The accumulation phase in the Altersvorsorgedepot (Germany's state-subsidized retirement investment account)

This is how you build up assets step by step over the years.

The basics

Why the accumulation phase is decisive

In the accumulation phase you lay the foundation for your later pension. Over the years you pay in regularly, the state adds allowances on top, and on the capital market returns are added. On this page we show what matters and how much can add up even with small, regular contributions.

It sounds simple, but it has an enormous effect. Even small differences in return or costs add up over decades to amounts that in the end decide over thousands of euros. That is why it is worth shaping the accumulation phase deliberately instead of leaving it to chance.

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How it works

How building up assets works

At its core the process is simple. A fixed contribution flows regularly into the account and is invested there, the returns stay invested instead of being paid out, so that over time the returns themselves generate returns. That is exactly compound interest. Barely noticeable at first, after two or three decades it often makes up the largest part of your assets. The moment you start hardly matters at all, the duration all the more. Those who start early give their capital more time to work, and even small amounts grow over thirty or forty years into considerable assets.

Time as a success factor

Time and patience

A regular savings plan takes the question of the perfect moment off your hands. Sometimes you buy at high prices, sometimes at low ones. Over the years the entry price averages out, and this cost averaging means that a single bad moment hardly carries any weight.

Patience is part of that. The stock market does not move in a straight line. Price fluctuations are normal and no cause for concern. Historically, declines have always been followed by recoveries, and those who stay invested through weak phases usually benefit from the upswing that follows. Simply staying the course often works out better in the end than waiting for the right moment.

Government support

Subsidy and tax advantages

An Altersvorsorgedepot does not live on contributions and returns alone. The government subsidy brings additional capital into the account, which grows along with everything else. On top of that come tax advantages during the accumulation phase, because returns are not taxed on an ongoing basis at first and stay fully invested.

Subsidy

Brings additional capital into the account from the very first contribution, capital that grows just as your own payments do.

ETF investment

Spreads your money broadly across many markets and thus reduces the weight of individual holdings.

A long-term approach

Lets compound interest work over decades and turns regular contributions into noticeable assets.
calculator

Calculate with your own figures

How much ends up in the account depends above all on your contribution amount and the term. Move the sliders and you will see straight away what can come of it. Even small amounts add up over the years, because the subsidy and compound interest work alongside you.

And anyone who starts a few years earlier or sets aside a little more often sees the difference in the final balance more clearly than they first expected.

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Ihr Depot-Wert

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Modellrechnung: 5,5 % p.a. Rendite, 0,5 % Kosten, Grundzulage inklusive.
Erweiterte Berechnung Mit Einkommen, Rendite, Kosten, Inflation, Riester-Übertrag, ETF-Vergleich Auf die Warteliste Erfahren Sie als Erste:r, welche Anbieter starten

Unverbindliche Modellrechnung, keine Anlageberatung, keine Garantie künftiger Wertentwicklung. Vergangene Wertentwicklungen sind kein verlässlicher Indikator für künftige Wertentwicklungen.

FAQ

Frequently asked questions

The simplest way is through a regular savings plan, which automatically invests a fixed amount every month. That way you stay on track with no effort, and when prices fluctuate you sometimes buy more, sometimes fewer shares. You can start from as little as €10 a month.

Mostly in ETFs, that is, exchange-traded index funds with low fees. A single global ETF spreads your money across around 1,500 companies worldwide. Alongside that, you can also use ETFs to invest in other asset classes.

No. During the accumulation phase, price gains and distributions stay tax-free and are fully reinvested. Only in retirement does deferred taxationapply, then often at a lower rate than during your working life.

More than many people think, because they eat into your return every year. You can compare this using the Reduction in yield, which bundles all fees into a single figure. For the statutory default standard product it is capped at 1% per year.