Daniela (45) works part-time as a sales assistant:

"Every year when I get my pension notice, I feel really sick. I'm divorced and when the children were small, I didn't work at all for six years. If I continue to work as I do now, five hours a day in a supermarket, I'll only have 710 euros at my disposal later on. The rent alone will cost 500 euros. How am I supposed to pay that? I can't expect much in the way of pension equalization either, as my ex-husband has been unemployed for a long time. So I'm completely on my own. I don't want to be a burden on my daughters later on, so I'd rather work until I'm 80. I was never able to make private provisions, money was always tight. When I did have some left over, either the washing machine or the car broke down, or I bought something nice for the children. I know that I have to do something so that I don't have to rely on social security later on. But what?"

Rita (69) is dependent on a part-time job:

"You're always smarter afterwards: that's probably the best way to put it. I didn't think about my pension for a long time. I got married early and when my daughter was on the way, I gave up my job as a nurse. My son was born and I was totally absorbed in my role as a housewife and mother. I looked after the children, did voluntary work and later went back to work on an hourly basis. Then came the divorce. I can't get by on my pension of 904 euros. Once the rent and all fixed costs are paid, I have 150 euros left to live on. Although I'm really frugal and only buy what's on offer, the fridge is empty at the end of the month. Even though I feel ashamed, I go to the food bank. I earn some extra money by delivering newspapers, but I won't be physically able to do that for much longer."

How much money do I actually need to live on? The pension calculator provides clarity

If you're wondering how you can maintain your standard of living in old age, you should do the math now and take the following factors into account:

➜ Individual needs Financial experts from Stiftung Warentest advise assuming 80 percent of the last net salary. This is because it is not true that pensioners generally need less money. Needs often just shift.
➜ Income Income in old age is often made up of various sources: statutory pension, private pension provision or Riester subsidies. It is important to get an overview of how much is available in total.
Savings opportunities Some burdens are often reduced in old age. Perhaps the home loan has been repaid, the children no longer need support, or travel costs to work are no longer incurred.
➜ Additional costs for medication, nursing care, modifications for the disabled or even travel can lead to an increase in expenses. Don't forget!
➜ Advice Whether shortly before retirement or in the middle of your working life: A pension check during a pension consultation provides information on the current status of your pension provision.
➜ Pension calculator The computer program shows how much extra money is needed. Salary and pension statements as well as other income are important for a meaningful result.

Support is available here:

Individual pension calculation at Stiftung Warentest. Free of charge! www.test.de/altersvorsorge-rente/rechner
German Pension Insurance offers advice on old-age provision. www.deutsche-rentenversicherung.de

How everyone can save something: "It's never too late to do something!"

Doris Kappes, lawyer and financial expert at the consumer advice center

Savings plans, funds, Riester pension? It sounds complicated and people are only too happy to put it off. But that's the biggest mistake women in particular make - not taking care of it at all. The expert knows: "Investment is not a secret science. But you have to want to get involved."

Is there an age limit beyond which it is no longer worth doing something for retirement provision?

"No. It's always worthwhile. The exception is if you earn so little that you later fall into the basic income support system, meaning your pension is less than your rent plus the current 416 euros. Everything you save now will be taken into account. With Riester products, however, there is an allowance of 200 euros."

Which forms of investment are suitable?

"A cushion of two to three net salaries for unforeseen events makes sense. If you want to set aside a fixed amount over and above this, you can invest it safely or speculatively - or split the sum. For example, 50 euros in a broadly diversified index fund with the option of higher returns and 50 euros in a secure bank savings plan with rather low interest rates. The best place to do this is with a direct bank such as Comdirect or Onvista. The fees there are lower than at branch banks."

What should you stay away from?

"If you take out endowment insurance or pension insurance, you have to be quite old to get more money out than you paid in. There are also high acquisition and contract costs. It's often not worth it. And I generally advise against investing money if you have debts."

And what about the Riester pension?

"You have to differentiate between Riester funds, bank savings plans and pension insurance. The Riester fund is particularly attractive for people who tend to earn less and have young children. The state pays high allowances here."

Where can I get information and advice?

"Stiftung Warentest regularly publishes good publications to read up on. Adult education centers offer courses. You can get advice from consumer advice centers or independent fee-based advisors. They represent your interests, not those of a bank or insurance company."