Learn more about our key assumptions for this calculation:

1 The Altersvorsorgedepot launches on 1 January 2027. We assume you contribute every month until the year before your 67th birthday, then draw the pot down as a level monthly pension until age 85 — a 19-year payout. Amounts are shown in today's euros, before inflation. 2 On top of what you pay in, the state adds a Grundzulage: 50% of your first 360 € saved each year, plus 25% of the next amount up to 1.800 € — a maximum of 540 € per year. Each child adds a Kinderzulage that matches your own contribution, up to 300 € per year, for the years they qualify for Kindergeld, assumed to age 18 and assumed born this year. Start before 25 and you also get a one-time 200 € career-starter bonus. Subsidies are paid into your depot once a year. 3 Your monthly contributions are compounded at your chosen annual return (converted to a monthly rate), and each year's subsidies are added on top. Unlike a normal broker account, the Altersvorsorgedepot pays no tax during the savings phase — no Abgeltungsteuer and no Vorabpauschale — so everything compounds untouched. The default return shown is 7% per year, before tax. 4 Contributions are also tax-deductible. Through the tax office's Günstigerprüfung, if the tax you save by deducting them is worth more than the Zulage you already received, you get the difference back as a refund to your bank account. This mostly benefits higher earners and appears in your result as extra tax refunds. 5 At 67 the pot becomes a level monthly pension paid to 85. Tax follows where the money came from: the subsidised share — contributions that received Zulage — is taxed at your personal rate in retirement, assumed 10 percentage points below your working rate and at least 10%. The unsubsidised share is taxed much more lightly: a portion of each monthly payment counts as a tax-free return of money you already paid in, and only the remaining growth is taxed — at half your retirement tax rate based on the assumption of application of the half-income principle under the 12/60 rule. 6 To keep the comparison fair, the ETF savings plan uses the same contributions and return but with no state subsidy and realistic broker tax — an annual Vorabpauschale (3.2% base rate, 30% equity Teilfreistellung, 26.375% Abgeltungsteuer). The savings account earns a flat 2% with no subsidy. 7 This is an illustration, not tax or investment advice. Returns are assumed constant and are not guaranteed — markets fluctuate. Figures ignore inflation and product fees, and use standard annuity maths for the payout. Your real result depends on the funds you choose, future legislation, and your personal tax situation. All investments carry a risk of capital loss. ETFs can be subject to high fluctuations in value. The invested amounts are not guaranteed, and a total loss of your investment is possible at any time. Past performance is not a reliable indicator of future performance. Ensure you have sufficient knowledge before making any transactions.

Retirement, reinvented

Retirement in Germany is entering a new era — and you call the shots. Launching January 2027, the private pension plan (Altersvorsorgedepot) includes two subsidized paths that let you invest more, build more, and unlock up to €540 annually. Investing involves risk of financial loss.

Pre-register in the app now

Take control of your future

Complement your pension with ETFs that target higher growth.

Get state support along the way

Receive up to €540 per year, plus extra bonuses for young starters and parents.

Save on capital gains tax

Grow your investments tax-free until retirement, when you will likely pay a lower tax rate.

Plan your pension

€242,727

Total projected pension at age 67

Your wealth over time

3067

Your investment is subject to fluctuations. Forecasts are not a reliable indicator of future performance.

Current age

Children

Monthly contribution

Expected net annual return

Understand how your capital evolves based on different market scenarios.

Gross annual income

Used to determine the tax rate applied upon payout in the future and it may be used to calculate tax benefits/refunds present.

Capital Breakdown

Your contributions: €66,600 (27%)

Tax savings & returns (3, 4): €156,147 (64%)

State subsidies: €19,980 (8%)

Monthly pension before taxes€1,636.53

Monthly pension after taxes€1,276.50

Compare every detail

Altersvorsorgedepot*ETF savings plan*Savings account

Retirement Summary

Total at retirement€242,727€171,144€88,340

Monthly net payout€1,276€1,087€465

State subsidy contribution€19,980––

You paid in€66,600€66,600€66,600

Risk ProfileRisk of capital lossRisk of capital lossCapital guaranteed

Capital AccessLocked until retirementImmediateImmediate

€242,727

€171,144

Total at retirement

€242,727€171,144

Monthly net payout

€1,276€1,087

State subsidy contribution

€19,980–

You paid in

€66,600€66,600

Risk Profile

Risk of capital lossRisk of capital loss

Capital Access

Locked until retirementImmediate

*ETFs and funds can be subject to high fluctuations in value. The invested amounts are not guaranteed, and a total loss of your investment is possible at any time. Past performance is not a reliable indicator of future performance. Ensure you have sufficient knowledge before making any transactions.

1 The Altersvorsorgedepot launches on 1 January 2027. We assume you contribute every month until the year before your 67th birthday, then draw the pot down as a level monthly pension until age 85 — a 19-year payout. Amounts are shown in today's euros, before inflation. 2 On top of what you pay in, the state adds a Grundzulage: 50% of your first 360 € saved each year, plus 25% of the next amount up to 1.800 € — a maximum of 540 € per year. Each child adds a Kinderzulage that matches your own contribution, up to 300 € per year, for the years they qualify for Kindergeld, assumed to age 18 and assumed born this year. Start before 25 and you also get a one-time 200 € career-starter bonus. Subsidies are paid into your depot once a year. 3 Your monthly contributions are compounded at your chosen annual return (converted to a monthly rate), and each year's subsidies are added on top. Unlike a normal broker account, the Altersvorsorgedepot pays no tax during the savings phase — no Abgeltungsteuer and no Vorabpauschale — so everything compounds untouched. The default return shown is 7% per year, before tax. 4 Contributions are also tax-deductible. Through the tax office's Günstigerprüfung, if the tax you save by deducting them is worth more than the Zulage you already received, you get the difference back as a refund to your bank account. This mostly benefits higher earners and appears in your result as extra tax refunds. 5 At 67 the pot becomes a level monthly pension paid to 85. Tax follows where the money came from: the subsidised share — contributions that received Zulage — is taxed at your personal rate in retirement, assumed 10 percentage points below your working rate and at least 10%. The unsubsidised share is taxed much more lightly: a portion of each monthly payment counts as a tax-free return of money you already paid in, and only the remaining growth is taxed — at half your retirement tax rate based on the assumption of application of the half-income principle under the 12/60 rule. 6 To keep the comparison fair, the ETF savings plan uses the same contributions and return but with no state subsidy and realistic broker tax — an annual Vorabpauschale (3.2% base rate, 30% equity Teilfreistellung, 26.375% Abgeltungsteuer). The savings account earns a flat 2% with no subsidy. 7 This is an illustration, not tax or investment advice. Returns are assumed constant and are not guaranteed — markets fluctuate. Figures ignore inflation and product fees, and use standard annuity maths for the payout. Your real result depends on the funds you choose, future legislation, and your personal tax situation. All investments carry a risk of capital loss. ETFs can be subject to high fluctuations in value. The invested amounts are not guaranteed, and a total loss of your investment is possible at any time. Past performance is not a reliable indicator of future performance. Ensure you have sufficient knowledge before making any transactions.

Pre-register for a private retirement account

Be notified when it’s time to open yours.

Pre-register in the app now

Shape your own pension

The new pension plan (Altersvorsorgedepot) expands your choices — letting you create a mix of eligible ETFs and funds to fit your unique strategy. Choosing an option without a capital guarantee gives you the chance to unlock potential for higher returns.

Fully automated investing

The Standarddepot is the hands-off option with a designated portfolio. Depending on your age, you can select higher-risk ETFs to start, then automatically transition toward lower-risk assets as you approach retirement.

Understand the risks

While the new plans offer more flexibility, choosing the path with no payout guarantee means your investments follow market ups and downs. Your money stays restricted until retirement, and moving outside the EU could mean returning state bonuses.

Strengthen your retirement with state support

Invest at least €120 per year to unlock these grants.

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Basic grant (Grundzulage)

The state will match 50% of your first €360, after that they’ll match 25% until €1,800 — giving you a basic grant of up to €540 per year.

CRST-23182_AVD_LP5-Desktop-250x200_2_EN.

Child grant (Kinderzulage)

The state matches up to €300 per year for each child eligible for child benefit (Kindergeld).

CRST-23182_AVD_LP5-Desktop-250x200_3_EN.

Starter grant (Berufseinsteiger-Bonus)

Open one of the private pension plan options before your 25th birthday and the state will give you a €200 welcome bonus.

Basic grant (Grundzulage)

The state will match 50% of your first €360, after that they’ll match 25% until €1,800 — giving you a basic grant of up to €540 per year.

Child grant (Kinderzulage)

The state matches up to €300 per year for each child eligible for child benefit (Kindergeld).

Starter grant (Berufseinsteiger-Bonus)

Open one of the private pension plan options before your 25th birthday and the state will give you a €200 welcome bonus.

Tax advantages

No capital gains tax while you invest — your returns stay untouched until retirement. Plus, deduct up to €1,800 a year with automatic checks by the tax office to ensure you always get the higher benefit — deduction or grants.

Your pension, coming to the N26 app

Discover the modern way to retire. Manage your pension alongside your everyday banking — all from the N26 app. Track investments without complex paperwork or confusing terminology.

Coming to N26 in January 2027, subject to regulatory certification.

Compare retirement plans

State allowance

€175 per year or more

Up to €540 per year

State allowance

€175 per year or more

Up to €540 per year

Payout as monthly pension after retirement start

Lifelong payments

Payment plan

Payout as monthly pension after retirement start

Lifelong payments

Payment plan

Option of one-time payout with retirement start

Up to 30% without losing state allowances or tax incentives

Option of one-time payout with retirement start

Up to 30% without losing state allowances or tax incentives

Autonomous securities investments

Select ETFs yourself or have them selected on your behalf

Autonomous securities investments

Select ETFs yourself or have them selected on your behalf

Guaranteed capital

100%

80% to 100%

Guaranteed capital

100%

Potential yields

Low

Negative to medium

Negative to high

Negative to medium

Potential yields

Low

Negative to high

Tax incentives

Subsequent taxation on withdrawals

Tax deductible contribution

Up to €2,100 per year

Up to €27,566 per year

Up to €1,800 per year

Tax deductible contribution

Up to €2,100 per year

Up to €1,800 per year

This chart is a high-level comparison only, and does not claim to be complete or exhaustive.

Pre-register for a private retirement account

Be notified when it’s time to open yours.

Pre-register in the app now

FAQ

Unlike the old Riester system, eligibility isn't limited to traditional employees and civil servants. Self-employed workers, freelancers, and members of professional pension schemes now qualify, even if they don't pay into the public pension system.
From January 2027, you can open a retirement portfolio directly in the N26 app or on our website. You'll need to submit a one-time subsidy application — N26 handles the paperwork and sends it to the government on your behalf.
The new pension plan is broader and simpler. Unlike the old Riester plan, it's open to almost everyone with a German tax liability — not just those paying into the statutory pension. The new private pension plans (Altersvorsorgedepots) are investment-based, meaning your money has the potential to grow more over time rather than sitting in a low-yield contract.
Up to €540 per year. You receive 50% on your first €360 of contributions (= €180 €) and 25% on the next €1,440 (= €360). Contribute at least €1,800 per year to claim the full amount.
Yes — you can transfer an existing Altersvorsorgedepot to another provider, as long as the transfer happens directly between the two certified contracts. The state benefits stay intact.
Contributions up to €1,800 per year are tax-deductible. In retirement, only a portion of your withdrawals are taxed — significantly less than your working-life income tax rate for most people.
Yes. You can contribute up to €6,840 per year, however, both the government bonus and the tax deduction cap out at €1,800 per year.
You can start taking monthly payouts as early as the year you turn 65, with the option to withdraw up to 30% of your total balance as a lump sum. Taking money out outside these standard retirement rules is considered early cashing out (förderschädliche Verwendung), meaning you’ll have to pay capital gains tax and repay any state bonuses and tax savings you received.
Your portfolio remains open and your investments always have potential for growth. You won't lose bonuses you've already received. You can resume contributions at any point. If you stop permanently, you can still leave the funds invested until retirement.
This is an evolving topic and will become clearer in 2028. For the latest policy updates and tax administration guidance, you can refer to the Bundesfinanzministerium website: https://www.bundesfinanzministerium.de/Web/DE/Home/home.html
In principle, all your contributions remain and become part of your estate, and that money is passed on to your beneficiaries. The state bonuses and tax savings are government funds given specifically toward your retirement. If you pass away before retirement, the government reclaims them. However, state bonuses and tax savings do not have to be repaid if your surviving spouse transfers your pension assets to their own pension contract.

Standard

Smart

Go

Metal

Aura

Business Standard

Business Smart

Business Go

Business Metal

Private retirement account