Werner Tiefental, a 65-year-old man with a career as a self-employed individual, is approaching his retirement age and is increasingly anxious about his financial future. Throughout his working life, he did not contribute to the statutory pension system, leaving him to depend on his personal savings. With just over a year remaining until he reaches the official retirement age, he reflects on the adequacy of his 120,000 euros in savings and begins to search for solutions to fill what he perceives as a significant gap in his retirement planning.

As he nears this pivotal moment in life, instead of joy over the newfound free time for hobbies and spending with his partner, doubts about financial stability overshadow his excitement. This situation is increasingly common among individuals who have spent a significant part of their careers self-employed without sufficient contributions to a pension scheme. The story highlights the inadequacies in retirement planning that many self-employed individuals face, often leading them to seek alternative methods to secure their financial futures.

The implications of this narrative extend beyond Tiefental's personal concerns. With rising numbers of self-employed people in Germany who may not have adequate retirement savings, there is a pressing need for policy discussions surrounding retirement security for this demographic. As financial stress becomes more prevalent among the self-employed nearing retirement, understanding their challenges is critical, not only for personal financial planning but also for broader social and economic policies.