€390 base allowance per year
I start aged and retire at , have children with child benefit and earn € gross a year.
Your income is only used for the best-outcome check (allowances vs. special-expense deduction) and is not stored or shared.
Subsidized products are subject to a statutory cost cap of 1% per year. Low-cost ETF solutions are around 0.2-0.5%.
Payouts from the retirement portfolio are taxed on a deferred basis at your personal tax rate. In retirement, this rate is usually well below today's rate (often 15-25%).
Capital at retirement
€200,186
€200,186Saving €100 a month for 37 years grows to about €200,186 – including €19,642 in subsidies.
Compared with an unsubsidised ETF portfolio (after tax)+€27,834
The retirement portfolio is ahead after tax.
Own contributions, allowances and returns in the retirement portfolio – dashed, the same money in an ETF portfolio without subsidy. Drag the end of the curve to change your retirement age.
After tax
After 37 years
What you can do
€25 more a month
adds about €47,279 of capital by retirement, including €4,632 of extra subsidy.
Maximum basic allowance not yet reached
With 50 € more savings rate per month, you unlock the maximum base allowance of €540 per year.
Tax deduction is better
At your income, the special-expense deduction is more favorable than the allowances — the tax office automatically refunds the difference (best-outcome check).
Simplified calculation
Simplified calculation: the ETF comparison excludes advance lump-sum taxation and the saver's tax-free allowance; the portfolio payout is taxed flat at your retirement tax rate.
Forecast based on the German retirement provision reform act (subsidy start 1 Jan 2027). Calculation without guarantee. No investment or tax advice.
Retirement Portfolio Calculator by Rechnerzentrale(opens in a new tab)2026 values