Worked example: 100 euros a month into the Altersvorsorgedepot

Tilman Freyenhagen

Published on 15 June 2026 · Updated on 7 August 2026 · Managing Director & Partner, Alsterspree Verlag GmbH

Introduction: the 100 euro scenario in the Altersvorsorgedepot at a glance

If you pay 100 euros a month into the new Altersvorsorgedepot over 30 years, you build up substantial wealth for retirement. Combining 36,000 euros in own contributions with the state subsidy produces a disproportionately high final capital of around 125,700 euros, at an assumed return of 6 percent a year. This concrete worked example lays out all the financial-mathematics assumptions transparently and shows how strongly the state allowance structure can affect your long-term savings goal. Our subsidy calculator lets you adjust these calculations individually and apply them to your personal life situation.

The state subsidy enacted by law for the Altersvorsorgedepot from 2027 provides for a tiered Grundzulage: the state pays a top-up of 50 percent on the first 360 euros of own contribution per year, followed by 25 percent on all further payments up to a limit of 1,800 euros^[1]. With a monthly own contribution of 100 euros (1,200 euros a year), you therefore receive an annual state allowance of exactly 390 euros. Over a term of 30 years, this brings a total of 11,700 euros in state subsidy money directly into your account, substantially boosting your annual savings rate and massively reinforcing the compound-interest effect.

Please note: this calculation serves as a mathematical model to illustrate the compound-interest effect, incorporating the enacted state subsidy structure. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG. The actual outcome depends on your individual choice of securities, the account fees involved, and actual market developments. For a deeper look at how the account works and the legal basis behind it, see our knowledge section.

The new subsidy maths: how the annual allowance of 390 euros is made up

If you pay 100 euros a month into the new Altersvorsorgedepot for 30 years, you combine an annual own contribution of 1,200 euros with a state Grundzulage of exactly 390 euros. This allowance is based on the new, two-tier subsidy model of the Federal Ministry of Finance (BMF)^[2]. On the first 360 euros of your annual own contribution, you receive a state allowance of 50 percent, which comes to exactly 180 euros. For every further euro up to the ceiling of 1,800 euros, you get 25 percent in subsidy. With an own contribution of 1,200 euros a year (100 euros a month), you therefore receive an additional 210 euros in allowance from the state on the remaining 840 euros. Both tiers together add up to the total annual subsidy of 390 euros.

This state top-up raises your annual savings rate from 1,200 euros to a total of 1,590 euros, without you having to put in any more money yourself. Over a term of 30 years, your personal own share adds up to 36,000 euros, while the state subsidy contributes an additional 11,700 euros. If this total capital is invested, for example, in a low-cost ETF portfolio and grows at a hypothetical market return of 6 percent a year before costs, the final capital can grow to around 125,700 euros through the compound-interest lever. With our subsidy calculator you can transparently run through different scenarios, terms and return assumptions. Please note: this worked example is purely for illustration and does not constitute investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

The worked example in detail: transparent growth over 30 years

If you pay 100 euros a month out of your own pocket into an Altersvorsorgedepot, you make optimal use of the federal government's new, attractive subsidy structure^[2]. With an annual own contribution of 1,200 euros, the state grants an annual Grundzulage of exactly 390 euros. This is made up of a 50 percent subsidy on the first 360 euros (180 euros) plus a 25 percent subsidy on the remaining 840 euros (210 euros). Over a period of 30 years, this brings a total of 47,700 euros in subsidised capital into the account.

*Note on the calculation method: the model projection assumes an average securities return of 6.0% p.a. (before costs and taxes) with annual contributions. The actual return depends on future market developments and the investment vehicles chosen. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Through the continuous reinvestment of the state allowances, compound interest in the Altersvorsorgedepot builds up a noticeable leverage effect over the decades, one that can outperform unsubsidised savings plans. To calculate your personal scenario in detail, including individual Kinderzulage (child allowance) payments or tax benefits, the interactive subsidy calculator is available on our knowledge section. As a self-directed investor, this gives you a reliable and neutral basis for your decision.

The compound-interest effect: why subsidised contributions accelerate returns

The key lever of the new Altersvorsorgedepot lies in the immediate reinvestment of the state top-ups. If you save 100 euros a month out of your own pocket, 1,200 euros a year flow into your account. Under the reformed subsidy rules of the Federal Ministry of Finance, you receive an annual Grundzulage of 390 euros on top of that, which is reinvested directly into your chosen equity ETF. Instead of earning interest and price gains only on your own contributions, a total of 1,590 euros a year works for you from the outset. This mechanism means the state subsidy acts as a return turbocharger, because the compound-interest effect builds on a substantially larger foundation.

A financial-mathematics projection illustrates the long-term leverage effect over a period of 30 years. At an assumed average market return of 6 percent a year, the continuous reinvestment of the allowances leads to a projected final capital of around 125,700 euros. Without the state subsidy, in other words with a conventional, unsubsidised ETF savings plan at a monthly rate of 100 euros, the final capital would be around 94,870 euros for the same performance. The state allowance therefore produces additional wealth of more than 30,000 euros, without you having to increase your own savings contribution. For self-directed investors with a long-term focus, this leverage effect is a central argument for the subsidised account^[3].

Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG. This worked example is for illustration and is based on simplified financial-mathematics assumptions with an annual interest period, without accounting for product costs and taxes. To work out your individual benefit precisely, including possible Kinderzulage payments, the subsidy calculator is available on our portal. For a deeper analysis of the legal framework, it's worth taking a look at our knowledge section.

Altersvorsorgedepot versus a classic ETF savings plan: the direct comparison

If you pay 100 euros a month into the new Altersvorsorgedepot over a period of 30 years, you build up substantial wealth. Compared directly with a conventional, unsubsidised ETF savings plan, the advantage of the state allowances shows up especially clearly. While a classic savings plan reaches a final capital of around 94,870 euros after 30 years at an illustrative return of 6 percent a year, the subsidised Altersvorsorgedepot generates more than 30,000 euros in additional final capital through the compound-interest leverage on the annual allowances^[2].

The calculation is based on the new subsidy structure from 2027: the state subsidises the first 360 euros of your annual own contribution at 50 percent (180 euros), and every further euro up to an amount of 1,800 euros at 25 percent. For an annual contribution of 1,200 euros (100 euros a month), you therefore receive an annual Grundzulage of exactly 390 euros, which flows directly into your account and grows along with it^[2]. At an assumed return of 6 percent p.a., this extra liquidity leads to a final capital of around 125,700 euros. Please note that this worked example is illustrative and does not constitute investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG. To run through your personal subsidy scenarios, you can use our free subsidy calculator.

Despite the account's capital head start during the accumulation phase, self-directed investors should keep the tax angle in mind. While gains in a classic ETF savings plan are subject to the Abgeltungsteuer (capital-gains withholding tax), the Altersvorsorgedepot stays completely tax-free during the accumulation phase. Deferred taxation, at your personal income tax rate, only applies when you take the payout in retirement. Which option is more advantageous for your personal life planning therefore depends heavily on your individual tax situation in retirement. You'll find further mathematical detail and the legal background on our knowledge section.

Extra leverage for families and young savers: the Kinderzulage and Berufseinsteiger-Bonus

For certain target groups, the return in the new Altersvorsorgedepot from 2027 rises even more sharply. Families with children eligible for Kindergeld (Germany's child benefit) receive an additional Kinderzulage (child allowance) of up to 300 euros per year, per child, provided the minimum own contribution is made^[4]. Young savers who start saving before their 25th birthday also benefit from a one-off Berufseinsteiger-Bonus (career-starter bonus) of 200 euros when they open the contract. These special payments flow directly into the account balance and form an extra foundation for long-term wealth building. In our portal's guide, self-directed investors can find deeper analyses of how these bonuses play out mathematically.

At a monthly savings rate of 100 euros, these allowances make a substantial difference. If a young career starter under 25 starts with 100 euros a month, the one-off bonus of 200 euros boosts the starting capital right from the outset. Over a term of 30 years, this extra starting balance grows noticeably through the compound-interest effect, at an assumed average equity return. The leverage is even more pronounced for families: receiving a Kinderzulage over many years increases your annual savings rate at no extra effort of your own. To work out individual subsidy scenarios precisely for your personal life situation, we provide an interactive subsidy calculator.

• Kinderzulage: up to 300 euros a year per child flows directly into your chosen ETFs or funds.
• Berufseinsteiger-Bonus: a one-off 200 euros for savers under 25 boosts the starting balance from day one.
• Compound-interest leverage: because the allowances stay invested directly in the Altersvorsorgedepot, the state subsidy multiplies over the decades.

Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG. All mathematical projections and scenario assumptions are provided solely as an illustrative example of the statutory subsidy routes and are not a guarantee of future market returns.

The cost effect: how fees affect the calculated final capital

If you invest 100 euros a month in the new Altersvorsorgedepot, you shouldn't underestimate the devastating effect fees can have on the long-term final capital. Lawmakers have set a cost ceiling for state-subsidised standard products, the so-called effective cost ratio, of a maximum of 1.0 percent a year^[5], to protect consumers from overpriced tariffs. But even this statutory cap can quietly eat up a substantial share of the state allowances over a term of 30 years. For self-directed investors who want to manage their investment independently through an extremely low-cost neobroker, this is precisely where there's enormous leverage for optimising returns.

A model financial-mathematics calculation illustrates this effect vividly: if you save 100 euros a month over a period of 30 years, the difference between an annual cost ratio of 1.0 percent and an optimised ratio of just 0.2 percent quickly adds up to several thousand euros in lost wealth, at an assumed typical market equity return. Every tenth of a percentage point you save stays directly in your account and benefits uninterrupted from the compound-interest effect over the decades. With the interactive subsidy calculator tool, you can easily calculate this cost impact for your individual life situation.

To consistently maximise the real net return on your subsidised account, a precise market comparison is essential. Our knowledge section offers source-based analyses and in-depth insights for exactly that. In addition, our provider comparison helps you identify the most favourable terms for your ETF savings plan on the market. When choosing a provider, look specifically for waived account management fees and low ETF product costs, so the state top-ups can flow fully into your wealth building. Note: all calculations and scenarios are for illustration purposes only. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Conclusion and options: the optimal path to your Altersvorsorgedepot

This worked example shows how effectively a monthly contribution of 100 euros can be invested in the new Altersvorsorgedepot from 2027. Thanks to the reformed state allowance subsidy of 50 percent on the first 360 euros and 25 percent on the remaining own contributions, 390 euros a year in direct state top-ups flow into your account^[6]. Over a term of 30 years, your own contributions add up to 36,000 euros, while the state contributes 11,700 euros with no interest effect of its own. Thanks to the compound-interest effect, given an assumed, illustrative return on the capital market, this can grow into substantial final capital.

To put this savings approach into practice, our Vorsorgedepot-Lotse portal offers you two equally valid paths. If, as a self-directed investor, you want to handle ETF selection and account management yourself, a provider comparison helps you choose a low-cost neobroker. To calculate your personal subsidy situation precisely, the subsidy calculator is available to you. If, on the other hand, you're unsure about tax details or portfolio structuring, our independent advice service can put you in touch with licensed experts. You'll find further articles in the knowledge section. Note: the calculations are purely illustrative. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.