Current for 2026•As of: July 2026

Retirement Portfolio Calculator Calculate your 2027 subsidy.

Allowances, tax benefit and final capital of Germany's new subsidized ETF retirement plan (Altersvorsorgedepot) – with a comparison to a regular ETF savings plan

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0 EUR1,000 EUR

Personal details

years
16 years66 years
years
60 years70 years
0 10
EUR
0 EUR150,000 EUR

Your income is only used for the best-outcome check (allowances vs. special-expense deduction) and is not stored or shared.

Investment assumptions

%
0.0 %12.0 %
%
0.00 %1.50 %

Subsidized products are subject to a statutory cost cap of 1% per year. Low-cost ETF solutions are around 0.2-0.5%.

Final capital at retirement

200,186.17 EUR

of which 19,641.56 EUR government subsidy

With subsidy vs. without subsidy

Zeitreihen-Diagramm: Own contributions endet bei 44,400.00 EUR; ETF without subsidy endet bei 152,220.98 EUR; Retirement portfolio endet bei 200,186.17 EUR.0.00 EUR50,046.54 EUR100,093.09 EUR150,139.63 EUR200,186.17 EUR181522293637Years
  • Own contributions
  • ETF without subsidy
  • Retirement portfolio

Allowances per year

+390.00 EUR

32.5% subsidy rate

Total subsidy

+19,641.56 EUR

over 37 years

Advantage vs. ETF

+27,834.41 EUR

after tax

Government subsidy per year

Base allowance (50/25 cents per euro)+ 390.00 EUR
Tax saving (best-outcome check)+ 140.85 EUR
Subsidy over 37 years+ 19,641.56 EUR

Comparison after tax in the payout phase

Retirement portfolio (before tax)200,186.17 EUR
at personal tax rate160,148.94 EUR
ETF portfolio without subsidy152,220.98 EUR
Capital gains tax (30% partially exempt)- 19,906.45 EUR
ETF after tax132,314.53 EUR
Advantage retirement portfolio+27,834.41 EUR

Capital development

YearOwn contributionAllowancesPortfolioETF w/o subsidy
11,200.00+390.001,627.691,237.69
22,400.00+780.003,350.602,547.79
33,600.00+1,170.005,174.293,934.52
44,800.00+1,560.007,104.675,402.37
56,000.00+1,950.009,147.976,956.09
67,200.00+2,340.0011,310.798,600.69
78,400.00+2,730.0013,600.1310,341.50
89,600.00+3,120.0016,023.3912,184.14
910,800.00+3,510.0018,588.4114,134.57
1012,000.00+3,900.0021,303.4716,199.10
1113,200.00+4,290.0024,177.3518,384.39
1214,400.00+4,680.0027,219.3520,697.52
1315,600.00+5,070.0030,439.3023,145.96
1416,800.00+5,460.0033,847.6125,737.62
1518,000.00+5,850.0037,455.2928,480.89

+ 22 more years

Notes

  • -With 50 € more savings rate per month, you unlock the maximum base allowance of €540 per year.
  • -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: 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.

Important note

These calculations are for non-binding information only and do not replace professional tax advice. All information without guarantee. Learn more

Sources & calculation basis

Our calculations are based on the following official sources (as of: July 2026):

Altersvorsorgedepot 2027: Germany's New Subsidized ETF Retirement Plan

With the Altersvorsorgedepot (retirement portfolio), the German government subsidizes saving with stocks and ETFs without a guarantee requirement for the first time, starting 1 January 2027. Our calculator shows how much allowances and tax benefits you receive and what final capital is realistic at retirement – including a direct comparison with an unsubsidized ETF savings plan.

The Subsidy at a Glance

Base allowance up to €540/year
50 cents per euro on the first €360, 25 cents per euro up to €1,800 in own contributions
Child allowance €300/child
1:1 matching of own contributions – the full allowance is reached with just €25 saved per month
Starter bonus €200
One-off payment for anyone who starts before their 25th birthday
Tax-free accumulation phase
No capital gains tax and no advance lump-sum taxation during the term – only the payout is taxed

How Much the Subsidy Adds Up To

Example: €150 per month from age 30 (6% return, 0.3% costs)

Example: €150 per month from age 30 (6% return, 0.3% costs)
ItemAmount
Own contribution per year€1,800.00
Base allowance per year+ €540.00
Subsidy rate on the own contribution30%
Own contributions until 67 (37 years)€66,600
Total allowances+ €19,980
Final capital at 67 (before tax)~€295,000

These Factors Determine Your Result

  1. Savings rate along the subsidy tiers: €25 secures the child allowance, €30 exhausts tier 1, €150 unlocks the maximum base allowance of €540
  2. Starting age: The earlier you start, the stronger the effect of allowances and compound interest – under 25 you also get the starter bonus
  3. Children: Each child brings up to €300 allowance per year – with two children and a €25 savings rate, the subsidy exceeds the own contribution
  4. Income: High earners benefit from the best-outcome check: €1,800 own contribution plus allowances are deductible as special expenses

Retirement Portfolio vs. Riester vs. ETF Savings Plan

The Altersvorsorgedepot combines the subsidy of the Riester world with the return potential of an ETF portfolio: unlike Riester, there is no contribution guarantee and no obligation to convert the capital into an annuity, the full child allowance is available from just €25 per month, and the costs of subsidized products are capped at 1% per year. Compared to a free ETF savings plan, the portfolio scores with allowances and a tax-free accumulation phase – in return, the capital is tied up until retirement.

Who Benefits Most From the Retirement Portfolio?

Families with children
Child allowances of €300 per child on a minimal own contribution – the highest subsidy rate in the system
Young savers under 25
Starter bonus plus decades of compound interest on all allowances
Low earners
50 cents per euro on the first €360 corresponds to a 50% immediate subsidy return
High earners
Special-expense deduction of €2,340 (€1,800 contribution + allowance) – worth more than the allowances alone at a 42% marginal tax rate

Frequently Asked Questions About the Retirement Portfolio (Altersvorsorgedepot)

Subsidy, taxation and payout of Germany's new retirement plan from 2027

The Altersvorsorgedepot is Germany's new government-subsidized retirement product from the reform of private retirement provision (Bundestag: March 2026, Bundesrat: May 2026). From 1 January 2027, you can use it to save for retirement with stocks, funds and ETFs – without a guarantee requirement or an insurance wrapper. The government subsidizes contributions with direct allowances and tax benefits. It replaces the Riester pension as the subsidized product for new contracts.

For the first €360 of own contribution per year, you receive 50 cents allowance per euro (max. €180); for contributions from €361 to €1,800, a further 25 cents per euro (max. €360). The maximum base allowance is therefore €540 per year at an own contribution of €1,800 – equivalent to a savings rate of €150 per month. On top of that come child allowances, the starter bonus for young savers, and potentially an additional tax benefit via the best-outcome check.

Each child earns a child allowance of up to €300 per year as a 1:1 match: every euro you pay in yourself is doubled up to €300. You therefore reach the full child allowance with just €25 own contribution per month – considerably easier than under the Riester pension, which required 4% of gross income for the same effect.

Anyone who is younger than 25 when the contract is signed receives a one-off starter bonus of €200 from the government into the portfolio. Combined with the long investment horizon, this bonus keeps compounding for decades.

In most cases, yes: the allowances act like an immediate return of up to 50% on the first contributions, the accumulation phase is tax-free (no capital gains tax, no advance lump-sum taxation), and the payout is only taxed in retirement at your then usually lower personal tax rate. An unsubsidized ETF savings plan remains more flexible in return: you can access your money at any time and, on sale, pay capital gains tax on only 70% of the profit (partial exemption). Our calculator compares both options directly.

On a deferred basis: during the accumulation phase, returns stay completely tax-free, while payouts in retirement are taxed at your personal income tax rate. In addition, the tax office automatically checks (best-outcome check) whether the special-expense deduction – up to €1,800 own contribution plus allowance entitlement, i.e. a maximum of €2,340 without children – is more favorable than the allowances; the difference is refunded. In total, you can pay in up to €6,840 per year with tax relief.

At retirement, you can withdraw up to 30% of the capital as a lump sum. The remainder is paid out via a withdrawal plan until at least age 85. Unlike Riester, there is no longer a requirement to convert the capital into an annuity through an insurance product.

Existing Riester contracts continue under their previous terms and can still be paid into. From 2027, a conversion into the new subsidy system will often be possible as well. Whether switching is worthwhile depends on the guarantees, costs and remaining term of the old contract.

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