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German Retirement Investment Account Calculator

Compare Germany's subsidised retirement investment account available from 2027 with a regular ETF portfolio using the same personal outlay, including allowances, taxes, costs and payout.

Calculate incentives
Compare net wealth
Estimate monthly net payout

Available

Inputs

Enter values

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Person and subsidy

Eligibility, contribution and child entitlements

Age at the start of 2027

A statutory limit for the 2027 model; special cases must be checked individually.

Age at retirement

A statutory limit for the 2027 model; special cases must be checked individually.

Subsidy eligibility

Choose the statutory group that applies at the start of the contribution year.

Own annual contribution

€

Enter the annual subsidised contribution; own contract contributions are capped at EUR 6,840.

Children with future child-benefit entitlement

Enter only years in which child benefit is expected to be formally granted.

Career-starter bonus already receivedThis condition is relevant only for the selected eligibility group or legal threshold.

Use of additional tax refund

Choose where the estimated additional tax refund goes; both main paths keep the same personal outlay.

Load example

For illustration only – your own calculation is what counts.

StatusCalculated

AVD advantage or disadvantage€13,639.02

Under these assumptions, the net difference between the retirement account scenario and the ETF portfolio is 13,639.02.

At a glance

Net wealth at retirement

AVD139,000.04 EUR

ETF125,361.02 EUR

Summary

Retirement account net€139,000.04

ETF portfolio net€125,361.02

Monthly AVD payout net€448.5

Charts

Wealth during the saving phase

AVDETF

Comparison

Fair comparison at retirement

Additional result details.

Retirement account net€139,000.04

ETF portfolio net€125,361.02

AVD advantage or disadvantage€13,639.02

Details

Contributions and subsidy

Actual personal outlay€48,672

Own AVD contributions€57,600

Basic allowances€17,280

Child allowances€0

Career-starter bonuses€0

Additional tax effect€8,928

Tax refund invested separately€0

Wealth, returns, costs and taxes

AVD gross wealth€185,333.39

AVD net wealth€139,000.04

AVD investment returns€128,006.4

AVD costs€17,553.01

ETF gross wealth€136,292.02

ETF net wealth€125,361.02

ETF investment returns€91,324.62

ETF costs€3,139.33

ETF taxes€11,496.27

Retirement-account payout

Lump sum gross€55,600.02

Tax on lump sum€13,900

Lump sum net€41,700.01

Monthly payout gross€598

Monthly payout tax€149.5

Monthly AVD payout net€448.5

Annual payout net€5,382

Monthly ETF payout net€580.61

Data quality

Visible model assumptions

Assumed AVD return6 %

Assumed ETF return6 %

Assumed ETF costs p.a.0.2 %

ETF partial exemption30 %

ETF capital-gains tax rate26.38 %

Saver's tax-free allowance€1,000

Future base-rate assumption2.53 %

Retirement tax-rate assumption25 %

Inflation assumption2 %

AVD net in today's purchasing power€73,758.05

ETF net in today's purchasing power€66,520.73

Data quality

Retirement investment account legal status:AVRefG-2026-BGBl-I-156/2027-01-01

As of: 09/03/2026Validity: 01/01/2027 – 12/31/9999Source: Bundesgesetzblatt 2026 I Nr. 156Verified on: 09/03/2026

Show full calculation

Subsidy and same personal outlay

Allowance formula

G = 0,50 × min(B, 360) + 0,25 × min(max(B − 360, 0), 1.440)

Own contributions to the retirement account: 57,600.00.
Basic allowances: 17,280.00.
Child allowances: 0.00.
Career-starter bonus: 0.00.
Additional tax effect (approximation): 8,928.00.
Identical actual personal outlay in both main variants: 48,672.00.

Rounding affects the display only.

Wealth, costs and taxes

Breakdown

AVD gross: starting capital + contributions + allowances + returns − costs = 185,333.39.
AVD net at the assumed retirement tax rate = 139,000.04.
ETF gross before the assumed disposal = 136,292.02.
ETF taxes from advance lump sums and disposal = 11,496.27.
ETF net after taxes = 125,361.02.

Year-by-year path

Saving phase by year

Value	Value	Value	Value	Value	Value	Value	Value
2027	35	1521	1800	540	279	2389.91	1568.28
2028	36	1521	1800	540	279	4903.09	3227.34
2029	37	1521	1800	540	279	7545.9	4982.43
2030	38	1521	1800	540	279	10325.04	6839.11
2031	39	1521	1800	540	279	13247.53	8803.26
2032	40	1521	1800	540	279	16320.76	10881.11
2033	41	1521	1800	540	279	19552.52	13079.23
2034	42	1521	1800	540	279	22950.98	15404.58
2035	43	1521	1800	540	279	26524.74	17864.54
2036	44	1521	1800	540	279	30282.84	20466.89
2037	45	1521	1800	540	279	34234.78	23219.87
2038	46	1521	1800	540	279	38390.58	26132.2
2039	47	1521	1800	540	279	42760.74	29213.12
2040	48	1521	1800	540	279	47356.32	32472.36
2041	49	1521	1800	540	279	52188.94	35920.27
2042	50	1521	1800	540	279	57270.85	39567.75
2043	51	1521	1800	540	279	62614.88	43426.37
2044	52	1521	1800	540	279	68234.57	47508.33
2045	53	1521	1800	540	279	74144.13	51826.58
2046	54	1521	1800	540	279	80358.52	56394.78
2047	55	1521	1800	540	279	86893.46	61227.41
2048	56	1521	1800	540	279	93765.48	66339.77
2049	57	1521	1800	540	279	100991.97	71748.05
2050	58	1521	1800	540	279	108591.22	77469.38
2051	59	1521	1800	540	279	116582.45	83521.89
2052	60	1521	1800	540	279	124985.88	89912.71
2053	61	1521	1800	540	279	133822.77	96652.55
2054	62	1521	1800	540	279	143115.49	103760.48
2055	63	1521	1800	540	279	152887.54	111256.61
2056	64	1521	1800	540	279	163163.65	119162.13
2057	65	1521	1800	540	279	173969.82	127499.41
2058	66	1521	1800	540	279	185333.39	136292.02

Rounding affects the display only.

Page link without input data

Explanation

How German Retirement Investment Account Calculator works

The calculator separates statutory subsidies from adjustable future assumptions. It determines contributions, allowances, a possible one-off career-starter bonus and the approximated additional tax effect for each year.

Basic allowance from 2027G = 0,50 × min(B, 360) + 0,25 × min(max(B − 360, 0), 1.440)

B is the eligible own contribution. The allowance reaches its EUR 540 maximum at EUR 1,800; the EUR 120 minimum contribution remains a condition.

Both main paths use the same personal outlay. AVD allowances are additional subsidy capital; a tax refund is handled according to the selected use and is never silently treated as free money in only one path.

Knowledge

Understand the subsidy from 2027

How the basic and child allowances, career-starter bonus and favourable tax test interact.

The basic allowance rises in stages with the own contribution. Child allowances depend on formally granted child benefit; the one-off career-starter bonus requires the person to be under 25 at the start of the year.

Minimum own contribution for allowances: EUR 120
Maximum basic allowance: EUR 540
Child allowance: up to EUR 300 per child and year
Own contract contributions: up to EUR 6,840 a year

Knowledge

Compare AVD and ETF fairly

Same term and personal cash outflow, but different subsidies, costs and tax treatment.

The ETF path receives the same personal outlay as the AVD path. The AVD grows within its subsidised wrapper but is generally fully taxed on payout. The equity-fund path models partial exemption, saver allowance, advance lump sum and a deemed sale at retirement.

An advantage applies only to the selected assumptions. Changes in cost or tax can reverse the ranking.

Knowledge

Payout and taxation

Lump sum, monthly payout plan, continuing return and downstream tax.

Retirement normally starts no earlier than 65 and the first benefit no later than 70. Up to 30% can be paid once at the start. This plan pays the balance monthly and ends no earlier than age 85.

The retirement tax rate is a user input. The calculator does not claim to know a future personal rate and does not calculate an insurer's lifelong annuity.

Practice

Practical examples

For illustration only – your own calculation is what counts.

Employee without children

Age 35, EUR 1,800 own annual contribution and retirement at 67, with the same gross return in both portfolios.

Result: The basic allowance is EUR 540 in each eligible year. Which portfolio leads after tax depends mainly on costs, the tax refund and the retirement tax rate.

Two children with different entitlement periods

Age 32; child benefit is expected for another eight years for one child and twelve years for the other.

Result: While both entitlements remain, the model adds EUR 600 child allowance a year, then EUR 300 until the second entitlement ends.

Career start before age 25

Age 24 at the start of the year, directly eligible, and the bonus has not previously been received.

Result: A one-off EUR 200 career-starter bonus is added to the contribution-dependent basic allowance in the first year.

Cost-sensitive ETF comparison

The AVD costs 1.5% a year and the ETF portfolio 0.2%; both earn the same return before costs.

Result: The calculator can show an ETF advantage despite the subsidy. It deliberately gives no blanket product recommendation.

Transfer existing Riester capital

EUR 50,000 of subsidised Riester capital is transferred with an actual transfer fee of EUR 150.

Result: The AVD starts with EUR 49,850 after the fee. The ETF counterfactual shows the full EUR 50,000 so that the transfer friction remains visible.

Notes

Common mistakes

Counting the tax refund twice
The refund is shown as extra return without adjusting personal outlay.
Select one use; the main ETF path remains normalised to the same out-of-pocket amount.
Reading the return as guaranteed
A constant model return is mistaken for promised performance.
Run several return and cost scenarios and treat every value as an assumption.
Assuming child allowance automatically to age 18
The actual child-benefit period can be longer or shorter.
Enter only the expected remaining years of formally granted child benefit for each child.
Comparing gross wealth
The AVD and ETF are taxed differently during saving and payout.
Use the separately stated net wealth at the common retirement date for the ranking.
Applying the 1% cap to every AVD
The official cost cap applies to the standard portfolio, not automatically to every product.
Enter actual product costs from the provider documents as an assumption.

FAQ

Frequently asked questions

What is the statutory retirement investment account?

It is a certified retirement contract that providers may offer from 2027 without a mandatory capital guarantee. Contributions may be invested in eligible funds and bonds and can receive allowances plus a possible additional special-expense deduction.

Has the reform already become law?

Yes. The Retirement Provision Reform Act was promulgated on 29 May 2026. The new product and subsidy rules modelled here apply from 1 January 2027.

How high is the basic allowance from 2027?

It is 50% of the first EUR 360 contributed plus 25% of the contribution between EUR 360.01 and EUR 1,800, up to EUR 540 a year. No allowance applies below the EUR 120 minimum own contribution.

How does the calculator account for children?

For each child and year with formally granted child benefit, the allowance equals 100% of the relevant contribution, capped at EUR 300. The remaining entitlement period is entered separately for each child.

Is the favourable tax test an exact tax calculation?

No. The tax office performs the statutory test. This calculator shows a transparent marginal-rate approximation and does not fully simulate taxable income, progression, other deductions or church tax.

Why does the ETF comparison use the same personal outlay?

This makes the comparison fair: the regular ETF receives exactly what the person pays out of pocket in the AVD scenario. The additional refund is consumed, invested separately or paid into the AVD as selected.

How is the ETF advance lump sum handled?

The statutory annual mechanism is modelled as a long-term approximation. The future base rate is an adjustable assumption, while partial exemption, the available saver allowance and earlier advance lump sums are considered.

How can the retirement account be paid out?

Up to 30% may be withdrawn once at the start. The modelled statutory plan pays monthly and does not end before age 85. Subsidised benefits are generally taxed downstream at the entered personal retirement tax rate.

Does the calculator tell me which investment is better?

No. It only shows which path leads under the selected return, cost, tax and inflation assumptions. It is not investment, tax or insurance advice and cannot replace an individual review.

Limits

Limitations

The favourable tax test is a marginal-rate approximation, not a full income-tax assessment.
Constant returns omit market volatility, sequence risk and losses.
ETF taxation is approximated; individual lots, distributions and bank-specific loss offsetting are not modelled.
The calculator models the statutory payout plan, not an insurer's individual lifelong annuity factor.
Early-start pension, home-ownership support, guarantee products and survivor or disability cover are outside scope.

Sources

Sources and references

AltersvorsorgereformgesetzBundesministerium der Justiz und für Verbraucherschutz / Bundesgesetzblatt
Promulgated Act, Federal Law Gazette 2026 I No. 156; primary source for product, subsidy, transfer and payout rules.
View sourceAs of: 05/29/2026 · Validity: 01/01/2027 · Retrieved: 09/03/2026 · Verified on: 09/03/2026 · Primary source
Private Altersvorsorge wird attraktiverDie Bundesregierung
Official overview of the reform and the 1 January 2027 product launch.
View sourceAs of: 09/03/2026 · Retrieved: 09/03/2026 · Verified on: 09/03/2026 · Primary source
§ 10a EStG – Zusätzliche AltersvorsorgeBundesministerium der Justiz und für Verbraucherschutz
Official provision governing the favourable tax test; the amending Act controls the 2027 amounts.
View sourceRetrieved: 09/03/2026 · Verified on: 09/03/2026 · Primary source
§ 22 Nummer 5 EStG – Leistungen aus AltersvorsorgeverträgenBundesministerium der Justiz und für Verbraucherschutz
Official provision governing downstream taxation of subsidised retirement benefits.
View sourceRetrieved: 09/03/2026 · Verified on: 09/03/2026 · Primary source
§ 18 InvStG – VorabpauschaleBundesministerium der Justiz und für Verbraucherschutz
Official provision governing the annual advance lump sum in a regular investment-fund account.
View sourceRetrieved: 09/03/2026 · Verified on: 09/03/2026 · Primary source
§ 20 InvStG – TeilfreistellungBundesministerium der Justiz und für Verbraucherschutz
Official provision on partial exemptions; 30% for equity funds is the adjustable starting value.
View sourceRetrieved: 09/03/2026 · Verified on: 09/03/2026 · Primary source
§§ 20 und 32d EStG – Sparer-Pauschbetrag und besonderer SteuersatzBundesministerium der Justiz und für Verbraucherschutz
Official basis for the saver allowance and special investment-income tax rate in the ETF comparison.
View sourceRetrieved: 09/03/2026 · Verified on: 09/03/2026 · Primary source

Related calculators

German Retirement Investment Account Calculator

Enter values

Person and subsidy

Tax and Riester transfer

Returns and costs

ETF tax assumptions

Payout and purchasing power

Allowance formula

Breakdown

Saving phase by year

How German Retirement Investment Account Calculator works

Understand the subsidy from 2027

Compare AVD and ETF fairly

Payout and taxation

Practical examples

Employee without children

Two children with different entitlement periods

Career start before age 25

Cost-sensitive ETF comparison

Transfer existing Riester capital

Common mistakes

Frequently asked questions

Limitations

Sources and references

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