This lovely looking logo is the crest for the pension offices in Munich. You can think of the pension system like the US Social Security System. And like the US version, the German system has come under lots of criticism of barrowing from today’s workers to pay for today’s retirees. With low birth rates and increasing life expectancy in Germany, there are fewer workers financing and more retirees receiving. There is a famous saying by a German minister “Die Renten sind sicher” (the pensions are secured) which is met with much skepticism. Most economists today believe, like in the us, that the current generation will only see a small portion of what they put into the system.