In contrast with health insurance, you’re not obligated as a self-employed person to take out pension insurance in Germany. You have the choice between taking out private pension insurance, statutory pension insurance, or adding private pension insurance to your statutory one. You can, of course, make no provisions for your retirement age if you wish.By joining the voluntary statutory pension insurance, you’ll receive both a pension and disability benefits. The prerequisite for these is that you keep up with your payments.You can choose to pay your contributions monthly or annually. You also have the option to choose your contribution amount: the minimum monthly contribution is €83.70, and the maximum is €1,320.60. You are entitled to cancel your statutory pension insurance at any time and switch to private. Paying the statutory pension merely covers the basic provision. It’s worthwhile to consider paying more for additional protection. As you age and become more vulnerable and your health deteriorates, you will want to maintain a comfortable standard of living. You might be able to benefit from a state subsidy and choose the ‘Riester’ pension. With this, you pay a certain amount each month and only draw on the capital after retirement. Otherwise, you can choose the ‘Rürup’ pension, which is primarily for self-employed persons not covered by statutory pension insurance. You will also have the option to invest in real estate. Unlike pension payments however, your real estate can be seized if you’re unable to pay your debts. When choosing your private pension plan, make sure it can be adapted to both your personal and professional situations. This way you can be assured of your continued wellbeing as you age. If you don’t have statutory pension insurance, you should absolutely take out additional insurance payments. This way you will be covered in the event of a debilitating accident or illness which renders you incapable of working.