Yes, there is and not only in Germany but in many parts of continental Europe, however do not ask me how much money was taking from me while I was still working full-time - about 40 % of my income was moved obligatory to social insurance (a package of accident, jobless, illness and retirement insurance) and income tax - very high.
I was starting to do regular work when 17 and retired with 65, about 3 years ago, and now in return my retirement allowance - income tax already deducted - is considerably more than double of this sum of USD 1.450,- and I enjoy full medical insurance including dentist and will receive any otherwise necessary elderly care up to end of life. I received also a good separation pay.
There are other benefits too, like senior card for railway for cheaper travel, free admission to local sightseeing spots like temples, museums, parks and public swimming pools...
Retirement is nice for me!