ 4.107,99€ 3.271,32€ 2.406,21€ 1.729,91€
35.193,82€ 32.260,59€ 30.603,09€ 28.284,90€ 26.745,45€ 24.759,65€ 23.407,84€ 22.052,65€ 20.661,16€ 19.186,87€ 18.186,96€ 17.003,25€ 15.921,96€ 15.248,51€ 14.326,07€ 13.403,10€ 12.492,53€ 11.565,79€ 10.528,09€ 9.564,46€ 8.721,86€ 7.788,72€ 6.881,50€ 5.938,07€ 4.976,20€ 4.332,32€ 3.449,97€ 2.537,61€ 1.824,38€
37.214,57€ 34.112,92€ 32.360,25€ 29.908,95€ 28.281,11€ 26.181,29€ 24.751,86€ 23.318,86€ 21.847,47€ 20.288,54€ 19.231,22€ 17.979,53€ 16.836,16€ 16.124,04€ 15.148,64€ 14.172,68€ 13.209,82€ 12.229,87€ 11.132,58€ 10.113,63€ 9.222,65€ 8.235,93€ 7.276,62€ 6.279,02€ 5.261,92€ 4.581,07€ 3.648,06€ 2.683,31€ 1.929,14€
39.467,79€ 36.178,35€ 34.319,56€ 31.719,85€ 29.993,44€ 27.766,48€ 26.250,50€ 24.730,75€ 23.170,27€ 21.516,94€ 20.395,60€ 19.068,14€ 17.855,53€ 17.100,30€ 16.065,84€ 15.030,79€ 14.009,63€ 12.970,35€ 11.806,63€ 10.725,98€ 9.781,05€ 8.734,59€ 7.717,19€ 6.659,19€ 5.580,52€ 4.858,44€ 3.868,93€ 2.845,78€ 2.045,94€
41.995,92€ 38.495,78€ 36.517,92€ 33.751,68€ 31.914,69€ 29.545,08€ 27.932,00€ 26.314,89€ 24.654,45€ 22.895,22€ 21.702,06€ 20.289,56€ 18.999,28€ 18.195,67€ 17.094,94€ 15.993,59€ 14.907,03€ 13.801,18€ 12.562,91€ 11.413,04€ 10.407,58€ 9.294,09€ 8.211,52€ 7.085,75€ 5.937,98€ 5.169,65€ 4.116,76€ 3.028,07€ 2.176,99€
44.852,40€ 41.114,18€ 39.001,79€ 36.047,40€ 34.085,46€ 31.554,68€ 29.831,88€ 28.104,78€ 26.331,40€ 24.452,51€ 23.178,19€ 21.669,62€ 20.291,57€ 19.433,30€ 18.257,71€ 17.081,44€ 15.920,97€ 14.739,91€ 13.417,41€ 12.189,33€ 11.115,48€ 9.926,25€ 8.770,06€ 7.567,71€ 6.341,87€ 5.521,28€ 4.396,77€ 3.234,03€ 2.325,07€
48.105,46€ 44.096,11€ 41.830,52€ 38.661,85€ 36.557,61€ 33.843,28€ 31.995,52€ 30.143,16€ 28.241,16€ 26.226,00€ 24.859,26€ 23.241,27€ 21.763,28€ 20.842,76€ 19.581,90€ 18.320,33€ 17.075,69€ 15.808,96€ 14.390,55€ 13.073,40€ 11.921,66€ 10.646,18€ 9.406,13€ 8.116,58€ 6.801,83€ 5.921,73€ 4.715,66€ 3.468,59€ 2.493,70€
51.843,63€ 47.522,72€ 45.081,07€ 41.666,18€ 39.398,42€ 36.473,17€ 34.481,82€ 32.485,52€ 30.435,72€ 28.263,97€ 26.791,02€ 25.047,30€ 23.454,46€ 22.462,40€ 21.103,57€ 19.743,96€ 18.402,60€ 17.037,44€ 15.508,81€ 14.089,30€ 12.848,07€ 11.473,48€ 10.137,06€ 8.747,30€ 7.330,39€ 6.381,89€ 5.082,11€ 3.738,13€ 2.687,48€
56.183,93€ 51.501,29€ 48.855,22€ 45.154,43€ 42.696,82€ 39.526,67€ 37.368,61€ 35.205,18€ 32.983,77€ 30.630,20€ 29.033,94€ 27.144,24€ 25.418,04€ 24.342,94€ 22.870,34€ 21.396,91€ 19.943,25€ 18.463,80€ 16.807,19€ 15.268,85€ 13.923,70€ 12.434,02€ 10.985,73€ 9.479,62€ 7.944,08€ 6.916,18€ 5.507,58€ 4.051,08€ 2.912,47€
61.477,37€ 56.353,54€ 53.458,18€ 49.408,71€ 46.719,56€ 43.250,72€ 40.889,34€ 38.522,07€ 36.091,38€ 33.516,07€ 31.769,40€ 29.701,66€ 27.812,83€ 26.636,44€ 25.025,10€ 23.412,84€ 21.822,23€ 20.203,39€ 18.390,70€ 16.707,42€ 15.235,54€ 13.605,51€ 12.020,76€ 10.372,75€ 8.692,54€ 7.567,80€ 6.026,48€ 4.432,76€ 3.186,88€
67.830,73€ 62.177,38€ 58.982,80€ 54.514,84€ 51.547,78€ 47.720,45€ 45.115,04€ 42.503,13€ 39.821,23€ 36.979,78€ 35.052,60€ 32.771,17€ 30.687,15€ 29.389,17€ 27.611,31€ 25.832,44€ 24.077,45€ 22.291,31€ 20.291,28€ 18.434,05€ 16.810,05€ 15.011,57€ 13.263,04€ 11.444,72€ 9.590,87€ 8.349,89€ 6.649,29€ 4.890,86€ 3.516,22€
75.597,35€ 69.296,69€ 65.736,33€ 60.756,79€ 57.450,00€ 53.184,45€ 50.280,71€ 47.369,74€ 44.380,76€ 41.213,96€ 39.066,13€ 36.523,47€ 34.200,82€ 32.754,23€ 30.772,81€ 28.790,25€ 26.834,31€ 24.843,66€ 22.614,63€ 20.544,74€ 18.734,80€ 16.730,39€ 14.781,66€ 12.755,15€ 10.689,02€ 9.305,95€ 7.410,63€ 5.450,86€ 3.918,83€
85.307,20€ 78.197,28€ 74.179,61€ 68.560,50€ 64.828,97€ 60.015,55€ 56.738,85€ 53.453,99€ 50.081,11€ 46.507,55€ 44.083,85€ 41.214,61€ 38.593,64€ 36.961,24€ 34.725,32€ 32.488,12€ 30.280,96€ 28.034,62€ 25.519,30€ 23.183,55€ 21.141,13€ 18.879,27€ 16.680,24€ 14.393,44€ 12.061,94€ 10.501,22€ 8.362,46€ 6.150,98€ 4.422,17€
97.793,12€ 89.642,56€ 85.036,86€ 78.595,30€ 74.317,62€ 68.799,68€ 65.043,39€ 61.277,74€ 57.411,19€ 53.314,59€ 50.536,15€ 47.246,95€ 44.242,36€ 42.371,04€ 39.807,86€ 37.243,22€ 34.713,01€ 32.137,89€ 29.254,41€ 26.576,79€ 24.235,44€ 21.642,52€ 19.121,63€ 16.500,12€ 13.827,38€ 12.038,23€ 9.586,43€ 7.051,26€ 5.069,42€
114.443,17€ 104.904,91€ 99.515,05€ 91.976,77€ 86.970,77€ 80.513,36€ 76.117,53€ 71.710,75€ 67.185,89€ 62.391,82€ 59.140,32€ 55.291,12€ 51.774,97€ 49.585,05€ 46.585,47€ 43.584,17€ 40.623,17€ 37.609,62€ 34.235,20€ 31.101,69€ 28.361,71€ 25.327,33€ 22.377,24€ 19.309,40€ 16.181,60€ 14.087,83€ 11.218,59€ 8.251,80€ 5.932,53€
137.755,83€ 126.274,58€ 119.786,78€ 110.712,91€ 104.687,17€ 96.914,35€ 91.623,07€ 86.318,61€ 80.872,01€ 75.101,36€ 71.187,51€ 66.554,20€ 62.321,80€ 59.685,78€ 56.075,17€ 52.462,49€ 48.898,32€ 45.270,89€ 41.209,09€ 37.437,27€ 34.139,14€ 30.486,64€ 26.935,60€ 23.242,82€ 19.477,87€ 16.957,60€ 13.503,88€ 9.932,73€ 7.141,01€
172.728,12€ 158.332,10€ 150.197,23€ 138.819,77€ 131.264,26€ 121.518,14€ 114.883,56€ 108.232,44€ 101.403,11€ 94.167,45€ 89.259,99€ 83.450,42€ 78.143,53€ 74.838,30€ 70.311,05€ 65.781,22€ 61.312,21€ 56.763,88€ 51.670,90€ 46.941,53€ 42.806,09€ 38.226,33€ 33.773,78€ 29.143,51€ 24.422,75€ 21.262,65€ 16.932,13€ 12.454,37€ 8.953,91€
231.019,67€ 211.765,35€ 200.885,15€ 185.668,08€ 175.562,76€ 162.527,57€ 153.653,97€ 144.758,27€ 135.624,20€ 125.946,68€ 119.383,07€ 111.612,92€ 104.515,08€ 100.094,41€ 94.039,33€ 87.980,79€ 82.003,59€ 75.920,31€ 69.108,58€ 62.783,16€ 57.252,11€ 51.126,80€ 45.171,61€ 38.978,74€ 32.664,84€ 28.438,27€ 22.646,31€ 16.657,42€ 11.975,64€
347.609,47€ 318.637,98€ 302.266,82€ 279.370,07€ 264.164,86€ 244.551,13€ 231.199,26€ 217.814,11€ 204.070,31€ 189.508,80€ 179.632,70€ 167.941,14€ 157.261,20€ 150.609,53€ 141.498,61€ 132.382,47€ 123.388,74€ 114.235,38€ 103.985,93€ 94.468,23€ 86.145,81€ 76.929,20€ 67.968,59€ 58.650,33€ 49.149,96€ 42.790,35€ 34.075,33€ 25.063,99€ 18.019,45€
697.392,38€ 639.268,25€ 606.423,57€ 560.486,91€ 529.981,42€ 490.631,32€ 463.844,09€ 436.990,11€ 409.416,57€ 380.202,50€ 360.388,56€ 336.932,33€ 315.505,69€ 302.160,75€ 283.881,94€ 265.592,67€ 247.548,96€ 229.185,01€ 208.622,04€ 189.527,13€ 172.830,24€ 154.339,40€ 136.362,15€ 117.667,37€ 98.607,22€ 85.848,25€ 68.363,72€ 50.284,70€ 36.151,56€
Master thesis: The (early) retirement age Page 66
Appendix D-Female rights
Table with forward and postpone factors on the vertical axes, the year of birth and average pension right on the horizontal axes.
The red boxes represent the 70% of income, green 50% and blue 30% for that year of birth.
Nog op te bouwen 0,62€ 2,24€ 3,82€ 7,08€ 8,48€ 358,33€ 421,34€ 482,32€ 537,20€ 591,76€ 745,07€ 810,02€ 847,29€ 895,20€ 940,26€ 989,95€ 1.052,29€
FLEX-rechten 4.749,12€ 5.662,32€ 6.223,94€ 7.641,64€ 8.899,78€ 7.196,98€ 5.804,39€ 5.789,96€ 5.537,96€ 5.327,52€ 5.319,77€ 5.168,24€ 4.936,03€ 4.739,78€ 4.608,82€ 4.418,14€ 4.306,34€
opgebouwd 7,90€ 6,72€ 7,70€ 9,92€ 9,65€ 444,93€ 430,79€ 416,99€ 398,55€ 386,69€ 282,97€ 274,37€ 265,72€ 263,80€ 258,79€ 257,24€ 254,65€
1945 1.946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961
4.757,65€ 5.671,27€ 6.235,46€ 7.658,64€ 8.917,91€ 8.000,24€ 6.656,52€ 6.689,27€ 6.473,71€ 6.305,97€ 6.347,81€ 6.252,64€ 6.049,04€ 5.898,78€ 5.807,86€ 5.665,33€ 5.613,29€
55 45,71% 2.174,60€ 2.592,20€ 2.850,07€ 3.500,57€ 4.076,15€ 3.656,71€ 3.042,53€ 3.057,50€ 2.958,97€ 2.882,30€ 2.901,42€ 2.857,92€ 2.764,86€ 2.696,18€ 2.654,63€ 2.589,48€ 2.565,69€
55 1/12 46,17% 2.196,47€ 2.618,26€ 2.878,73€ 3.535,77€ 4.117,14€ 3.693,47€ 3.073,12€ 3.088,24€ 2.988,72€ 2.911,28€ 2.930,60€ 2.886,66€ 2.792,66€ 2.723,29€ 2.681,32€ 2.615,51€ 2.591,49€
55 2/12 46,63% 2.218,65€ 2.644,70€ 2.907,80€ 3.571,48€ 4.158,72€ 3.730,78€ 3.104,16€ 3.119,43€ 3.018,91€ 2.940,69€ 2.960,20€ 2.915,82€ 2.820,87€ 2.750,80€ 2.708,40€ 2.641,93€ 2.617,66€
55 3/12 47,11% 2.241,16€ 2.671,54€ 2.937,31€ 3.607,72€ 4.200,92€ 3.768,63€ 3.135,66€ 3.151,08€ 3.049,54€ 2.970,52€ 2.990,23€ 2.945,40€ 2.849,49€ 2.778,71€ 2.735,88€ 2.668,74€ 2.644,22€
55 4/12 47,59% 2.264,01€ 2.698,77€ 2.967,25€ 3.644,50€ 4.243,74€ 3.807,05€ 3.167,62€ 3.183,20€ 3.080,62€ 3.000,80€ 3.020,71€ 2.975,42€ 2.878,54€ 2.807,03€ 2.763,77€ 2.695,94€ 2.671,18€
55 5/12 48,07% 2.287,19€ 2.726,41€ 2.997,64€ 3.681,82€ 4.287,20€ 3.846,04€ 3.200,06€ 3.215,80€ 3.112,17€ 3.031,54€ 3.051,65€ 3.005,90€ 2.908,02€ 2.835,78€ 2.792,08€ 2.723,55€ 2.698,54€
55 6/12 48,57% 2.310,73€ 2.754,47€ 3.028,48€ 3.719,71€ 4.331,32€ 3.885,62€ 3.232,99€ 3.248,90€ 3.144,20€ 3.062,73€ 3.083,05€ 3.036,83€ 2.937,94€ 2.864,96€ 2.820,81€ 2.751,58€ 2.726,30€
55 7/12 49,07% 2.334,62€ 2.782,95€ 3.059,80€ 3.758,17€ 4.376,10€ 3.925,79€ 3.266,42€ 3.282,49€ 3.176,71€ 3.094,40€ 3.114,93€ 3.068,23€ 2.968,32€ 2.894,59€ 2.849,97€ 2.780,03€ 2.754,49€
55 8/12 49,58% 2.358,88€ 2.811,86€ 3.091,59€ 3.797,22€ 4.421,58€ 3.966,59€ 3.300,36€ 3.316,60€ 3.209,72€ 3.126,55€ 3.147,30€ 3.100,11€ 2.999,16€ 2.924,66€ 2.879,59€ 2.808,92€ 2.783,12€
55 9/12 50,10% 2.383,51€ 2.841,23€ 3.123,88€ 3.836,87€ 4.467,75€ 4.008,01€ 3.334,82€ 3.351,23€ 3.243,24€ 3.159,20€ 3.180,16€ 3.132,48€ 3.030,48€ 2.955,20€ 2.909,66€ 2.838,25€ 2.812,18€
55 10/12 50,62% 2.408,53€ 2.871,05€ 3.156,66€ 3.877,14€ 4.514,64€ 4.050,07€ 3.369,82€ 3.386,40€ 3.277,27€ 3.192,36€ 3.213,54€ 3.165,36€ 3.062,29€ 2.986,22€ 2.940,19€ 2.868,03€ 2.841,69€
55 11/12 51,16% 2.433,93€ 2.901,33€ 3.189,96€ 3.918,04€ 4.562,26€ 4.092,79€ 3.405,37€ 3.422,12€ 3.311,84€ 3.226,03€ 3.247,44€ 3.198,75€ 3.094,59€ 3.017,72€ 2.971,21€ 2.898,29€ 2.871,67€
56 51,70% 2.459,74€ 2.932,09€ 3.223,78€ 3.959,58€ 4.610,63€ 4.136,19€ 3.441,48€ 3.458,41€ 3.346,96€ 3.260,24€ 3.281,87€ 3.232,66€ 3.127,40€ 3.049,71€ 3.002,71€ 2.929,02€ 2.902,11€
56 1/12 52,27% 2.486,84€ 2.964,40€ 3.259,30€ 4.003,21€ 4.661,43€ 4.181,76€ 3.479,39€ 3.496,51€ 3.383,84€ 3.296,16€ 3.318,03€ 3.268,28€ 3.161,86€ 3.083,32€ 3.035,80€ 2.961,29€ 2.934,09€
56 2/12 52,85% 2.514,39€ 2.997,24€ 3.295,41€ 4.047,55€ 4.713,07€ 4.228,08€ 3.517,94€ 3.535,25€ 3.421,32€ 3.332,67€ 3.354,78€ 3.304,49€ 3.196,88€ 3.117,47€ 3.069,43€ 2.994,10€ 2.966,59€
56 3/12 53,44% 2.542,40€ 3.030,62€ 3.332,12€ 4.092,64€ 4.765,57€ 4.275,18€ 3.557,13€ 3.574,63€ 3.459,43€ 3.369,80€ 3.392,15€ 3.341,30€ 3.232,49€ 3.152,20€ 3.103,62€ 3.027,45€ 2.999,64€
56 4/12 54,04% 2.570,88€ 3.064,57€ 3.369,44€ 4.138,48€ 4.818,95€ 4.323,07€ 3.596,97€ 3.614,67€ 3.498,18€ 3.407,54€ 3.430,15€ 3.378,72€ 3.268,70€ 3.187,51€ 3.138,38€ 3.061,36€ 3.033,24€
56 5/12 54,65% 2.599,84€ 3.099,09€ 3.407,40€ 4.185,10€ 4.873,24€ 4.371,77€ 3.637,49€ 3.655,39€ 3.537,59€ 3.445,93€ 3.468,79€ 3.416,79€ 3.305,53€ 3.223,42€ 3.173,74€ 3.095,84€ 3.067,41€
56 6/12 55,26% 2.629,29€ 3.134,21€ 3.446,00€ 4.232,52€ 4.928,45€ 4.421,30€ 3.678,70€ 3.696,80€ 3.577,67€ 3.484,97€ 3.508,09€ 3.455,50€ 3.342,98€ 3.259,94€ 3.209,69€ 3.130,92€ 3.102,16€
56 7/12 55,89% 2.659,26€ 3.169,92€ 3.485,27€ 4.280,75€ 4.984,61€ 4.471,69€ 3.720,63€ 3.738,93€ 3.618,44€ 3.524,69€ 3.548,07€ 3.494,88€ 3.381,07€ 3.297,09€ 3.246,27€ 3.166,60€ 3.137,51€
56 8/12 56,54% 2.689,74€ 3.206,26€ 3.525,23€ 4.329,83€ 5.041,76€ 4.522,95€ 3.763,28€ 3.781,79€ 3.659,92€ 3.565,09€ 3.588,74€ 3.534,94€ 3.419,83€ 3.334,88€ 3.283,49€ 3.202,90€ 3.173,48€
56 9/12 57,19% 2.720,76€ 3.243,24€ 3.565,88€ 4.379,76€ 5.099,90€ 4.575,11€ 3.806,68€ 3.825,40€ 3.702,13€ 3.606,21€ 3.630,13€ 3.575,71€ 3.459,27€ 3.373,34€ 3.321,35€ 3.239,84€ 3.210,08€
56 10/12 57,85% 2.752,33€ 3.280,87€ 3.607,25€ 4.430,58€ 5.159,07€ 4.628,19€ 3.850,84€ 3.869,79€ 3.745,08€ 3.648,05€ 3.672,25€ 3.617,19€ 3.499,41€ 3.412,48€ 3.359,89€ 3.277,43€ 3.247,32€
56 11/12 58,53% 2.784,46€ 3.319,17€ 3.649,37€ 4.482,30€ 5.219,30€ 4.682,22€ 3.895,80€ 3.914,96€ 3.788,80€ 3.690,63€ 3.715,12€ 3.659,42€ 3.540,26€ 3.452,32€ 3.399,11€ 3.315,69€ 3.285,23€
57 59,21% 2.817,17€ 3.358,16€ 3.692,23€ 4.534,95€ 5.280,61€ 4.737,22€ 3.941,56€ 3.960,95€ 3.833,31€ 3.733,99€ 3.758,76€ 3.702,41€ 3.581,85€ 3.492,87€ 3.439,04€ 3.354,64€ 3.323,83€
57 1/12 59,94% 2.851,61€ 3.399,21€ 3.737,37€ 4.590,39€ 5.345,16€ 4.795,13€ 3.989,75€ 4.009,38€ 3.880,17€ 3.779,64€ 3.804,71€ 3.747,67€ 3.625,63€ 3.535,57€ 3.481,08€ 3.395,65€ 3.364,46€
57 2/12 60,67% 2.886,70€ 3.441,04€ 3.783,36€ 4.646,88€ 5.410,94€ 4.854,14€ 4.038,84€ 4.058,71€ 3.927,92€ 3.826,15€ 3.851,53€ 3.793,79€ 3.670,25€ 3.579,08€ 3.523,92€ 3.437,43€ 3.405,86€
57 3/12 61,43% 2.922,46€ 3.483,67€ 3.830,23€ 4.704,44€ 5.477,97€ 4.914,27€ 4.088,88€ 4.108,99€ 3.976,58€ 3.873,55€ 3.899,24€ 3.840,78€ 3.715,72€ 3.623,42€ 3.567,57€ 3.480,02€ 3.448,05€
57 4/12 62,19% 2.958,91€ 3.527,12€ 3.878,00€ 4.763,12€ 5.546,29€ 4.975,57€ 4.139,87€ 4.160,24€ 4.026,18€ 3.921,86€ 3.947,88€ 3.888,69€ 3.762,06€ 3.668,61€ 3.612,07€ 3.523,42€ 3.491,06€
57 5/12 62,97% 2.996,07€ 3.571,41€ 3.926,70€ 4.822,94€ 5.615,95€ 5.038,05€ 4.191,87€ 4.212,49€ 4.076,74€ 3.971,11€ 3.997,46€ 3.937,52€ 3.809,31€ 3.714,68€ 3.657,43€ 3.567,67€ 3.534,90€
57 6/12 63,77% 3.033,96€ 3.616,58€ 3.976,36€ 4.883,93€ 5.686,97€ 5.101,77€ 4.244,88€ 4.265,76€ 4.128,30€ 4.021,33€ 4.048,01€ 3.987,32€ 3.857,48€ 3.761,66€ 3.703,69€ 3.612,79€ 3.579,60€
57 7/12 64,58% 3.072,60€ 3.662,64€ 4.027,01€ 4.946,14€ 5.759,40€ 5.166,75€ 4.298,94€ 4.320,09€ 4.180,88€ 4.072,55€ 4.099,57€ 4.038,10€ 3.906,61€ 3.809,57€ 3.750,86€ 3.658,80€ 3.625,20€
57 8/12 65,41% 3.112,02€ 3.709,63€ 4.078,67€ 5.009,59€ 5.833,28€ 5.233,03€ 4.354,09€ 4.375,51€ 4.234,51€ 4.124,79€ 4.152,16€ 4.089,91€ 3.956,73€ 3.858,44€ 3.798,98€ 3.705,74€ 3.671,70€
57 9/12 66,26% 3.152,23€ 3.757,57€ 4.131,38€ 5.074,32€ 5.908,66€ 5.300,65€ 4.410,36€ 4.432,05€ 4.289,23€ 4.178,10€ 4.205,81€ 4.142,76€ 4.007,86€ 3.908,30€ 3.848,07€ 3.753,63€ 3.719,15€
57 10/12 67,12% 3.193,27€ 3.806,49€ 4.185,16€ 5.140,38€ 5.985,59€ 5.369,66€ 4.467,77€ 4.489,75€ 4.345,07€ 4.232,49€ 4.260,57€ 4.196,69€ 4.060,04€ 3.959,18€ 3.898,16€ 3.802,49€ 3.767,57€
57 11/12 68,00% 3.235,16€ 3.856,41€ 4.240,06€ 5.207,81€ 6.064,10€ 5.440,09€ 4.526,38€ 4.548,65€ 4.402,07€ 4.288,01€ 4.316,45€ 4.251,74€ 4.113,29€ 4.011,12€ 3.949,30€ 3.852,37€ 3.816,99€
58 68,90% 3.277,92€ 3.907,39€ 4.296,10€ 5.276,65€ 6.144,25€ 5.512,00€ 4.586,21€ 4.608,77€ 4.460,25€ 4.344,68€ 4.373,51€ 4.307,94€ 4.167,66€ 4.064,13€ 4.001,50€ 3.903,29€ 3.867,44€
58 1/12 69,85% 3.323,09€ 3.961,23€ 4.355,30€ 5.349,36€ 6.228,92€ 5.587,95€ 4.649,40€ 4.672,28€ 4.521,71€ 4.404,55€ 4.433,77€ 4.367,30€ 4.225,09€ 4.120,14€ 4.056,64€ 3.957,08€ 3.920,73€
58 2/12 70,82% 3.369,25€ 4.016,26€ 4.415,80€ 5.423,67€ 6.315,45€ 5.665,58€ 4.713,99€ 4.737,18€ 4.584,53€ 4.465,74€ 4.495,37€ 4.427,97€ 4.283,78€ 4.177,37€ 4.112,99€ 4.012,05€ 3.975,20€
58 3/12 71,81% 3.416,44€ 4.072,51€ 4.477,65€ 5.499,64€ 6.403,91€ 5.744,93€ 4.780,02€ 4.803,54€ 4.648,74€ 4.528,29€ 4.558,33€ 4.489,99€ 4.343,78€ 4.235,89€ 4.170,60€ 4.068,24€ 4.030,88€
58 4/12 72,82% 3.464,70€ 4.130,04€ 4.540,90€ 5.577,32€ 6.494,36€ 5.826,08€ 4.847,53€ 4.871,38€ 4.714,40€ 4.592,25€ 4.622,72€ 4.553,41€ 4.405,14€ 4.295,71€ 4.229,51€ 4.125,70€ 4.087,81€
58 5/12 73,86% 3.514,05€ 4.188,87€ 4.605,58€ 5.656,76€ 6.586,87€ 5.909,07€ 4.916,58€ 4.940,77€ 4.781,56€ 4.657,66€ 4.688,56€ 4.618,27€ 4.467,89€ 4.356,90€ 4.289,75€ 4.184,47€ 4.146,04€
58 6/12 74,92% 3.564,54€ 4.249,05€ 4.671,75€ 5.738,04€ 6.681,51€ 5.993,97€ 4.987,23€ 5.011,76€ 4.850,26€ 4.724,58€ 4.755,93€ 4.684,62€ 4.532,08€ 4.419,50€ 4.351,39€ 4.244,60€ 4.205,61€
58 7/12 76,01% 3.616,21€ 4.310,64€ 4.739,47€ 5.821,21€ 6.778,35€ 6.080,85€ 5.059,51€ 5.084,40€ 4.920,56€ 4.793,06€ 4.824,86€ 4.752,53€ 4.597,77€ 4.483,56€ 4.414,46€ 4.306,12€ 4.266,57€
58 8/12 77,12% 3.669,09€ 4.373,68€ 4.808,78€ 5.906,34€ 6.877,48€ 6.169,77€ 5.133,50€ 5.158,76€ 4.992,52€ 4.863,16€ 4.895,42€ 4.822,03€ 4.665,01€ 4.549,13€ 4.479,02€ 4.369,09€ 4.328,96€
58 9/12 78,26% 3.723,24€ 4.438,22€ 4.879,74€ 5.993,50€ 6.978,97€ 6.260,82€ 5.209,26€ 5.234,89€ 5.066,19€ 4.934,92€ 4.967,66€ 4.893,19€ 4.733,85€ 4.616,26€ 4.545,11€ 4.433,57€ 4.392,84€
58 10/12 79,42% 3.778,69€ 4.504,32€ 4.952,42€ 6.082,76€ 7.082,92€ 6.354,07€ 5.286,84€ 5.312,85€ 5.141,65€ 5.008,42€ 5.041,65€ 4.966,06€ 4.804,35€ 4.685,01€ 4.612,81€ 4.499,60€ 4.458,27€
58 11/12 80,62% 3.835,50€ 4.572,04€ 5.026,87€ 6.174,21€ 7.189,40€ 6.449,59€ 5.366,32€ 5.392,72€ 5.218,94€ 5.083,72€ 5.117,45€ 5.040,72€ 4.876,58€ 4.755,45€ 4.682,16€ 4.567,24€ 4.525,29€
59 81,84% 3.893,71€ 4.641,43€ 5.103,17€ 6.267,92€ 7.298,51€ 6.547,48€ 5.447,77€ 5.474,57€ 5.298,15€ 5.160,88€ 5.195,11€ 5.117,23€ 4.950,60€ 4.827,62€ 4.753,22€ 4.636,56€ 4.593,97€
59 1/12 83,14% 3.955,47€ 4.715,05€ 5.184,11€ 6.367,33€ 7.414,27€ 6.651,33€ 5.534,18€ 5.561,40€ 5.382,19€ 5.242,73€ 5.277,51€ 5.198,39€ 5.029,11€ 4.904,19€ 4.828,61€ 4.710,10€ 4.666,84€
59 2/12 84,47% 4.018,84€ 4.790,59€ 5.267,17€ 6.469,35€ 7.533,06€ 6.757,90€ 5.622,84€ 5.650,51€ 5.468,42€ 5.326,73€ 5.362,07€ 5.281,68€ 5.109,69€ 4.982,77€ 4.905,97€ 4.785,57€ 4.741,61€
59 3/12 85,84% 4.083,90€ 4.868,14€ 5.352,43€ 6.574,07€ 7.655,01€ 6.867,29€ 5.713,87€ 5.741,98€ 5.556,94€ 5.412,96€ 5.448,87€ 5.367,18€ 5.192,41€ 5.063,43€ 4.985,39€ 4.863,04€ 4.818,37€
59 4/12 87,24% 4.150,70€ 4.947,78€ 5.439,99€ 6.681,61€ 7.780,23€ 6.979,63€ 5.807,34€ 5.835,91€ 5.647,84€ 5.501,51€ 5.538,00€ 5.454,98€ 5.277,35€ 5.146,26€ 5.066,94€ 4.942,59€ 4.897,19€
59 5/12 88,69% 4.219,33€ 5.029,58€ 5.529,93€ 6.792,09€ 7.908,87€ 7.095,03€ 5.903,36€ 5.932,40€ 5.741,23€ 5.592,47€ 5.629,57€ 5.545,17€ 5.364,60€ 5.231,35€ 5.150,72€ 5.024,31€ 4.978,16€
59 6/12 90,17% 4.289,86€ 5.113,65€ 5.622,36€ 6.905,62€ 8.041,07€ 7.213,62€ 6.002,03€ 6.031,56€ 5.837,19€ 5.685,94€ 5.723,67€ 5.637,85€ 5.454,27€ 5.318,79€ 5.236,81€ 5.108,29€ 5.061,37€
59 7/12 91,69% 4.362,36€ 5.200,07€ 5.717,39€ 7.022,33€ 8.176,97€ 7.335,54€ 6.103,47€ 6.133,49€ 5.935,84€ 5.782,04€ 5.820,40€ 5.733,14€ 5.546,45€ 5.408,68€ 5.325,32€ 5.194,62€ 5.146,91€
59 8/12 93,26% 4.436,92€ 5.288,96€ 5.815,11€ 7.142,35€ 8.316,73€ 7.460,92€ 6.207,79€ 6.238,33€ 6.037,30€ 5.880,87€ 5.919,89€ 5.831,13€ 5.641,25€ 5.501,12€ 5.416,34€ 5.283,41€ 5.234,88€
59 9/12 94,87% 4.513,63€ 5.380,40€ 5.915,65€ 7.265,84€ 8.460,52€ 7.589,92€ 6.315,12€ 6.346,19€ 6.141,68€ 5.982,55€ 6.022,24€ 5.931,95€ 5.738,79€ 5.596,24€ 5.509,99€ 5.374,76€ 5.325,39€
59 10/12 96,53% 4.592,59€ 5.474,52€ 6.019,13€ 7.392,95€ 8.608,53€ 7.722,69€ 6.425,59€ 6.457,20€ 6.249,12€ 6.087,20€ 6.127,59€ 6.035,72€ 5.839,18€ 5.694,13€ 5.606,37€ 5.468,78€ 5.418,55€
59 11/12 98,24% 4.673,89€ 5.571,44€ 6.125,69€ 7.523,82€ 8.760,92€ 7.859,40€ 6.539,34€ 6.571,52€ 6.359,75€ 6.194,96€ 6.236,06€ 6.142,57€ 5.942,55€ 5.794,94€ 5.705,62€ 5.565,59€ 5.514,47€
60 100,00% 4.757,65€ 5.671,27€ 6.235,46€ 7.658,64€ 8.917,91€ 8.000,24€ 6.656,52€ 6.689,27€ 6.473,71€ 6.305,97€ 6.347,81€ 6.252,64€ 6.049,04€ 5.898,78€ 5.807,86€ 5.665,33€ 5.613,29€
60 1/12 101,87% 4.846,58€ 5.777,29€ 6.352,02€ 7.801,81€ 9.084,62€ 8.149,79€ 6.780,96€ 6.814,32€ 6.594,72€ 6.423,85€ 6.466,47€ 6.369,52€ 6.162,11€ 6.009,05€ 5.916,43€ 5.771,23€ 5.718,22€
60 2/12 103,80% 4.938,46€ 5.886,80€ 6.472,43€ 7.949,70€ 9.256,83€ 8.304,28€ 6.909,50€ 6.943,49€ 6.719,74€ 6.545,62€ 6.589,05€ 6.490,26€ 6.278,92€ 6.122,95€ 6.028,59€ 5.880,63€ 5.826,61€
60 3/12 105,80% 5.033,41€ 5.999,99€ 6.596,88€ 8.102,55€ 9.434,81€ 8.463,95€ 7.042,35€ 7.077,00€ 6.848,94€ 6.671,48€ 6.715,74€ 6.615,05€ 6.399,65€ 6.240,68€ 6.144,50€ 5.993,70€ 5.938,65€
60 4/12 107,86% 5.131,60€ 6.117,03€ 6.725,57€ 8.260,61€ 9.618,86€ 8.629,06€ 7.179,73€ 7.215,05€ 6.982,54€ 6.801,62€ 6.846,75€ 6.744,10€ 6.524,49€ 6.362,42€ 6.264,36€ 6.110,62€ 6.054,49€
60 5/12 110,00% 5.233,19€ 6.238,13€ 6.858,71€ 8.424,15€ 9.809,28€ 8.799,88€ 7.321,86€ 7.357,88€ 7.120,77€ 6.936,27€ 6.982,29€ 6.877,61€ 6.653,65€ 6.488,38€ 6.388,38€ 6.231,59€ 6.174,35€
60 6/12 112,21% 5.338,35€ 6.363,49€ 6.996,54€ 8.593,43€ 10.006,40€ 8.976,72€ 7.469,00€ 7.505,74€ 7.263,87€ 7.075,66€ 7.122,60€ 7.015,82€ 6.787,36€ 6.618,76€ 6.516,75€ 6.356,82€ 6.298,43€
60 7/12 114,50% 5.447,28€ 6.493,33€ 7.139,30€ 8.768,78€ 10.210,58€ 9.159,89€ 7.621,40€ 7.658,89€ 7.412,08€ 7.220,04€ 7.267,93€ 7.158,97€ 6.925,85€ 6.753,82€ 6.649,72€ 6.486,52€ 6.426,94€
60 8/12 116,87% 5.560,17€ 6.627,90€ 7.287,26€ 8.950,51€ 10.422,19€ 9.349,72€ 7.779,35€ 7.817,62€ 7.565,70€ 7.369,67€ 7.418,56€ 7.307,34€ 7.069,39€ 6.893,78€ 6.787,54€ 6.620,95€ 6.560,14€
60 9/12 119,33% 5.677,24€ 6.767,46€ 7.440,69€ 9.138,96€ 10.641,63€ 9.546,58€ 7.943,15€ 7.982,22€ 7.725,00€ 7.524,84€ 7.574,76€ 7.461,20€ 7.218,24€ 7.038,94€ 6.930,45€ 6.760,36€ 6.698,27€
60 10/12 121,88% 5.798,72€ 6.912,27€ 7.599,92€ 9.334,53€ 10.869,35€ 9.750,87€ 8.113,12€ 8.153,03€ 7.890,30€ 7.685,86€ 7.736,85€ 7.620,85€ 7.372,70€ 7.189,56€ 7.078,75€ 6.905,02€ 6.841,60€
60 11/12 124,53% 5.924,87€ 7.062,64€ 7.765,25€ 9.537,59€ 11.105,80€ 9.962,99€ 8.289,62€ 8.330,40€ 8.061,95€ 7.853,06€ 7.905,16€ 7.786,64€ 7.533,09€ 7.345,96€ 7.232,75€ 7.055,24€ 6.990,43€
61 127,29% 6.055,95€ 7.218,89€ 7.937,04€ 9.748,60€ 11.351,50€ 10.183,41€ 8.473,01€ 8.514,69€ 8.240,31€ 8.026,80€ 8.080,05€ 7.958,91€ 7.699,74€ 7.508,48€ 7.392,76€ 7.211,32€ 7.145,09€
61 1/12 130,23% 6.195,90€ 7.385,71€ 8.120,46€ 9.973,88€ 11.613,82€ 10.418,73€ 8.668,81€ 8.711,46€ 8.430,73€ 8.212,29€ 8.266,77€ 8.142,83€ 7.877,68€ 7.682,00€ 7.563,60€ 7.377,97€ 7.310,20€
61 2/12 133,30% 6.341,71€ 7.559,53€ 8.311,56€ 10.208,60€ 11.887,14€ 10.663,93€ 8.872,82€ 8.916,47€ 8.629,14€ 8.405,55€ 8.461,32€ 8.334,46€ 8.063,07€ 7.862,78€ 7.741,60€ 7.551,60€ 7.482,24€
61 3/12 136,49% 6.493,76€ 7.740,78€ 8.510,84€ 10.453,36€ 12.172,15€ 10.919,61€ 9.085,56€ 9.130,26€ 8.836,03€ 8.607,09€ 8.664,19€ 8.534,29€ 8.256,39€ 8.051,30€ 7.927,22€ 7.732,66€ 7.661,64€
61 4/12 139,83% 6.652,45€ 7.929,94€ 8.718,83€ 10.708,82€ 12.469,61€ 11.186,46€ 9.307,59€ 9.353,38€ 9.051,97€ 8.817,43€ 8.875,92€ 8.742,85€ 8.458,16€ 8.248,06€ 8.120,94€ 7.921,63€ 7.848,87€
61 5/12 143,31% 6.818,22€ 8.127,55€ 8.936,09€ 10.975,67€ 12.780,34€ 11.465,21€ 9.539,52€ 9.586,45€ 9.277,53€ 9.037,15€ 9.097,10€ 8.960,71€ 8.668,93€ 8.453,59€ 8.323,30€ 8.119,03€ 8.044,45€
61 6/12 146,95% 6.991,55€ 8.334,16€ 9.163,26€ 11.254,68€ 13.105,23€ 11.756,67€ 9.782,03€ 9.830,15€ 9.513,37€ 9.266,88€ 9.328,36€ 9.188,50€ 8.889,30€ 8.668,49€ 8.534,89€ 8.325,42€ 8.248,95€
61 7/12 150,77% 7.172,96€ 8.550,40€ 9.401,01€ 11.546,70€ 13.445,26€ 12.061,71€ 10.035,84€ 10.085,21€ 9.760,21€ 9.507,32€ 9.570,40€ 9.426,91€ 9.119,94€ 8.893,40€ 8.756,34€ 8.541,44€ 8.462,98€
61 8/12 154,76% 7.363,01€ 8.776,95€ 9.650,10€ 11.852,64€ 13.801,50€ 12.381,30€ 10.301,74€ 10.352,42€ 10.018,82€ 9.759,22€ 9.823,97€ 9.676,68€ 9.361,58€ 9.129,04€ 8.988,34€ 8.767,75€ 8.687,21€
61 9/12 158,95% 7.562,33€ 9.014,55€ 9.911,33€ 12.173,50€ 14.175,12€ 12.716,47€ 10.580,62€ 10.632,68€ 10.290,04€ 10.023,42€ 10.089,92€ 9.938,64€ 9.615,01€ 9.376,17€ 9.231,67€ 9.005,10€ 8.922,39€
61 10/12 163,35% 7.771,62€ 9.264,03€ 10.185,63€ 12.510,40€ 14.567,42€ 13.068,40€ 10.873,44€ 10.926,93€ 10.574,81€ 10.300,81€ 10.369,15€ 10.213,69€ 9.881,11€ 9.635,66€ 9.487,15€ 9.254,31€ 9.169,31€
61 11/12 167,97% 7.991,62€ 9.526,28€ 10.473,97€ 12.864,55€ 14.979,80€ 13.438,34€ 11.181,25€ 11.236,26€ 10.874,17€ 10.592,41€ 10.662,69€ 10.502,82€ 10.160,82€ 9.908,43€ 9.755,72€ 9.516,29€ 9.428,88€
62 172,84% 8.223,17€ 9.802,30€ 10.777,44€ 13.237,29€ 15.413,83€ 13.827,71€ 11.505,22€ 11.561,82€ 11.189,24€ 10.899,32€ 10.971,63€ 10.807,14€ 10.455,23€ 10.195,52€ 10.038,38€ 9.792,02€ 9.702,08€
62 1/12 178,12% 8.474,41€ 10.101,78€ 11.106,72€ 13.641,73€ 15.884,76€ 14.250,18€ 11.856,73€ 11.915,06€ 11.531,10€ 11.232,32€ 11.306,84€ 11.137,32€ 10.774,66€ 10.507,02€ 10.345,08€ 10.091,19€ 9.998,50€
62 2/12 183,71% 8.740,04€ 10.418,41€ 11.454,85€ 14.069,32€ 16.382,65€ 14.696,84€ 12.228,37€ 12.288,53€ 11.892,53€ 11.584,39€ 11.661,24€ 11.486,41€ 11.112,38€ 10.836,35€ 10.669,34€ 10.407,49€ 10.311,89€
62 3/12 189,62% 9.021,30€ 10.753,69€ 11.823,48€ 14.522,08€ 16.909,87€ 15.169,80€ 12.621,90€ 12.683,99€ 12.275,25€ 11.957,19€ 12.036,52€ 11.856,06€ 11.469,99€ 11.185,08€ 11.012,69€ 10.742,41€ 10.643,74€
62 4/12 195,89% 9.319,62€ 11.109,30€ 12.214,47€ 15.002,31€ 17.469,05€ 15.671,45€ 13.039,28€ 13.103,43€ 12.681,17€ 12.352,60€ 12.434,55€ 12.248,12€ 11.849,29€ 11.554,95€ 11.376,86€ 11.097,65€ 10.995,71€
62 5/12 202,55% 9.636,58€ 11.487,12€ 12.629,88€ 15.512,53€ 18.063,17€ 16.204,43€ 13.482,75€ 13.549,08€ 13.112,45€ 12.772,71€ 12.857,44€ 12.664,68€ 12.252,28€ 11.947,93€ 11.763,79€ 11.475,08€ 11.369,68€
62 6/12 209,64% 9.973,97€ 11.889,30€ 13.072,07€ 16.055,64€ 18.695,58€ 16.771,76€ 13.954,79€ 14.023,44€ 13.571,54€ 13.219,89€ 13.307,60€ 13.108,08€ 12.681,25€ 12.366,24€ 12.175,65€ 11.876,83€ 11.767,74€
62 7/12 217,20% 10.333,80€ 12.318,24€ 13.543,68€ 16.634,89€ 19.370,07€ 17.376,85€ 14.458,25€ 14.529,38€ 14.061,17€ 13.696,84€ 13.787,70€ 13.580,99€ 13.138,76€ 12.812,39€ 12.614,92€ 12.305,32€ 12.192,29€
62 8/12 225,29% 10.718,40€ 12.776,68€ 14.047,73€ 17.253,99€ 20.090,96€ 18.023,56€ 14.996,34€ 15.070,11€ 14.584,48€ 14.206,59€ 14.300,84€ 14.086,43€ 13.627,74€ 13.289,22€ 13.084,41€ 12.763,29€ 12.646,05€
62 9/12 233,95% 11.130,36€ 13.267,76€ 14.587,66€ 17.917,16€ 20.863,17€ 18.716,31€ 15.572,73€ 15.649,34€ 15.145,04€ 14.752,63€ 14.850,50€ 14.627,85€ 14.151,53€ 13.800,00€ 13.587,32€ 13.253,85€ 13.132,11€
62 10/12 243,24% 11.572,72€ 13.795,07€ 15.167,42€ 18.629,24€ 21.692,34€ 19.460,15€ 16.191,64€ 16.271,30€ 15.746,95€ 15.338,94€ 15.440,71€ 15.209,21€ 14.713,96€ 14.348,46€ 14.127,32€ 13.780,60€ 13.654,02€
62 11/12 253,25% 12.048,93€ 14.362,73€ 15.791,56€ 19.395,83€ 22.584,98€ 20.260,93€ 16.857,92€ 16.940,86€ 16.394,94€ 15.970,14€ 16.076,09€ 15.835,07€ 15.319,43€ 14.938,90€ 14.708,66€ 14.347,67€ 14.215,88€
63 264,06% 12.563,02€ 14.975,54€ 16.465,33€ 20.223,39€ 23.548,60€ 21.125,40€ 17.577,19€ 17.663,67€ 17.094,45€ 16.651,53€ 16.762,00€ 16.510,69€ 15.973,06€ 15.576,29€ 15.336,22€ 14.959,84€ 14.822,43€
63 1/12 276,14% 13.137,98€ 15.660,91€ 17.218,88€ 21.148,93€ 24.626,33€ 22.092,22€ 18.381,63€ 18.472,06€ 17.876,80€ 17.413,60€ 17.529,13€ 17.266,32€ 16.704,08€ 16.289,15€ 16.038,10€ 15.644,49€ 15.500,79€
63 2/12 289,31% 13.764,43€ 16.407,66€ 18.039,92€ 22.157,36€ 25.800,57€ 23.145,63€ 19.258,11€ 19.352,85€ 18.729,20€ 18.243,92€ 18.364,96€ 18.089,62€ 17.500,57€ 17.065,86€ 16.802,84€ 16.390,45€ 16.239,90€
63 3/12 303,71% 14.449,58€ 17.224,38€ 18.937,89€ 23.260,28€ 27.084,84€ 24.297,75€ 20.216,72€ 20.316,18€ 19.661,48€ 19.152,05€ 19.279,11€ 18.990,07€ 18.371,69€ 17.915,34€ 17.639,23€ 17.206,32€ 17.048,27€
63 4/12 319,53% 15.202,05€ 18.121,34€ 19.924,08€ 24.471,57€ 28.495,29€ 25.563,06€ 21.269,51€ 21.374,15€ 20.685,36€ 20.149,40€ 20.283,07€ 19.978,98€ 19.328,41€ 18.848,29€ 18.557,80€ 18.102,34€ 17.936,07€
63 5/12 336,98% 16.032,22€ 19.110,94€ 21.012,13€ 25.807,95€ 30.051,40€ 26.959,05€ 22.431,03€ 22.541,38€ 21.814,98€ 21.249,74€ 21.390,72€ 21.070,02€ 20.383,92€ 19.877,58€ 19.571,23€ 19.090,90€ 18.915,55€
63 6/12 356,33% 16.952,75€ 20.208,25€ 22.218,59€ 27.289,78€ 31.776,88€ 28.506,97€ 23.718,96€ 23.835,65€ 23.067,54€ 22.469,85€ 22.618,93€ 22.279,81€ 21.554,32€ 21.018,91€ 20.694,96€ 20.187,06€ 20.001,63€
63 7/12 377,90% 17.979,19€ 21.431,79€ 23.563,86€ 28.942,09€ 33.700,87€ 30.232,98€ 25.155,07€ 25.278,82€ 24.464,21€ 23.830,33€ 23.988,43€ 23.628,78€ 22.859,36€ 22.291,53€ 21.947,97€ 21.409,32€ 21.212,67€
63 8/12 402,11% 19.130,86€ 22.804,62€ 25.073,26€ 30.795,99€ 35.859,60€ 32.169,57€ 26.766,39€ 26.898,07€ 26.031,28€ 25.356,80€ 25.525,02€ 25.142,34€ 24.323,63€ 23.719,43€ 23.353,87€ 22.780,71€ 22.571,46€
63 9/12 429,46% 20.432,10€ 24.355,74€ 26.778,69€ 32.890,68€ 38.298,70€ 34.357,68€ 28.586,99€ 28.727,63€ 27.801,88€ 27.081,52€ 27.261,19€ 26.852,47€ 25.978,08€ 25.332,78€ 24.942,35€ 24.330,20€ 24.106,73€
63 10/12 460,61% 21.914,00€ 26.122,22€ 28.720,89€ 35.276,17€ 41.076,43€ 36.849,57€ 30.660,35€ 30.811,18€ 29.818,29€ 29.045,69€ 29.238,38€ 28.800,03€ 27.862,22€ 27.170,12€ 26.751,37€ 26.094,83€ 25.855,14€
63 11/12 496,40% 23.616,89€ 28.152,12€ 30.952,73€ 38.017,40€ 44.268,39€ 39.713,07€ 33.042,89€ 33.205,45€ 32.135,40€ 31.302,76€ 31.510,44€ 31.038,01€ 30.027,33€ 29.281,45€ 28.830,16€ 28.122,60€ 27.864,28€
64 537,96% 25.594,07€ 30.508,99€ 33.544,07€ 41.200,19€ 47.974,50€ 43.037,82€ 35.809,22€ 35.985,39€ 34.825,75€ 33.923,40€ 34.148,46€ 33.636,49€ 32.541,19€ 31.732,87€ 31.243,80€ 30.477,00€ 30.197,06€
64 1/12 588,64% 28.005,45€ 33.383,43€ 36.704,46€ 45.081,91€ 52.494,47€ 47.092,68€ 39.183,03€ 39.375,79€ 38.106,90€ 37.119,54€ 37.365,80€ 36.805,59€ 35.607,10€ 34.722,61€ 34.187,47€ 33.348,42€ 33.042,11€
64 2/12 649,47% 30.899,67€ 36.833,43€ 40.497,68€ 49.740,89€ 57.919,50€ 51.959,46€ 43.232,39€ 43.445,07€ 42.045,05€ 40.955,65€ 41.227,36€ 40.609,26€ 39.286,90€ 38.311,02€ 37.720,56€ 36.794,81€ 36.456,84€
64 3/12 723,84% 34.437,68€ 41.050,86€ 45.134,66€ 55.436,22€ 64.551,28€ 57.908,81€ 48.182,49€ 48.419,53€ 46.859,21€ 45.645,07€ 45.947,89€ 45.259,01€ 43.785,25€ 42.697,63€ 42.039,57€ 41.007,81€ 40.631,15€
64 4/12 816,81% 38.860,91€ 46.323,50€ 50.931,83€ 62.556,55€ 72.842,36€ 65.346,72€ 54.371,14€ 54.638,62€ 52.877,89€ 51.507,80€ 51.849,52€ 51.072,16€ 49.409,11€ 48.181,78€ 47.439,20€ 46.274,93€ 45.849,88€
64 5/12 936,36% 44.548,76€ 53.103,60€ 58.386,43€ 71.712,59€ 83.503,88€ 74.911,14€ 62.329,12€ 62.635,76€ 60.617,32€ 59.046,70€ 59.438,43€ 58.547,30€ 56.640,83€ 55.233,87€ 54.382,60€ 53.047,92€ 52.560,66€
64 6/12 1095,78% 52.133,54€ 62.144,91€ 68.327,18€ 83.922,22€ 97.721,07€ 87.665,35€ 72.941,15€ 73.299,99€ 70.937,89€ 69.099,86€ 69.558,29€ 68.515,43€ 66.284,38€ 64.637,87€ 63.641,66€ 62.079,74€ 61.509,53€
64 7/12 1319,00% 62.753,41€ 74.804,14€ 82.245,78€ 101.017,61€ 117.627,35€ 105.523,24€ 87.799,64€ 88.231,58€ 85.388,30€ 83.175,86€ 83.727,67€ 82.472,38€ 79.786,85€ 77.804,94€ 76.605,80€ 74.725,71€ 74.039,33€
64 8/12 1653,86% 78.684,71€ 93.794,79€ 103.125,64€ 126.663,10€ 147.489,59€ 132.312,58€ 110.089,46€ 110.631,06€ 107.065,96€ 104.291,84€ 104.983,75€ 103.409,77€ 100.042,46€ 97.557,40€ 96.053,83€ 93.696,44€ 92.835,81€
64 9/12 2211,99% 105.238,89€ 125.448,25€ 137.928,04€ 169.408,83€ 197.263,75€ 176.964,87€ 147.241,99€ 147.966,37€ 143.198,13€ 139.487,81€ 140.413,22€ 138.308,06€ 133.804,36€ 130.480,65€ 128.469,67€ 125.316,72€ 124.165,65€
64 10/12 3328,33% 158.350,30€ 188.758,82€ 207.536,85€ 254.905,19€ 296.817,79€ 266.274,58€ 221.551,30€ 222.641,26€ 215.466,61€ 209.883,79€ 211.276,22€ 208.108,65€ 201.332,05€ 196.330,95€ 193.305,08€ 188.560,90€ 186.828,92€
64 11/12 6677,48% 317.690,70€ 378.697,86€ 416.371,32€ 511.404,18€ 595.491,43€ 534.214,05€ 444.487,86€ 446.674,59€ 432.280,43€ 421.079,89€ 423.873,46€ 417.518,51€ 403.922,93€ 393.889,46€ 387.818,79€ 378.300,79€ 374.825,99€
Master thesis: The (early) retirement age Page 67
1.097,56€ 1.141,99€ 1.210,03€ 1.267,65€ 1.324,52€ 1.400,70€ 1.457,80€ 1.532,80€ 1.582,22€ 1.632,25€ 1.694,42€ 1.733,35€ 1.733,98€ 1.791,44€ 1.814,33€ 1.806,33€ 1.808,06€ 1.793,87€ 1.770,22€ 1.738,79€ 1.702,45€ 1.652,74€ 1.579,74€ 1.459,49€ 1.339,51€ 1.212,68€ 1.093,29€ 936,43€ 750,57€
4.178,76€ 4.041,30€ 3.961,41€ 3.866,89€ 3.703,80€ 3.579,14€ 3.397,62€ 3.234,08€ 3.046,79€ 2.836,88€ 2.601,10€ 2.363,03€ 2.197,81€ 2.167,82€ 2.088,55€ 1.961,95€ 1.770,01€ 1.564,80€ 1.303,19€ 1.041,99€ 787,36€ 562,32€ 383,92€ 239,93€ 140,10€ 79,00€ 40,87€ 16,96€ 6,91€
251,90€ 249,22€ 250,63€ 250,59€ 249,96€ 251,51€ 253,47€ 255,10€ 254,87€ 254,60€ 256,03€ 251,87€ 247,40€ 245,39€ 239,47€ 232,36€ 222,23€ 212,55€ 199,43€ 184,49€ 166,45€ 147,52€ 128,70€ 110,86€ 92,97€ 74,04€ 55,91€ 39,34€ 25,64€
1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
5.528,22€ 5.432,51€ 5.422,07€ 5.385,12€ 5.278,28€ 5.231,35€ 5.108,89€ 5.021,98€ 4.883,88€ 4.723,73€ 4.551,54€ 4.348,25€ 4.179,19€ 4.204,64€ 4.142,35€ 4.000,63€ 3.800,31€ 3.571,22€ 3.272,84€ 2.965,27€ 2.656,27€ 2.362,58€ 2.092,36€ 1.810,27€ 1.572,59€ 1.365,72€ 1.190,07€ 992,73€ 783,12€
2.526,81€ 2.483,06€ 2.478,29€ 2.461,40€ 2.412,57€ 2.391,12€ 2.335,15€ 2.295,42€ 2.232,30€ 2.159,10€ 2.080,40€ 1.987,48€ 1.910,20€ 1.921,84€ 1.893,37€ 1.828,59€ 1.737,03€ 1.632,31€ 1.495,93€ 1.355,35€ 1.214,11€ 1.079,88€ 956,37€ 827,43€ 718,79€ 624,24€ 543,95€ 453,75€ 357,94€
2.552,21€ 2.508,03€ 2.503,21€ 2.486,15€ 2.436,83€ 2.415,16€ 2.358,63€ 2.318,50€ 2.254,74€ 2.180,81€ 2.101,31€ 2.007,46€ 1.929,41€ 1.941,16€ 1.912,40€ 1.846,97€ 1.754,49€ 1.648,73€ 1.510,97€ 1.368,98€ 1.226,32€ 1.090,73€ 965,98€ 835,75€ 726,02€ 630,51€ 549,42€ 458,31€ 361,54€
2.577,99€ 2.533,36€ 2.528,49€ 2.511,26€ 2.461,44€ 2.439,55€ 2.382,45€ 2.341,92€ 2.277,52€ 2.202,83€ 2.122,54€ 2.027,74€ 1.948,90€ 1.960,77€ 1.931,72€ 1.865,63€ 1.772,21€ 1.665,38€ 1.526,23€ 1.382,80€ 1.238,71€ 1.101,75€ 975,74€ 844,19€ 733,35€ 636,88€ 554,97€ 462,94€ 365,20€
2.604,15€ 2.559,07€ 2.554,15€ 2.536,74€ 2.486,41€ 2.464,31€ 2.406,62€ 2.365,68€ 2.300,63€ 2.225,18€ 2.144,07€ 2.048,31€ 1.968,67€ 1.980,66€ 1.951,32€ 1.884,56€ 1.790,19€ 1.682,28€ 1.541,72€ 1.396,83€ 1.251,28€ 1.112,93€ 985,64€ 852,76€ 740,79€ 643,34€ 560,60€ 467,64€ 368,90€
2.630,69€ 2.585,15€ 2.580,18€ 2.562,60€ 2.511,76€ 2.489,43€ 2.431,15€ 2.389,80€ 2.324,08€ 2.247,86€ 2.165,93€ 2.069,19€ 1.988,74€ 2.000,85€ 1.971,21€ 1.903,77€ 1.808,44€ 1.699,42€ 1.557,44€ 1.411,07€ 1.264,03€ 1.124,27€ 995,69€ 861,45€ 748,34€ 649,90€ 566,31€ 472,41€ 372,66€
2.657,64€ 2.611,63€ 2.606,61€ 2.588,85€ 2.537,48€ 2.514,92€ 2.456,05€ 2.414,27€ 2.347,88€ 2.270,89€ 2.188,11€ 2.090,38€ 2.009,11€ 2.021,34€ 1.991,40€ 1.923,26€ 1.826,96€ 1.716,83€ 1.573,39€ 1.425,52€ 1.276,98€ 1.135,79€ 1.005,88€ 870,27€ 756,01€ 656,56€ 572,11€ 477,25€ 376,48€
2.684,99€ 2.638,50€ 2.633,43€ 2.615,49€ 2.563,60€ 2.540,80€ 2.481,33€ 2.439,11€ 2.372,04€ 2.294,25€ 2.210,63€ 2.111,89€ 2.029,78€ 2.042,14€ 2.011,89€ 1.943,06€ 1.845,76€ 1.734,49€ 1.589,58€ 1.440,19€ 1.290,12€ 1.147,48€ 1.016,23€ 879,23€ 763,79€ 663,31€ 578,00€ 482,16€ 380,35€
2.712,75€ 2.665,78€ 2.660,66€ 2.642,53€ 2.590,10€ 2.567,07€ 2.506,98€ 2.464,34€ 2.396,57€ 2.317,98€ 2.233,49€ 2.133,73€ 2.050,77€ 2.063,26€ 2.032,69€ 1.963,15€ 1.864,85€ 1.752,43€ 1.606,01€ 1.455,09€ 1.303,46€ 1.159,34€ 1.026,74€ 888,32€ 771,68€ 670,17€ 583,98€ 487,14€ 384,28€
2.740,94€ 2.693,48€ 2.688,31€ 2.669,99€ 2.617,02€ 2.593,75€ 2.533,03€ 2.489,94€ 2.421,47€ 2.342,06€ 2.256,69€ 2.155,90€ 2.072,08€ 2.084,70€ 2.053,81€ 1.983,54€ 1.884,23€ 1.770,64€ 1.622,70€ 1.470,20€ 1.317,00€ 1.171,39€ 1.037,41€ 897,55€ 779,70€ 677,14€ 590,05€ 492,20€ 388,28€
2.769,56€ 2.721,61€ 2.716,38€ 2.697,87€ 2.644,34€ 2.620,83€ 2.559,48€ 2.515,94€ 2.446,75€ 2.366,52€ 2.280,26€ 2.178,41€ 2.093,71€ 2.106,47€ 2.075,26€ 2.004,26€ 1.903,90€ 1.789,13€ 1.639,65€ 1.485,56€ 1.330,75€ 1.183,62€ 1.048,24€ 906,92€ 787,84€ 684,21€ 596,21€ 497,34€ 392,33€
2.798,62€ 2.750,17€ 2.744,89€ 2.726,18€ 2.672,10€ 2.648,34€ 2.586,34€ 2.542,35€ 2.472,43€ 2.391,36€ 2.304,19€ 2.201,28€ 2.115,69€ 2.128,57€ 2.097,04€ 2.025,29€ 1.923,88€ 1.807,90€ 1.656,85€ 1.501,15€ 1.344,72€ 1.196,04€ 1.059,24€ 916,44€ 796,11€ 691,39€ 602,46€ 502,56€ 396,45€
2.828,14€ 2.779,18€ 2.773,84€ 2.754,94€ 2.700,28€ 2.676,27€ 2.613,63€ 2.569,16€ 2.498,51€ 2.416,58€ 2.328,49€ 2.224,50€ 2.138,00€ 2.151,03€ 2.119,16€ 2.046,66€ 1.944,18€ 1.826,98€ 1.674,33€ 1.516,98€ 1.358,90€ 1.208,66€ 1.070,42€ 926,11€ 804,51€ 698,68€ 608,82€ 507,86€ 400,63€
2.858,13€ 2.808,65€ 2.803,25€ 2.784,15€ 2.728,91€ 2.704,65€ 2.641,34€ 2.596,41€ 2.525,00€ 2.442,20€ 2.353,18€ 2.248,08€ 2.160,67€ 2.173,83€ 2.141,63€ 2.068,36€ 1.964,79€ 1.846,35€ 1.692,08€ 1.533,07€ 1.373,31€ 1.221,47€ 1.081,77€ 935,93€ 813,04€ 706,09€ 615,28€ 513,25€ 404,88€
2.889,62€ 2.839,60€ 2.834,14€ 2.814,83€ 2.758,98€ 2.734,45€ 2.670,44€ 2.625,01€ 2.552,83€ 2.469,11€ 2.379,11€ 2.272,85€ 2.184,48€ 2.197,78€ 2.165,23€ 2.091,15€ 1.986,44€ 1.866,69€ 1.710,73€ 1.549,96€ 1.388,44€ 1.234,93€ 1.093,69€ 946,24€ 822,00€ 713,87€ 622,05€ 518,90€ 409,34€
2.921,63€ 2.871,05€ 2.865,53€ 2.846,01€ 2.789,54€ 2.764,74€ 2.700,02€ 2.654,09€ 2.581,11€ 2.496,46€ 2.405,47€ 2.298,03€ 2.208,68€ 2.222,13€ 2.189,21€ 2.114,31€ 2.008,45€ 1.887,37€ 1.729,68€ 1.567,13€ 1.403,82€ 1.248,61€ 1.105,80€ 956,72€ 831,10€ 721,78€ 628,95€ 524,65€ 413,88€
2.954,18€ 2.903,03€ 2.897,45€ 2.877,71€ 2.820,62€ 2.795,54€ 2.730,10€ 2.683,66€ 2.609,86€ 2.524,27€ 2.432,26€ 2.323,63€ 2.233,28€ 2.246,88€ 2.213,60€ 2.137,86€ 2.030,82€ 1.908,39€ 1.748,95€ 1.584,59€ 1.419,46€ 1.262,52€ 1.118,12€ 967,38€ 840,36€ 729,82€ 635,95€ 530,50€ 418,49€
2.987,27€ 2.935,55€ 2.929,91€ 2.909,95€ 2.852,21€ 2.826,85€ 2.760,68€ 2.713,72€ 2.639,09€ 2.552,55€ 2.459,51€ 2.349,66€ 2.258,30€ 2.272,05€ 2.238,39€ 2.161,81€ 2.053,57€ 1.929,77€ 1.768,54€ 1.602,33€ 1.435,36€ 1.276,66€ 1.130,64€ 978,21€ 849,77€ 737,99€ 643,07€ 536,44€ 423,17€
3.020,92€ 2.968,62€ 2.962,92€ 2.942,73€ 2.884,34€ 2.858,70€ 2.791,78€ 2.744,29€ 2.668,82€ 2.581,30€ 2.487,21€ 2.376,12€ 2.283,74€ 2.297,65€ 2.263,61€ 2.186,16€ 2.076,70€ 1.951,51€ 1.788,46€ 1.620,39€ 1.451,53€ 1.291,04€ 1.143,38€ 989,23€ 859,35€ 746,30€ 650,32€ 542,48€ 427,94€
3.055,15€ 3.002,26€ 2.996,49€ 2.976,07€ 2.917,02€ 2.891,09€ 2.823,41€ 2.775,38€ 2.699,06€ 2.610,55€ 2.515,39€ 2.403,05€ 2.309,61€ 2.323,68€ 2.289,26€ 2.210,93€ 2.100,23€ 1.973,62€ 1.808,72€ 1.638,74€ 1.467,98€ 1.305,67€ 1.156,34€ 1.000,44€ 869,08€ 754,76€ 657,69€ 548,63€ 432,79€
3.089,96€ 3.036,47€ 3.030,63€ 3.009,98€ 2.950,26€ 2.924,03€ 2.855,59€ 2.807,01€ 2.729,82€ 2.640,30€ 2.544,06€ 2.430,43€ 2.335,93€ 2.350,16€ 2.315,34€ 2.236,13€ 2.124,16€ 1.996,11€ 1.829,33€ 1.657,42€ 1.484,71€ 1.320,55€ 1.169,51€ 1.011,84€ 878,99€ 763,36€ 665,18€ 554,88€ 437,72€
3.125,39€ 3.071,28€ 3.065,37€ 3.044,49€ 2.984,08€ 2.957,55€ 2.888,32€ 2.839,19€ 2.761,11€ 2.670,57€ 2.573,22€ 2.458,29€ 2.362,71€ 2.377,10€ 2.341,89€ 2.261,76€ 2.148,51€ 2.018,99€ 1.850,30€ 1.676,42€ 1.501,73€ 1.335,69€ 1.182,92€ 1.023,44€ 889,06€ 772,11€ 672,81€ 561,24€ 442,74€
3.161,43€ 3.106,70€ 3.100,73€ 3.079,60€ 3.018,50€ 2.991,66€ 2.921,63€ 2.871,93€ 2.792,95€ 2.701,36€ 2.602,90€ 2.486,64€ 2.389,96€ 2.404,51€ 2.368,89€ 2.287,84€ 2.173,29€ 2.042,28€ 1.871,64€ 1.695,75€ 1.519,04€ 1.351,09€ 1.196,56€ 1.035,24€ 899,32€ 781,02€ 680,57€ 567,71€ 447,84€
3.198,11€ 3.142,74€ 3.136,70€ 3.115,33€ 3.053,52€ 3.026,37€ 2.955,53€ 2.905,25€ 2.825,36€ 2.732,71€ 2.633,10€ 2.515,49€ 2.417,69€ 2.432,41€ 2.396,38€ 2.314,39€ 2.198,51€ 2.065,97€ 1.893,36€ 1.715,43€ 1.536,67€ 1.366,77€ 1.210,44€ 1.047,26€ 909,75€ 790,08€ 688,46€ 574,30€ 453,04€
3.235,44€ 3.179,43€ 3.173,32€ 3.151,70€ 3.089,17€ 3.061,70€ 2.990,03€ 2.939,17€ 2.858,34€ 2.764,61€ 2.663,84€ 2.544,86€ 2.445,91€ 2.460,81€ 2.424,35€ 2.341,41€ 2.224,17€ 2.090,09€ 1.915,46€ 1.735,45€ 1.554,61€ 1.382,72€ 1.224,58€ 1.059,48€ 920,37€ 799,30€ 696,50€ 581,00€ 458,33€
3.273,45€ 3.216,78€ 3.210,60€ 3.188,72€ 3.125,46€ 3.097,67€ 3.025,16€ 2.973,69€ 2.891,92€ 2.797,08€ 2.695,13€ 2.574,75€ 2.474,64€ 2.489,72€ 2.452,83€ 2.368,91€ 2.250,30€ 2.114,64€ 1.937,96€ 1.755,84€ 1.572,87€ 1.398,97€ 1.238,96€ 1.071,93€ 931,18€ 808,69€ 704,68€ 587,83€ 463,71€
3.313,47€ 3.256,11€ 3.249,85€ 3.227,70€ 3.163,66€ 3.135,53€ 3.062,14€ 3.010,05€ 2.927,27€ 2.831,28€ 2.728,08€ 2.606,23€ 2.504,90€ 2.520,15€ 2.482,82€ 2.397,87€ 2.277,81€ 2.140,49€ 1.961,65€ 1.777,30€ 1.592,10€ 1.416,07€ 1.254,11€ 1.085,03€ 942,57€ 818,58€ 713,30€ 595,02€ 469,38€
3.354,24€ 3.296,17€ 3.289,84€ 3.267,42€ 3.202,59€ 3.174,12€ 3.099,82€ 3.047,09€ 2.963,29€ 2.866,12€ 2.761,65€ 2.638,30€ 2.535,72€ 2.551,16€ 2.513,37€ 2.427,38€ 2.305,84€ 2.166,83€ 1.985,79€ 1.799,18€ 1.611,69€ 1.433,50€ 1.269,54€ 1.098,38€ 954,17€ 828,65€ 722,07€ 602,34€ 475,16€
3.395,79€ 3.337,01€ 3.330,59€ 3.307,90€ 3.242,27€ 3.213,44€ 3.138,22€ 3.084,83€ 3.000,00€ 2.901,62€ 2.795,86€ 2.670,98€ 2.567,13€ 2.582,77€ 2.544,51€ 2.457,45€ 2.334,40€ 2.193,68€ 2.010,39€ 1.821,46€ 1.631,65€ 1.451,25€ 1.285,27€ 1.111,99€ 965,99€ 838,92€ 731,02€ 609,80€ 481,04€
3.438,15€ 3.378,63€ 3.372,13€ 3.349,15€ 3.282,71€ 3.253,52€ 3.177,36€ 3.123,31€ 3.037,42€ 2.937,81€ 2.830,73€ 2.704,30€ 2.599,15€ 2.614,98€ 2.576,24€ 2.488,10€ 2.363,52€ 2.221,04€ 2.035,47€ 1.844,18€ 1.652,01€ 1.469,35€ 1.301,30€ 1.125,86€ 978,03€ 849,38€ 740,14€ 617,41€ 487,04€
3.481,33€ 3.421,06€ 3.414,48€ 3.391,21€ 3.323,93€ 3.294,38€ 3.217,26€ 3.162,53€ 3.075,56€ 2.974,71€ 2.866,28€ 2.738,26€ 2.631,79€ 2.647,82€ 2.608,60€ 2.519,35€ 2.393,20€ 2.248,93€ 2.061,03€ 1.867,34€ 1.672,75€ 1.487,81€ 1.317,64€ 1.140,00€ 990,32€ 860,05€ 749,43€ 625,16€ 493,16€
3.525,35€ 3.464,32€ 3.457,66€ 3.434,10€ 3.365,97€ 3.336,04€ 3.257,95€ 3.202,53€ 3.114,46€ 3.012,33€ 2.902,53€ 2.772,89€ 2.665,08€ 2.681,31€ 2.641,59€ 2.551,21€ 2.423,47€ 2.277,37€ 2.087,10€ 1.890,96€ 1.693,91€ 1.506,62€ 1.334,30€ 1.154,42€ 1.002,84€ 870,92€ 758,91€ 633,07€ 499,40€
3.570,25€ 3.508,45€ 3.501,70€ 3.477,84€ 3.408,84€ 3.378,53€ 3.299,45€ 3.243,32€ 3.154,13€ 3.050,69€ 2.939,50€ 2.808,21€ 2.699,02€ 2.715,46€ 2.675,23€ 2.583,70€ 2.454,33€ 2.306,38€ 2.113,68€ 1.915,04€ 1.715,48€ 1.525,81€ 1.351,30€ 1.169,12€ 1.015,61€ 882,01€ 768,58€ 641,13€ 505,76€
3.616,05€ 3.553,45€ 3.546,62€ 3.522,46€ 3.452,57€ 3.421,87€ 3.341,77€ 3.284,92€ 3.194,59€ 3.089,83€ 2.977,20€ 2.844,23€ 2.733,64€ 2.750,29€ 2.709,55€ 2.616,85€ 2.485,82€ 2.335,96€ 2.140,79€ 1.939,61€ 1.737,49€ 1.545,39€ 1.368,63€ 1.184,12€ 1.028,64€ 893,33€ 778,43€ 649,35€ 512,25€
3.662,78€ 3.599,37€ 3.592,45€ 3.567,97€ 3.497,19€ 3.466,09€ 3.384,96€ 3.327,37€ 3.235,87€ 3.129,76€ 3.015,68€ 2.880,99€ 2.768,97€ 2.785,83€ 2.744,56€ 2.650,66€ 2.517,94€ 2.366,15€ 2.168,46€ 1.964,67€ 1.759,94€ 1.565,36€ 1.386,32€ 1.199,42€ 1.041,94€ 904,87€ 788,49€ 657,74€ 518,87€
3.710,47€ 3.646,23€ 3.639,22€ 3.614,42€ 3.542,71€ 3.511,22€ 3.429,02€ 3.370,69€ 3.278,00€ 3.170,50€ 3.054,94€ 2.918,49€ 2.805,02€ 2.822,10€ 2.780,29€ 2.685,17€ 2.550,72€ 2.396,95€ 2.196,69€ 1.990,25€ 1.782,85€ 1.585,73€ 1.404,37€ 1.215,03€ 1.055,50€ 916,65€ 798,76€ 666,31€ 525,62€
3.759,14€ 3.694,06€ 3.686,96€ 3.661,84€ 3.589,18€ 3.557,27€ 3.474,00€ 3.414,90€ 3.321,00€ 3.212,09€ 3.095,01€ 2.956,77€ 2.841,81€ 2.859,12€ 2.816,76€ 2.720,39€ 2.584,18€ 2.428,40€ 2.225,50€ 2.016,36€ 1.806,24€ 1.606,53€ 1.422,79€ 1.230,97€ 1.069,34€ 928,68€ 809,24€ 675,05€ 532,52€
3.808,82€ 3.742,89€ 3.735,69€ 3.710,24€ 3.636,62€ 3.604,29€ 3.519,92€ 3.460,04€ 3.364,89€ 3.254,55€ 3.135,92€ 2.995,86€ 2.879,37€ 2.896,91€ 2.853,99€ 2.756,35€ 2.618,34€ 2.460,49€ 2.254,92€ 2.043,01€ 1.830,11€ 1.627,77€ 1.441,59€ 1.247,24€ 1.083,48€ 940,95€ 819,93€ 683,97€ 539,55€
3.861,31€ 3.794,46€ 3.787,17€ 3.761,36€ 3.686,74€ 3.653,96€ 3.568,43€ 3.507,72€ 3.411,26€ 3.299,40€ 3.179,13€ 3.037,14€ 2.919,05€ 2.936,83€ 2.893,32€ 2.794,33€ 2.654,42€ 2.494,40€ 2.285,99€ 2.071,16€ 1.855,33€ 1.650,20€ 1.461,46€ 1.264,43€ 1.098,41€ 953,92€ 831,23€ 693,39€ 546,99€
3.914,95€ 3.847,18€ 3.839,78€ 3.813,62€ 3.737,95€ 3.704,72€ 3.618,00€ 3.556,45€ 3.458,65€ 3.345,23€ 3.223,29€ 3.079,33€ 2.959,60€ 2.977,63€ 2.933,52€ 2.833,15€ 2.691,29€ 2.529,05€ 2.317,75€ 2.099,93€ 1.881,11€ 1.673,12€ 1.481,76€ 1.281,99€ 1.113,67€ 967,17€ 842,78€ 703,03€ 554,59€
3.969,79€ 3.901,06€ 3.893,56€ 3.867,03€ 3.790,31€ 3.756,61€ 3.668,67€ 3.606,26€ 3.507,09€ 3.392,09€ 3.268,44€ 3.122,46€ 3.001,06€ 3.019,33€ 2.974,60€ 2.872,83€ 2.728,99€ 2.564,47€ 2.350,21€ 2.129,35€ 1.907,45€ 1.696,56€ 1.502,52€ 1.299,95€ 1.129,27€ 980,72€ 854,58€ 712,87€ 562,36€
4.025,86€ 3.956,16€ 3.948,56€ 3.921,65€ 3.843,84€ 3.809,67€ 3.720,49€ 3.657,20€ 3.556,63€ 3.440,00€ 3.314,61€ 3.166,56€ 3.043,44€ 3.061,98€ 3.016,62€ 2.913,41€ 2.767,53€ 2.600,69€ 2.383,41€ 2.159,42€ 1.934,39€ 1.720,52€ 1.523,74€ 1.318,31€ 1.145,22€ 994,57€ 866,65€ 722,94€ 570,30€
4.083,20€ 4.012,51€ 4.004,80€ 3.977,51€ 3.898,60€ 3.863,93€ 3.773,49€ 3.709,29€ 3.607,29€ 3.489,00€ 3.361,82€ 3.211,67€ 3.086,80€ 3.105,60€ 3.059,59€ 2.954,91€ 2.806,95€ 2.637,74€ 2.417,36€ 2.190,18€ 1.961,95€ 1.745,03€ 1.545,44€ 1.337,09€ 1.161,53€ 1.008,74€ 879,00€ 733,24€ 578,42€
4.141,87€ 4.070,16€ 4.062,34€ 4.034,66€ 3.954,61€ 3.919,45€ 3.827,70€ 3.762,59€ 3.659,12€ 3.539,13€ 3.410,12€ 3.257,81€ 3.131,15€ 3.150,22€ 3.103,55€ 2.997,36€ 2.847,28€ 2.675,64€ 2.452,09€ 2.221,65€ 1.990,14€ 1.770,10€ 1.567,65€ 1.356,30€ 1.178,22€ 1.023,23€ 891,63€ 743,78€ 586,73€
4.201,90€ 4.129,16€ 4.121,22€ 4.093,14€ 4.011,93€ 3.976,26€ 3.883,18€ 3.817,13€ 3.712,15€ 3.590,42€ 3.459,55€ 3.305,03€ 3.176,53€ 3.195,88€ 3.148,53€ 3.040,81€ 2.888,55€ 2.714,42€ 2.487,63€ 2.253,85€ 2.018,98€ 1.795,76€ 1.590,37€ 1.375,96€ 1.195,30€ 1.038,06€ 904,55€ 754,56€ 595,24€
4.263,35€ 4.189,54€ 4.181,49€ 4.153,00€ 4.070,60€ 4.034,41€ 3.939,97€ 3.872,95€ 3.766,44€ 3.642,93€ 3.510,14€ 3.353,37€ 3.222,98€ 3.242,61€ 3.194,58€ 3.085,28€ 2.930,80€ 2.754,12€ 2.524,01€ 2.286,81€ 2.048,51€ 1.822,02€ 1.613,63€ 1.396,08€ 1.212,78€ 1.053,24€ 917,78€ 765,59€ 603,94€
4.326,27€ 4.251,37€ 4.243,20€ 4.214,28€ 4.130,67€ 4.093,95€ 3.998,12€ 3.930,10€ 3.822,02€ 3.696,69€ 3.561,94€ 3.402,85€ 3.270,55€ 3.290,47€ 3.241,72€ 3.130,81€ 2.974,05€ 2.794,76€ 2.561,26€ 2.320,56€ 2.078,74€ 1.848,91€ 1.637,44€ 1.416,68€ 1.230,67€ 1.068,78€ 931,32€ 776,89€ 612,85€
4.390,70€ 4.314,69€ 4.306,39€ 4.277,05€ 4.192,19€ 4.154,92€ 4.057,66€ 3.988,63€ 3.878,95€ 3.751,75€ 3.614,99€ 3.453,53€ 3.319,26€ 3.339,47€ 3.290,00€ 3.177,44€ 3.018,34€ 2.836,38€ 2.599,40€ 2.355,12€ 2.109,70€ 1.876,44€ 1.661,83€ 1.437,78€ 1.249,00€ 1.084,70€ 945,19€ 788,46€ 621,98€
4.456,71€ 4.379,55€ 4.371,14€ 4.341,35€ 4.255,22€ 4.217,38€ 4.118,66€ 4.048,60€ 3.937,26€ 3.808,15€ 3.669,34€ 3.505,45€ 3.369,16€ 3.389,68€ 3.339,46€ 3.225,21€ 3.063,72€ 2.879,02€ 2.638,48€ 2.390,53€ 2.141,42€ 1.904,65€ 1.686,81€ 1.459,40€ 1.267,78€ 1.101,01€ 959,40€ 800,31€ 631,33€
4.524,35€ 4.446,02€ 4.437,48€ 4.407,24€ 4.319,80€ 4.281,39€ 4.181,17€ 4.110,05€ 3.997,02€ 3.865,95€ 3.725,03€ 3.558,66€ 3.420,29€ 3.441,12€ 3.390,15€ 3.274,16€ 3.110,22€ 2.922,72€ 2.678,53€ 2.426,81€ 2.173,92€ 1.933,56€ 1.712,41€ 1.481,55€ 1.287,02€ 1.117,72€ 973,97€ 812,46€ 640,91€
4.596,11€ 4.516,54€ 4.507,86€ 4.477,14€ 4.388,32€ 4.349,30€ 4.247,49€ 4.175,23€ 4.060,41€ 3.927,26€ 3.784,11€ 3.615,10€ 3.474,54€ 3.495,70€ 3.443,92€ 3.326,09€ 3.159,55€ 2.969,08€ 2.721,01€ 2.465,30€ 2.208,40€ 1.964,23€ 1.739,57€ 1.505,05€ 1.307,43€ 1.135,45€ 989,41€ 825,35€ 651,08€
4.669,75€ 4.588,91€ 4.580,08€ 4.548,88€ 4.458,63€ 4.418,98€ 4.315,54€ 4.242,13€ 4.125,47€ 3.990,19€ 3.844,74€ 3.673,02€ 3.530,21€ 3.551,71€ 3.499,09€ 3.379,38€ 3.210,17€ 3.016,65€ 2.764,61€ 2.504,80€ 2.243,78€ 1.995,70€ 1.767,44€ 1.529,16€ 1.328,38€ 1.153,64€ 1.005,27€ 838,57€ 661,51€
4.745,34€ 4.663,19€ 4.654,23€ 4.622,51€ 4.530,80€ 4.490,52€ 4.385,40€ 4.310,80€ 4.192,25€ 4.054,78€ 3.906,98€ 3.732,48€ 3.587,36€ 3.609,21€ 3.555,74€ 3.434,08€ 3.262,13€ 3.065,48€ 2.809,36€ 2.545,34€ 2.280,10€ 2.028,01€ 1.796,05€ 1.553,91€ 1.349,89€ 1.172,32€ 1.021,54€ 852,14€ 672,22€
4.822,97€ 4.739,47€ 4.730,36€ 4.698,13€ 4.604,92€ 4.563,97€ 4.457,14€ 4.381,32€ 4.260,83€ 4.121,11€ 3.970,89€ 3.793,54€ 3.646,04€ 3.668,25€ 3.613,90€ 3.490,26€ 3.315,50€ 3.115,63€ 2.855,32€ 2.586,98€ 2.317,40€ 2.061,18€ 1.825,43€ 1.579,33€ 1.371,97€ 1.191,49€ 1.038,25€ 866,08€ 683,22€
4.902,71€ 4.817,84€ 4.808,57€ 4.775,81€ 4.681,06€ 4.639,44€ 4.530,84€ 4.453,76€ 4.331,28€ 4.189,25€ 4.036,55€ 3.856,26€ 3.706,32€ 3.728,90€ 3.673,66€ 3.547,97€ 3.370,32€ 3.167,14€ 2.902,53€ 2.629,76€ 2.355,72€ 2.095,26€ 1.855,62€ 1.605,45€ 1.394,65€ 1.211,19€ 1.055,42€ 880,40€ 694,51€
4.984,66€ 4.898,36€ 4.888,95€ 4.855,64€ 4.759,30€ 4.716,98€ 4.606,57€ 4.528,20€ 4.403,68€ 4.259,27€ 4.104,02€ 3.920,72€ 3.768,27€ 3.791,22€ 3.735,06€ 3.607,27€ 3.426,65€ 3.220,08€ 2.951,04€ 2.673,71€ 2.395,09€ 2.130,28€ 1.886,63€ 1.632,28€ 1.417,96€ 1.231,44€ 1.073,06€ 895,12€ 706,12€
5.068,90€ 4.981,15€ 4.971,58€ 4.937,70€ 4.839,73€ 4.796,70€ 4.684,42€ 4.604,73€ 4.478,10€ 4.331,25€ 4.173,38€ 3.986,98€ 3.831,96€ 3.855,30€ 3.798,19€ 3.668,24€ 3.484,56€ 3.274,50€ 3.000,91€ 2.718,90€ 2.435,57€ 2.166,29€ 1.918,52€ 1.659,87€ 1.441,93€ 1.252,25€ 1.091,19€ 910,25€ 718,05€
5.155,54€ 5.066,29€ 5.056,55€ 5.022,10€ 4.922,46€ 4.878,69€ 4.764,49€ 4.683,44€ 4.554,64€ 4.405,29€ 4.244,71€ 4.055,13€ 3.897,46€ 3.921,20€ 3.863,11€ 3.730,93€ 3.544,12€ 3.330,47€ 3.052,21€ 2.765,37€ 2.477,20€ 2.203,31€ 1.951,31€ 1.688,24€ 1.466,57€ 1.273,65€ 1.109,84€ 925,81€ 730,33€
5.244,68€ 5.153,88€ 5.143,98€ 5.108,93€ 5.007,56€ 4.963,04€ 4.846,87€ 4.764,41€ 4.633,39€ 4.481,45€ 4.318,10€ 4.125,24€ 3.964,84€ 3.988,99€ 3.929,90€ 3.795,44€ 3.605,40€ 3.388,05€ 3.104,98€ 2.813,18€ 2.520,03€ 2.241,41€ 1.985,05€ 1.717,43€ 1.491,93€ 1.295,67€ 1.129,03€ 941,81€ 742,96€
5.336,43€ 5.244,04€ 5.233,96€ 5.198,30€ 5.095,16€ 5.049,86€ 4.931,65€ 4.847,76€ 4.714,45€ 4.559,85€ 4.393,64€ 4.197,40€ 4.034,20€ 4.058,77€ 3.998,64€ 3.861,84€ 3.668,47€ 3.447,32€ 3.159,30€ 2.862,40€ 2.564,11€ 2.280,62€ 2.019,77€ 1.747,47€ 1.518,03€ 1.318,34€ 1.148,78€ 958,29€ 755,95€
5.430,90€ 5.336,88€ 5.326,62€ 5.290,32€ 5.185,36€ 5.139,26€ 5.018,96€ 4.933,58€ 4.797,90€ 4.640,57€ 4.471,42€ 4.271,71€ 4.105,62€ 4.130,62€ 4.069,43€ 3.930,20€ 3.733,41€ 3.508,35€ 3.215,22€ 2.913,07€ 2.609,51€ 2.320,99€ 2.055,53€ 1.778,41€ 1.544,90€ 1.341,68€ 1.169,12€ 975,25€ 769,33€
5.528,22€ 5.432,51€ 5.422,07€ 5.385,12€ 5.278,28€ 5.231,35€ 5.108,89€ 5.021,98€ 4.883,88€ 4.723,73€ 4.551,54€ 4.348,25€ 4.179,19€ 4.204,64€ 4.142,35€ 4.000,63€ 3.800,31€ 3.571,22€ 3.272,84€ 2.965,27€ 2.656,27€ 2.362,58€ 2.092,36€ 1.810,27€ 1.572,59€ 1.365,72€ 1.190,07€ 992,73€ 783,12€
5.631,56€ 5.534,06€ 5.523,42€ 5.485,79€ 5.376,95€ 5.329,14€ 5.204,40€ 5.115,86€ 4.975,18€ 4.812,03€ 4.636,63€ 4.429,54€ 4.257,31€ 4.283,24€ 4.219,79€ 4.075,41€ 3.871,35€ 3.637,97€ 3.334,02€ 3.020,70€ 2.705,92€ 2.406,75€ 2.131,47€ 1.844,12€ 1.601,98€ 1.391,25€ 1.212,32€ 1.011,29€ 797,76€
5.738,31€ 5.638,97€ 5.628,13€ 5.589,78€ 5.478,88€ 5.430,16€ 5.303,05€ 5.212,84€ 5.069,49€ 4.903,25€ 4.724,52€ 4.513,50€ 4.338,01€ 4.364,44€ 4.299,78€ 4.152,67€ 3.944,74€ 3.706,94€ 3.397,22€ 3.077,96€ 2.757,22€ 2.452,37€ 2.171,88€ 1.879,07€ 1.632,35€ 1.417,62€ 1.235,30€ 1.030,46€ 812,88€
5.848,64€ 5.747,39€ 5.736,34€ 5.697,25€ 5.584,22€ 5.534,57€ 5.405,02€ 5.313,07€ 5.166,96€ 4.997,52€ 4.815,36€ 4.600,29€ 4.421,42€ 4.448,35€ 4.382,45€ 4.232,51€ 4.020,59€ 3.778,21€ 3.462,54€ 3.137,14€ 2.810,23€ 2.499,52€ 2.213,64€ 1.915,20€ 1.663,74€ 1.444,88€ 1.259,05€ 1.050,27€ 828,51€
5.962,73€ 5.859,51€ 5.848,24€ 5.808,39€ 5.693,15€ 5.642,53€ 5.510,45€ 5.416,71€ 5.267,75€ 5.095,01€ 4.909,29€ 4.690,03€ 4.507,67€ 4.535,13€ 4.467,94€ 4.315,08€ 4.099,02€ 3.851,91€ 3.530,08€ 3.198,34€ 2.865,05€ 2.548,28€ 2.256,82€ 1.952,56€ 1.696,19€ 1.473,07€ 1.283,61€ 1.070,76€ 844,67€
6.080,77€ 5.975,50€ 5.964,02€ 5.923,38€ 5.805,86€ 5.754,24€ 5.619,54€ 5.523,94€ 5.372,04€ 5.195,87€ 5.006,48€ 4.782,87€ 4.596,91€ 4.624,91€ 4.556,39€ 4.400,50€ 4.180,16€ 3.928,17€ 3.599,97€ 3.261,65€ 2.921,77€ 2.598,73€ 2.301,50€ 1.991,22€ 1.729,77€ 1.502,23€ 1.309,02€ 1.091,96€ 861,40€
6.202,97€ 6.095,58€ 6.083,87€ 6.042,41€ 5.922,53€ 5.869,87€ 5.732,47€ 5.634,95€ 5.479,99€ 5.300,29€ 5.107,09€ 4.878,99€ 4.689,29€ 4.717,85€ 4.647,95€ 4.488,93€ 4.264,17€ 4.007,11€ 3.672,31€ 3.327,20€ 2.980,48€ 2.650,95€ 2.347,75€ 2.031,23€ 1.764,53€ 1.532,42€ 1.335,33€ 1.113,90€ 878,71€
6.329,54€ 6.219,96€ 6.208,01€ 6.165,70€ 6.043,38€ 5.989,64€ 5.849,44€ 5.749,93€ 5.591,81€ 5.408,44€ 5.211,30€ 4.978,54€ 4.784,97€ 4.814,11€ 4.742,79€ 4.580,53€ 4.351,17€ 4.088,87€ 3.747,24€ 3.395,09€ 3.041,30€ 2.705,04€ 2.395,65€ 2.072,68€ 1.800,54€ 1.563,68€ 1.362,57€ 1.136,63€ 896,64€
6.460,72€ 6.348,87€ 6.336,66€ 6.293,49€ 6.168,62€ 6.113,78€ 5.970,66€ 5.869,09€ 5.707,69€ 5.520,52€ 5.319,30€ 5.081,72€ 4.884,14€ 4.913,88€ 4.841,09€ 4.675,45€ 4.441,35€ 4.173,61€ 3.824,90€ 3.465,45€ 3.104,33€ 2.761,10€ 2.445,30€ 2.115,63€ 1.837,85€ 1.596,09€ 1.390,81€ 1.160,18€ 915,22€
6.596,75€ 6.482,55€ 6.470,08€ 6.426,00€ 6.298,51€ 6.242,50€ 6.096,38€ 5.992,67€ 5.827,87€ 5.636,76€ 5.431,30€ 5.188,72€ 4.986,97€ 5.017,35€ 4.943,02€ 4.773,90€ 4.534,86€ 4.261,49€ 3.905,44€ 3.538,42€ 3.169,69€ 2.819,24€ 2.496,79€ 2.160,18€ 1.876,55€ 1.629,70€ 1.420,09€ 1.184,61€ 934,49€
6.737,91€ 6.621,26€ 6.608,54€ 6.563,51€ 6.433,28€ 6.376,09€ 6.226,83€ 6.120,91€ 5.952,58€ 5.757,38€ 5.547,52€ 5.299,75€ 5.093,69€ 5.124,71€ 5.048,79€ 4.876,05€ 4.631,90€ 4.352,68€ 3.989,01€ 3.614,13€ 3.237,52€ 2.879,57€ 2.550,22€ 2.206,40€ 1.916,70€ 1.664,57€ 1.450,48€ 1.209,96€ 954,48€
6.884,49€ 6.765,31€ 6.752,30€ 6.706,29€ 6.573,24€ 6.514,79€ 6.362,29€ 6.254,06€ 6.082,08€ 5.882,63€ 5.668,20€ 5.415,04€ 5.204,50€ 5.236,20€ 5.158,62€ 4.982,13€ 4.732,67€ 4.447,37€ 4.075,79€ 3.692,76€ 3.307,95€ 2.942,21€ 2.605,69€ 2.254,40€ 1.958,40€ 1.700,78€ 1.482,04€ 1.236,28€ 975,25€
7.036,80€ 6.914,98€ 6.901,68€ 6.854,66€ 6.718,66€ 6.658,92€ 6.503,05€ 6.392,42€ 6.216,63€ 6.012,77€ 5.793,60€ 5.534,84€ 5.319,64€ 5.352,04€ 5.272,75€ 5.092,35€ 4.837,37€ 4.545,76€ 4.165,96€ 3.774,45€ 3.381,13€ 3.007,30€ 2.663,34€ 2.304,28€ 2.001,73€ 1.738,41€ 1.514,82€ 1.263,63€ 996,82€
7.199,41€ 7.074,77€ 7.061,17€ 7.013,06€ 6.873,92€ 6.812,80€ 6.653,33€ 6.540,14€ 6.360,29€ 6.151,72€ 5.927,49€ 5.662,74€ 5.442,57€ 5.475,72€ 5.394,60€ 5.210,03€ 4.949,16€ 4.650,80€ 4.262,23€ 3.861,68€ 3.459,27€ 3.076,80€ 2.724,89€ 2.357,53€ 2.047,98€ 1.778,58€ 1.549,83€ 1.292,83€ 1.019,86€
7.368,84€ 7.241,27€ 7.227,35€ 7.178,10€ 7.035,69€ 6.973,13€ 6.809,91€ 6.694,06€ 6.509,97€ 6.296,50€ 6.066,98€ 5.796,01€ 5.570,65€ 5.604,58€ 5.521,55€ 5.332,64€ 5.065,63€ 4.760,26€ 4.362,53€ 3.952,56€ 3.540,68€ 3.149,21€ 2.789,02€ 2.413,01€ 2.096,18€ 1.820,44€ 1.586,30€ 1.323,26€ 1.043,86€
7.545,52€ 7.414,89€ 7.400,64€ 7.350,21€ 7.204,38€ 7.140,32€ 6.973,18€ 6.854,56€ 6.666,06€ 6.447,46€ 6.212,45€ 5.934,98€ 5.704,22€ 5.738,96€ 5.653,94€ 5.460,50€ 5.187,09€ 4.874,39€ 4.467,13€ 4.047,33€ 3.625,57€ 3.224,71€ 2.855,89€ 2.470,86€ 2.146,44€ 1.864,09€ 1.624,34€ 1.354,99€ 1.068,89€
7.729,91€ 7.596,09€ 7.581,49€ 7.529,83€ 7.380,44€ 7.314,82€ 7.143,59€ 7.022,07€ 6.828,96€ 6.605,02€ 6.364,27€ 6.080,01€ 5.843,62€ 5.879,21€ 5.792,11€ 5.593,94€ 5.313,85€ 4.993,51€ 4.576,30€ 4.146,23€ 3.714,17€ 3.303,52€ 2.925,68€ 2.531,25€ 2.198,89€ 1.909,64€ 1.664,03€ 1.388,10€ 1.095,01€
7.922,53€ 7.785,38€ 7.770,41€ 7.717,46€ 7.564,35€ 7.497,09€ 7.321,60€ 7.197,05€ 6.999,13€ 6.769,61€ 6.522,86€ 6.231,52€ 5.989,23€ 6.025,71€ 5.936,44€ 5.733,33€ 5.446,26€ 5.117,94€ 4.690,33€ 4.249,55€ 3.806,72€ 3.385,84€ 2.998,58€ 2.594,32€ 2.253,69€ 1.957,23€ 1.705,50€ 1.422,69€ 1.122,30€
8.123,93€ 7.983,29€ 7.967,95€ 7.913,65€ 7.756,64€ 7.687,68€ 7.507,72€ 7.380,01€ 7.177,06€ 6.941,70€ 6.688,67€ 6.389,93€ 6.141,49€ 6.178,89€ 6.087,35€ 5.879,08€ 5.584,71€ 5.248,04€ 4.809,57€ 4.357,58€ 3.903,49€ 3.471,91€ 3.074,81€ 2.660,27€ 2.310,98€ 2.006,98€ 1.748,85€ 1.458,86€ 1.150,83€
8.334,72€ 8.190,43€ 8.174,68€ 8.118,98€ 7.957,90€ 7.887,14€ 7.702,52€ 7.571,49€ 7.363,27€ 7.121,81€ 6.862,22€ 6.555,73€ 6.300,83€ 6.339,21€ 6.245,30€ 6.031,62€ 5.729,61€ 5.384,21€ 4.934,36€ 4.470,64€ 4.004,77€ 3.561,99€ 3.154,59€ 2.729,30€ 2.370,94€ 2.059,05€ 1.794,23€ 1.496,71€ 1.180,69€
8.555,55€ 8.407,44€ 8.391,28€ 8.334,10€ 8.168,75€ 8.096,12€ 7.906,61€ 7.772,10€ 7.558,37€ 7.310,51€ 7.044,04€ 6.729,43€ 6.467,78€ 6.507,17€ 6.410,77€ 6.191,43€ 5.881,42€ 5.526,87€ 5.065,10€ 4.589,10€ 4.110,88€ 3.656,37€ 3.238,17€ 2.801,61€ 2.433,76€ 2.113,61€ 1.841,77€ 1.536,36€ 1.211,97€
8.787,16€ 8.635,04€ 8.618,44€ 8.559,71€ 8.389,89€ 8.315,29€ 8.120,65€ 7.982,50€ 7.762,98€ 7.508,42€ 7.234,73€ 6.911,60€ 6.642,87€ 6.683,33€ 6.584,32€ 6.359,04€ 6.040,64€ 5.676,49€ 5.202,22€ 4.713,33€ 4.222,17€ 3.755,35€ 3.325,83€ 2.877,45€ 2.499,64€ 2.170,83€ 1.891,63€ 1.577,95€ 1.244,78€
9.030,34€ 8.874,01€ 8.856,95€ 8.796,60€ 8.622,08€ 8.545,42€ 8.345,38€ 8.203,42€ 7.977,82€ 7.716,21€ 7.434,95€ 7.102,88€ 6.826,71€ 6.868,29€ 6.766,54€ 6.535,03€ 6.207,81€ 5.833,58€ 5.346,19€ 4.843,77€ 4.339,02€ 3.859,28€ 3.417,87€ 2.957,09€ 2.568,82€ 2.230,91€ 1.943,98€ 1.621,62€ 1.279,23€
9.285,98€ 9.125,22€ 9.107,68€ 9.045,62€ 8.866,15€ 8.787,32€ 8.581,63€ 8.435,64€ 8.203,66€ 7.934,64€ 7.645,42€ 7.303,95€ 7.019,96€ 7.062,72€ 6.958,09€ 6.720,03€ 6.383,55€ 5.998,72€ 5.497,53€ 4.980,89€ 4.461,85€ 3.968,53€ 3.514,63€ 3.040,80€ 2.641,54€ 2.294,06€ 1.999,01€ 1.667,53€ 1.315,44€
9.555,03€ 9.389,62€ 9.371,57€ 9.307,71€ 9.123,04€ 9.041,93€ 8.830,28€ 8.680,06€ 8.441,36€ 8.164,55€ 7.866,94€ 7.515,57€ 7.223,36€ 7.267,36€ 7.159,69€ 6.914,73€ 6.568,51€ 6.172,53€ 5.656,81€ 5.125,21€ 4.591,13€ 4.083,51€ 3.616,46€ 3.128,90€ 2.718,08€ 2.360,53€ 2.056,93€ 1.715,85€ 1.353,56€
9.846,96€ 9.676,49€ 9.657,89€ 9.592,08€ 9.401,78€ 9.318,18€ 9.100,06€ 8.945,26€ 8.699,26€ 8.413,99€ 8.107,30€ 7.745,19€ 7.444,05€ 7.489,39€ 7.378,44€ 7.126,00€ 6.769,19€ 6.361,12€ 5.829,64€ 5.281,79€ 4.731,40€ 4.208,28€ 3.726,96€ 3.224,50€ 2.801,12€ 2.432,65€ 2.119,77€ 1.768,27€ 1.394,91€
10.155,61€ 9.979,79€ 9.960,61€ 9.892,74€ 9.696,47€ 9.610,25€ 9.385,30€ 9.225,64€ 8.971,93€ 8.677,72€ 8.361,41€ 7.987,96€ 7.677,38€ 7.724,14€ 7.609,71€ 7.349,35€ 6.981,36€ 6.560,50€ 6.012,37€ 5.447,35€ 4.879,70€ 4.340,18€ 3.843,77€ 3.325,57€ 2.888,92€ 2.508,90€ 2.186,22€ 1.823,69€ 1.438,63€
10.482,43€ 10.300,96€ 10.281,16€ 10.211,10€ 10.008,51€ 9.919,52€ 9.687,33€ 9.522,53€ 9.260,66€ 8.956,98€ 8.630,50€ 8.245,02€ 7.924,45€ 7.972,71€ 7.854,60€ 7.585,87€ 7.206,03€ 6.771,63€ 6.205,86€ 5.622,65€ 5.036,73€ 4.479,85€ 3.967,47€ 3.432,59€ 2.981,89€ 2.589,64€ 2.256,57€ 1.882,38€ 1.484,93€
10.829,07€ 10.641,59€ 10.621,14€ 10.548,77€ 10.339,48€ 10.247,55€ 10.007,67€ 9.837,42€ 9.566,90€ 9.253,17€ 8.915,89€ 8.517,67€ 8.186,50€ 8.236,36€ 8.114,34€ 7.836,72€ 7.444,33€ 6.995,56€ 6.411,07€ 5.808,58€ 5.203,29€ 4.628,00€ 4.098,67€ 3.546,10€ 3.080,50€ 2.675,27€ 2.331,19€ 1.944,63€ 1.534,03€
11.197,36€ 11.003,51€ 10.982,36€ 10.907,53€ 10.691,12€ 10.596,06€ 10.348,03€ 10.171,99€ 9.892,27€ 9.567,87€ 9.219,12€ 8.807,36€ 8.464,92€ 8.516,47€ 8.390,31€ 8.103,24€ 7.697,51€ 7.233,47€ 6.629,11€ 6.006,13€ 5.380,25€ 4.785,39€ 4.238,06€ 3.666,70€ 3.185,26€ 2.766,26€ 2.410,48€ 2.010,77€ 1.586,21€
11.589,39€ 11.388,76€ 11.366,87€ 11.289,41€ 11.065,43€ 10.967,04€ 10.710,33€ 10.528,13€ 10.238,60€ 9.902,86€ 9.541,89€ 9.115,71€ 8.761,28€ 8.814,65€ 8.684,06€ 8.386,95€ 7.967,00€ 7.486,72€ 6.861,20€ 6.216,41€ 5.568,62€ 4.952,93€ 4.386,44€ 3.795,07€ 3.296,78€ 2.863,11€ 2.494,87€ 2.081,17€ 1.641,74€
12.007,51€ 11.799,64€ 11.776,96€ 11.696,71€ 11.464,64€ 11.362,71€ 11.096,73€ 10.907,96€ 10.607,99€ 10.260,13€ 9.886,14€ 9.444,59€ 9.077,37€ 9.132,66€ 8.997,36€ 8.689,53€ 8.254,44€ 7.756,83€ 7.108,74€ 6.440,69€ 5.769,52€ 5.131,63€ 4.544,70€ 3.931,99€ 3.415,72€ 2.966,40€ 2.584,88€ 2.156,25€ 1.700,97€
12.454,39€ 12.238,78€ 12.215,26€ 12.132,02€ 11.891,32€ 11.785,59€ 11.509,71€ 11.313,92€ 11.002,79€ 10.641,98€ 10.254,07€ 9.796,08€ 9.415,20€ 9.472,55€ 9.332,22€ 9.012,93€ 8.561,64€ 8.045,51€ 7.373,31€ 6.680,39€ 5.984,25€ 5.322,61€ 4.713,83€ 4.078,33€ 3.542,84€ 3.076,80€ 2.681,08€ 2.236,50€ 1.764,27€
12.933,09€ 12.709,19€ 12.684,76€ 12.598,32€ 12.348,37€ 12.238,58€ 11.952,10€ 11.748,77€ 11.425,68€ 11.051,01€ 10.648,19€ 10.172,60€ 9.777,08€ 9.836,63€ 9.690,91€ 9.359,34€ 8.890,71€ 8.354,75€ 7.656,70€ 6.937,15€ 6.214,26€ 5.527,19€ 4.895,01€ 4.235,08€ 3.679,02€ 3.195,06€ 2.784,13€ 2.322,46€ 1.832,09€
13.447,09€ 13.214,29€ 13.188,89€ 13.099,02€ 12.839,14€ 12.724,98€ 12.427,11€ 12.215,71€ 11.879,78€ 11.490,21€ 11.071,39€ 10.576,89€ 10.165,65€ 10.227,57€ 10.076,05€ 9.731,31€ 9.244,06€ 8.686,79€ 7.961,01€ 7.212,86€ 6.461,23€ 5.746,85€ 5.089,56€ 4.403,40€ 3.825,23€ 3.322,04€ 2.894,78€ 2.414,76€ 1.904,90€
14.000,43€ 13.758,06€ 13.731,61€ 13.638,04€ 13.367,46€ 13.248,61€ 12.938,48€ 12.718,38€ 12.368,63€ 11.963,03€ 11.526,97€ 11.012,13€ 10.583,97€ 10.648,43€ 10.490,68€ 10.131,75€ 9.624,45€ 9.044,25€ 8.288,60€ 7.509,66€ 6.727,11€ 5.983,33€ 5.298,99€ 4.584,60€ 3.982,64€ 3.458,74€ 3.013,90€ 2.514,13€ 1.983,28€
14.597,78€ 14.345,07€ 14.317,49€ 14.219,93€ 13.937,81€ 13.813,88€ 13.490,53€ 13.261,03€ 12.896,35€ 12.473,45€ 12.018,79€ 11.481,98€ 11.035,55€ 11.102,76€ 10.938,28€ 10.564,04€ 10.035,09€ 9.430,14€ 8.642,25€ 7.830,08€ 7.014,13€ 6.238,62€ 5.525,08€ 4.780,20€ 4.152,57€ 3.606,32€ 3.142,49€ 2.621,40€ 2.067,91€
15.265,86€ 15.001,58€ 14.972,75€ 14.870,72€ 14.575,68€ 14.446,09€ 14.107,93€ 13.867,94€ 13.486,57€ 13.044,31€ 12.568,84€ 12.007,46€ 11.540,60€ 11.610,89€ 11.438,88€ 11.047,52€ 10.494,35€ 9.861,72€ 9.037,77€ 8.188,43€ 7.335,14€ 6.524,14€ 5.777,94€ 4.998,98€ 4.342,61€ 3.771,36€ 3.286,31€ 2.741,37€ 2.162,54€
15.993,78€ 15.716,89€ 15.686,68€ 15.579,79€ 15.270,69€ 15.134,91€ 14.780,63€ 14.529,19€ 14.129,64€ 13.666,29€ 13.168,15€ 12.580,01€ 12.090,89€ 12.164,53€ 11.984,32€ 11.574,29€ 10.994,75€ 10.331,95€ 9.468,71€ 8.578,87€ 7.684,90€ 6.835,23€ 6.053,45€ 5.237,34€ 4.549,68€ 3.951,19€ 3.443,01€ 2.872,08€ 2.265,66€
16.789,90€ 16.499,23€ 16.467,51€ 16.355,30€ 16.030,81€ 15.888,28€ 15.516,37€ 15.252,41€ 14.832,97€ 14.346,56€ 13.823,62€ 13.206,20€ 12.692,73€ 12.770,04€ 12.580,86€ 12.150,42€ 11.542,03€ 10.846,24€ 9.940,03€ 9.005,90€ 8.067,43€ 7.175,46€ 6.354,77€ 5.498,04€ 4.776,15€ 4.147,87€ 3.614,39€ 3.015,05€ 2.378,44€
17.664,24€ 17.358,43€ 17.325,06€ 17.207,01€ 16.865,62€ 16.715,67€ 16.324,39€ 16.046,68€ 15.605,40€ 15.093,66€ 14.543,49€ 13.893,92€ 13.353,71€ 13.435,04€ 13.236,01€ 12.783,16€ 12.143,09€ 11.411,06€ 10.457,66€ 9.474,88€ 8.487,54€ 7.549,13€ 6.685,70€ 5.784,35€ 5.024,87€ 4.363,87€ 3.802,61€ 3.172,05€ 2.502,30€
18.628,87€ 18.306,37€ 18.271,18€ 18.146,68€ 17.786,65€ 17.628,50€ 17.215,85€ 16.922,98€ 16.457,60€ 15.917,92€ 15.337,70€ 14.652,66€ 14.082,95€ 14.168,72€ 13.958,82€ 13.481,24€ 12.806,22€ 12.034,21€ 11.028,75€ 9.992,30€ 8.951,04€ 7.961,38€ 7.050,80€ 6.100,23€ 5.299,27€ 4.602,18€ 4.010,27€ 3.345,28€ 2.638,94€
19.698,49€ 19.357,47€ 19.320,26€ 19.188,62€ 18.807,91€ 18.640,69€ 18.204,34€ 17.894,66€ 17.402,56€ 16.831,89€ 16.218,35€ 15.493,98€ 14.891,56€ 14.982,25€ 14.760,30€ 14.255,30€ 13.541,52€ 12.725,19€ 11.661,99€ 10.566,04€ 9.464,99€ 8.418,50€ 7.455,64€ 6.450,49€ 5.603,54€ 4.866,42€ 4.240,53€ 3.537,36€ 2.790,47€
20.891,18€ 20.529,51€ 20.490,04€ 20.350,43€ 19.946,67€ 19.769,32€ 19.306,56€ 18.978,12€ 18.456,23€ 17.851,00€ 17.200,32€ 16.432,09€ 15.793,19€ 15.889,38€ 15.653,99€ 15.118,41€ 14.361,41€ 13.495,66€ 12.368,09€ 11.205,78€ 10.038,06€ 8.928,22€ 7.907,05€ 6.841,05€ 5.942,82€ 5.161,07€ 4.497,28€ 3.751,53€ 2.959,42€
22.229,37€ 21.844,54€ 21.802,55€ 21.653,99€ 21.224,37€ 21.035,66€ 20.543,25€ 20.193,78€ 19.638,45€ 18.994,46€ 18.302,10€ 17.484,66€ 16.804,84€ 16.907,19€ 16.656,72€ 16.086,83€ 15.281,34€ 14.360,13€ 13.160,33€ 11.923,57€ 10.681,06€ 9.500,12€ 8.413,54€ 7.279,25€ 6.323,49€ 5.491,67€ 4.785,36€ 3.991,84€ 3.148,99€
23.741,37€ 23.330,36€ 23.285,51€ 23.126,85€ 22.668,01€ 22.466,46€ 21.940,57€ 21.567,32€ 20.974,22€ 20.286,43€ 19.546,97€ 18.673,93€ 17.947,87€ 18.057,18€ 17.789,67€ 17.181,02€ 16.320,75€ 15.336,88€ 14.055,47€ 12.734,59€ 11.407,56€ 10.146,30€ 8.985,82€ 7.774,37€ 6.753,60€ 5.865,20€ 5.110,85€ 4.263,36€ 3.363,18€
25.463,29€ 25.022,46€ 24.974,36€ 24.804,19€ 24.312,07€ 24.095,91€ 23.531,87€ 23.131,56€ 22.495,44€ 21.757,76€ 20.964,68€ 20.028,31€ 19.249,59€ 19.366,83€ 19.079,92€ 18.427,13€ 17.504,46€ 16.449,23€ 15.074,89€ 13.658,20€ 12.234,93€ 10.882,19€ 9.637,54€ 8.338,23€ 7.243,43€ 6.290,59€ 5.481,53€ 4.572,57€ 3.607,10€
27.441,98€ 26.966,91€ 26.915,07€ 26.731,67€ 26.201,31€ 25.968,35€ 25.360,48€ 24.929,06€ 24.243,51€ 23.448,51€ 22.593,80€ 21.584,67€ 20.745,44€ 20.871,79€ 20.562,58€ 19.859,06€ 18.864,70€ 17.727,46€ 16.246,33€ 14.719,55€ 13.185,68€ 11.727,82€ 10.386,45€ 8.986,18€ 7.806,30€ 6.779,42€ 5.907,49€ 4.927,89€ 3.887,40€
29.739,40€ 29.224,55€ 29.168,38€ 28.969,62€ 28.394,86€ 28.142,40€ 27.483,64€ 27.016,10€ 26.273,16€ 25.411,60€ 24.485,33€ 23.391,72€ 22.482,23€ 22.619,15€ 22.284,07€ 21.521,64€ 20.444,03€ 19.211,59€ 17.606,45€ 15.951,86€ 14.289,57€ 12.709,67€ 11.256,00€ 9.738,49€ 8.459,83€ 7.346,98€ 6.402,06€ 5.340,45€ 4.212,85€
32.541,33€ 31.977,98€ 31.916,51€ 31.699,03€ 31.070,12€ 30.793,87€ 30.073,04€ 29.561,45€ 28.748,52€ 27.805,78€ 26.792,24€ 25.595,60€ 24.600,42€ 24.750,24€ 24.383,58€ 23.549,33€ 22.370,19€ 21.021,64€ 19.265,27€ 17.454,78€ 15.635,88€ 13.907,12€ 12.316,49€ 10.656,02€ 9.256,89€ 8.039,19€ 7.005,23€ 5.843,61€ 4.609,77€
35.904,31€ 35.282,73€ 35.214,91€ 34.974,96€ 34.281,05€ 33.976,25€ 33.180,93€ 32.616,47€ 31.719,52€ 30.679,36€ 29.561,08€ 28.240,77€ 27.142,74€ 27.308,05€ 26.903,50€ 25.983,03€ 24.682,03€ 23.194,11€ 21.256,23€ 19.258,64€ 17.251,76€ 15.344,35€ 13.589,34€ 11.757,26€ 10.213,54€ 8.870,00€ 7.729,19€ 6.447,52€ 5.086,16€
40.015,35€ 39.322,61€ 39.247,02€ 38.979,59€ 38.206,23€ 37.866,53€ 36.980,15€ 36.351,06€ 35.351,41€ 34.192,15€ 32.945,83€ 31.474,33€ 30.250,58€ 30.434,82€ 29.983,95€ 28.958,09€ 27.508,12€ 25.849,84€ 23.690,07€ 21.463,75€ 19.227,09€ 17.101,28€ 15.145,32€ 13.103,47€ 11.382,99€ 9.885,61€ 8.614,18€ 7.185,76€ 5.668,53€
45.154,99€ 44.373,27€ 44.287,97€ 43.986,20€ 43.113,50€ 42.730,17€ 41.729,94€ 41.020,05€ 39.892,00€ 38.583,85€ 37.177,44€ 35.516,95€ 34.136,02€ 34.343,92€ 33.835,14€ 32.677,51€ 31.041,32€ 29.170,03€ 26.732,86€ 24.220,60€ 21.696,65€ 19.297,79€ 17.090,61€ 14.786,50€ 12.845,04€ 11.155,34€ 9.720,60€ 8.108,71€ 6.396,60€
51.764,07€ 50.867,93€ 50.770,15€ 50.424,20€ 49.423,78€ 48.984,34€ 47.837,71€ 47.023,92€ 45.730,77€ 44.231,14€ 42.618,89€ 40.715,36€ 39.132,31€ 39.370,65€ 38.787,39€ 37.460,33€ 35.584,65€ 33.439,48€ 30.645,60€ 27.765,62€ 24.872,27€ 22.122,30€ 19.592,06€ 16.950,72€ 14.725,09€ 12.788,08€ 11.143,35€ 9.295,53€ 7.332,84€
60.577,31€ 59.528,59€ 59.414,16€ 59.009,32€ 57.838,56€ 57.324,31€ 55.982,46€ 55.030,11€ 53.516,79€ 51.761,84€ 49.875,09€ 47.647,47€ 45.794,89€ 46.073,81€ 45.391,25€ 43.838,25€ 41.643,22€ 39.132,82€ 35.863,25€ 32.492,94€ 29.106,96€ 25.888,80€ 22.927,77€ 19.836,71€ 17.232,15€ 14.965,35€ 13.040,59€ 10.878,17€ 8.581,31€
72.917,22€ 71.654,88€ 71.517,14€ 71.029,82€ 69.620,58€ 69.001,57€ 67.386,37€ 66.240,03€ 64.418,43€ 62.305,99€ 60.034,91€ 57.353,51€ 55.123,55€ 55.459,28€ 54.637,69€ 52.768,33€ 50.126,16€ 47.104,38€ 43.168,78€ 39.111,92€ 35.036,20€ 31.162,48€ 27.598,27€ 23.877,55€ 20.742,43€ 18.013,87€ 15.697,03€ 13.094,11€ 10.329,37€
91.428,82€ 89.846,01€ 89.673,30€ 89.062,27€ 87.295,26€ 86.519,10€ 84.493,86€ 83.056,48€ 80.772,44€ 78.123,71€ 75.276,06€ 71.913,93€ 69.117,85€ 69.538,81€ 68.508,64€ 66.164,70€ 62.851,76€ 59.062,83€ 54.128,11€ 49.041,32€ 43.930,90€ 39.073,74€ 34.604,69€ 29.939,38€ 26.008,34€ 22.587,08€ 19.682,05€ 16.418,33€ 12.951,70€
122.283,84€ 120.166,86€ 119.935,87€ 119.118,62€ 116.755,30€ 115.717,20€ 113.008,49€ 111.086,03€ 108.031,18€ 104.488,57€ 100.679,91€ 96.183,14€ 92.443,45€ 93.006,48€ 91.628,64€ 88.493,69€ 84.062,71€ 78.995,11€ 72.395,03€ 65.591,58€ 58.756,51€ 52.260,19€ 46.282,93€ 40.043,19€ 34.785,53€ 30.209,67€ 26.324,27€ 21.959,12€ 17.322,59€
183.997,40€ 180.812,04€ 180.464,47€ 179.234,79€ 175.678,75€ 174.116,75€ 170.041,02€ 167.148,35€ 162.551,79€ 157.221,32€ 151.490,51€ 144.724,35€ 139.097,33€ 139.944,50€ 137.871,31€ 133.154,22€ 126.487,04€ 118.861,95€ 108.930,98€ 98.694,00€ 88.409,44€ 78.634,58€ 69.640,75€ 60.251,98€ 52.340,91€ 45.455,73€ 39.609,47€ 33.041,33€ 26.064,86€
369.145,25€ 362.754,61€ 362.057,30€ 359.590,24€ 352.455,94€ 349.322,18€ 341.145,22€ 335.341,80€ 326.119,95€ 315.425,67€ 303.928,22€ 290.353,59€ 279.064,37€ 280.764,00€ 276.604,66€ 267.140,98€ 253.764,94€ 238.467,08€ 218.543,04€ 198.005,08€ 177.371,65€ 157.760,83€ 139.716,94€ 120.880,68€ 105.009,09€ 91.195,67€ 79.466,59€ 66.289,26€ 52.292,69€
Master thesis: The (early) retirement age Page 68
Appendix E- Male average wage
Seventy percent, fifty percent and thirty percent of the average wage, divided to the year of birth.
geboortejaar 70% 50% 30%
1945 20.899,30€ 14.928,07€ 8.956,84€
1946 22.634,14€ 16.167,24€ 9.700,35€
1947 24.465,19€ 17.475,13€ 10.485,08€
1948 28.338,17€ 20.241,55€ 12.144,93€
1949 31.610,61€ 22.579,00€ 13.547,40€
1950 32.130,78€ 22.950,55€ 13.770,33€
1951 32.342,84€ 23.102,03€ 13.861,22€
1952 31.746,82€ 22.676,30€ 13.605,78€
1953 31.934,77€ 22.810,55€ 13.686,33€
1954 31.677,14€ 22.626,53€ 13.575,92€
1955 31.479,44€ 22.485,32€ 13.491,19€
1956 31.175,02€ 22.267,87€ 13.360,72€
1957 30.369,72€ 21.692,66€ 13.015,59€
1958 30.518,15€ 21.798,68€ 13.079,21€
1959 30.788,95€ 21.992,11€ 13.195,27€
1960 29.899,52€ 21.356,80€ 12.814,08€
1961 29.616,86€ 21.154,90€ 12.692,94€
1962 28.759,78€ 20.542,70€ 12.325,62€
1963 28.372,48€ 20.266,06€ 12.159,63€
1964 28.052,08€ 20.037,20€ 12.022,32€
1965 27.511,66€ 19.651,19€ 11.790,71€
1966 27.458,13€ 19.612,95€ 11.767,77€
1967 27.141,39€ 19.386,71€ 11.632,02€
1968 27.126,11€ 19.375,79€ 11.625,48€
1969 26.844,98€ 19.174,99€ 11.504,99€
1970 26.572,92€ 18.980,65€ 11.388,39€
1971 26.404,65€ 18.860,46€ 11.316,28€
1972 26.097,65€ 18.641,18€ 11.184,71€
1973 25.954,93€ 18.539,24€ 11.123,54€
1974 25.205,83€ 18.004,16€ 10.802,50€
1975 24.561,49€ 17.543,92€ 10.526,35€
1976 23.987,40€ 17.133,86€ 10.280,32€
1977 23.245,24€ 16.603,74€ 9.962,25€
1978 22.430,80€ 16.022,00€ 9.613,20€
1979 21.259,11€ 15.185,08€ 9.111,05€
1980 19.973,49€ 14.266,78€ 8.560,07€
1981 18.743,68€ 13.388,34€ 8.033,00€
1982 16.909,20€ 12.078,00€ 7.246,80€
1983 15.348,88€ 10.963,49€ 6.578,09€
1984 13.428,64€ 9.591,89€ 5.755,13€
1985 10.631,94€ 7.594,24€ 4.556,54€
1986 8.843,59€ 6.316,85€ 3.790,11€
1987 6.985,41€ 4.989,58€ 2.993,75€
1988 5.366,55€ 3.833,25€ 2.299,95€
1989 3.760,19€ 2.685,85€ 1.611,51€
1990 2.612,14€ 1.865,81€ 1.119,49€
Master thesis: The (early) retirement age Page 69
Appendix F- Female average wage
Seventy percent, fifty percent and thirty percent of the average salary, divided to the year of birth.
70% 50% 30%
1945 € 11.437,97 8.169,98€ 4.901,99€
1946 € 11.855,38 8.468,13€ 5.080,88€
1947 € 12.436,67 8.883,34€ 5.330,00€
1948 € 13.797,20 9.855,14€ 5.913,08€
1949 € 15.500,84 11.072,03€ 6.643,22€
1950 € 15.639,72 11.171,23€ 6.702,74€
1951 € 15.808,11 11.291,51€ 6.774,90€
1952 € 16.073,75 11.481,25€ 6.888,75€
1953 € 16.043,30 11.459,50€ 6.875,70€
1954 € 16.011,63 11.436,88€ 6.862,13€
1955 € 16.139,84 11.528,45€ 6.917,07€
1956 € 16.252,74 11.609,10€ 6.965,46€
1957 € 16.073,32 11.480,95€ 6.888,57€
1958 € 15.959,52 11.399,66€ 6.839,79€
1959 € 15.962,10 11.401,50€ 6.840,90€
1960 € 15.694,40 11.210,28€ 6.726,17€
1961 € 15.651,92 11.179,94€ 6.707,97€
1962 € 15.449,72 11.035,51€ 6.621,31€
1963 € 15.141,75 10.815,54€ 6.489,32€
1964 € 15.172,81 10.837,72€ 6.502,63€
1965 € 14.961,62 10.686,87€ 6.412,12€
1966 € 14.793,19 10.566,56€ 6.339,94€
1967 € 14.821,11 10.586,50€ 6.351,90€
1968 € 14.840,10 10.600,07€ 6.360,04€
1969 € 14.968,00 10.691,43€ 6.414,86€
1970 € 14.977,45 10.698,18€ 6.418,91€
1971 € 15.147,19 10.819,42€ 6.491,65€
1972 € 15.462,09 11.044,35€ 6.626,61€
1973 € 15.545,74 11.104,10€ 6.662,46€
1974 € 15.717,28 11.226,63€ 6.735,98€
1975 € 16.165,46 11.546,76€ 6.928,06€
1976 € 16.482,02 11.772,87€ 7.063,72€
1977 € 16.600,03 11.857,17€ 7.114,30€
1978 € 16.890,20 12.064,43€ 7.238,66€
1979 € 16.911,37 12.079,55€ 7.247,73€
1980 € 16.852,68 12.037,63€ 7.222,58€
1981 € 16.644,27 11.888,77€ 7.133,26€
1982 € 16.113,96 11.509,97€ 6.905,98€
1983 € 15.295,35 10.925,25€ 6.555,15€
1984 € 14.205,85 10.147,03€ 6.088,22€
1985 € 12.399,35 8.856,68€ 5.314,01€
1986 € 10.739,02 7.670,73€ 4.602,44€
1987 € 8.935,03 6.382,16€ 3.829,30€
1988 € 7.194,35 5.138,82€ 3.083,29€
1989 € 5.295,99 3.782,85€ 2.269,71€
1990 € 3.602,05 2.572,89€ 1.543,73€
Master thesis: The (early) retirement age Page 70
Appendix G- (early) retirement ages
In the graphs the (early) retirement age can be found on the vertical axes and the year of birth on the horizontal axes. The first graph
represents the (early) retirement age, according to the three different percentage-opportunities for males and the one below is for
females.
57
58
59
60
61
62
63
64
65
1945 1950 1955 1960 1965 1970 1975 1980 1985 1990
Uittreedleeftijd 2011 - mannen
70 procent 50 procent 30 procent
57
58
59
60
61
62
63
64
65
1945 1950 1955 1960 1965 1970 1975 1980 1985 1990
Uittreedleeftijd 2011 - vrouwen
70 procent 50 procent 30 procent
Master thesis: The (early) retirement age Page 71
Appendix H- (early) retirement ages II
In the graphs the (early) retirement ages for specific years of birth are shown. At PGGM the decision has been made to use the 70%
guideline in average wage for males and the 50% guideline for females.
57,00
58,00
59,00
60,00
61,00
62,00
63,00
64,00
65,00
1948 1953 1958 1963 1968 1973 1978 1983 1988
uittreedleeftijd 2011- mannen
uittreedleeftijd 2011 Uittreedleeftijd 2008
57
58
59
60
61
62
63
64
65
1948 1953 1958 1963 1968 1973 1978 1983 1988
uittreedleeftijd 2011 - vrouwen
uittreedleeftijd 2011 Uittreedleeftijd 2008
Master thesis: The (early) retirement age Page 72
Appendix I- Regression Analysis
Regression analysis with the part-time factor excluded and the marital status still included. Necessary for the
calculation of the joint significance of the Marital Status.
2009: Regression analysis
R R Square Adjusted R Square Std. Error of the estimate
0.624 0.389 0.388 0.772
Model Sum of squares Df. Mean Square F Sig.
Regression 2023.075 8 252.884 424.735 0.000
Residual 3172.849 5329 0.595
Total 5195.924 5337
Unstandardized coefficients Standardized
coefficients
Model B Std. Error Beta t Sig.
(constant) 62.535 0.156 400.868 0.000
Log(FLEX right/
average wage)
-0.248 0.011 -0.256 -23.279 0.000
Log(Old Age
pension right/
Average wage)
-0.687 0.015 -0.689 -47.111 0.000
Log(Average wage) -0.772 0.021 -0.589 -36.957 0.000
Dummy_single 0.055 0.039 0.012 1.400 0.162
Dummy_cohabiting 0.017 0.053 0.004 0.325 0.745
Dummy_divorced 0.067 0.032 0.023 2.091 0.037
Dummy_widowed -0.070 0.071 -0.011 -0.984 0.325
Dummy_male 1.064 0.034 0.403 31.236 0.000