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Calculator · Retirement
What's missing for your retirement?
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The calculator compares your expected state pension with the income you want in retirement and translates the gap into a capital target and a monthly savings rate. The pension is either the amount you enter or, for Germany, an estimate from salary via earnings points.
Statutory, company and private pensions in one register, against the income you want.
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The pension gap is the difference between the income you would like in retirement and what your state pension is likely to provide. It is the central quantity of private retirement planning: once you know the gap, you can see what it takes to close it.
The calculator needs one figure first, your expected state pension. Under Your state pension you choose how it gets it:
If you expect state pensions from more than one country, for example after working abroad, enter the total.
The calculator subtracts the state pension from your desired monthly income. The result, times twelve, is the annual gap. It then turns that gap into a capital target: the amount that could pay the gap each year at a 3.5% withdrawal rate, after tax on the withdrawals.
Annual gap = (desired income − state pension) × 12 Gross annual gap = annual gap ÷ (1 − tax rate on withdrawals) Capital required = gross annual gap ÷ 3.5%
Existing private provision is counted at its current value and subtracted from the capital required. Your monthly savings grow at the return you choose until retirement, and the calculator shows the savings rate that would close the gap by your retirement age.
Choose your money with Currency. The math is the same in every currency; nothing is converted.
With a desired income of 2,500 a month and an entered state pension of 1,200, the gap is 1,300 a month, or 15,600 a year. At a tax rate of 0 the capital required is about 445,714 (15,600 ÷ 3.5%). Any tax rate on withdrawals raises that figure.
Under Where are you taxed? you choose how the withdrawals are taxed:
Estimating the statutory pension. The German statutory pension counts in earnings points (Entgeltpunkte): earning exactly the average income of all insured persons collects one point per year; earning more collects proportionally more, up to the contribution ceiling (Beitragsbemessungsgrenze). At retirement the points are multiplied by the pension value.
Earnings points per year = gross income ÷ average income (capped at the contribution ceiling) Gross pension = total points × pension value (EUR 42.52 per point per month, as of July 2026)
Health and long-term-care insurance are deducted from the gross pension; the calculator applies a flat deduction of about 11%. For orientation, the standard pension of a model case with 45 earnings points comes to about EUR 1,913.40 gross a month.
Tax on withdrawals. The German proxy treats the whole withdrawal as gain: 26.375% (25% plus the solidarity surcharge) after the 30% partial exemption for equity funds, about 18.5%. The saver's allowance is not included, which keeps the figure cautious.
The often-quoted German pension level of 48% is a statistical reference (the standard pension relative to average income), not a personal replacement rate. Your own entitlement depends on your earnings points; the binding source is the pension information from the Deutsche Rentenversicherung.
More on the German case is in Calculating the pension gap.
The model is deliberately simple. The German estimate assumes a constant income (the same earnings points every year). Amounts are not adjusted for inflation between now and retirement, the withdrawal tax is a flat rate and the return is constant. The result is an estimate based on your inputs, not a pension statement, a forecast or a recommendation.
The capital target is a starting point for planning, not a plan in itself. Two related calculators help with the next questions: how large a cash reserve is before investing (emergency fund), and what a regular contribution could grow to over the years until retirement (ETF savings plan).
Under Your state pension you choose. Enter an amount: your expected monthly state pension after deductions, used as given, in any country and currency. Estimate from salary (Germany): an estimate of the German statutory pension from income and contribution years, calculated in euros.
The annual gap is grossed up for tax on withdrawals and divided by a 3.5% withdrawal rate. Elsewhere applies your own rate to the whole withdrawal, a cautious choice; Germany uses a flat 18.5%. Existing private provision, at its current value, is subtracted, and the calculator shows the monthly savings that would close the rest.
In simplified terms: gross annual income divided by the average income of all insured persons gives earnings points (Entgeltpunkte), capped at the contribution ceiling. The points of all working years are multiplied by the pension value (EUR 42.52 per point, as of July 2026), less a flat 11% for health and long-term-care insurance.
The more years remain until retirement, the longer each contribution can grow. Based on the same gap and return, the calculator therefore shows a lower monthly savings rate for an earlier start. The calculator does not adjust amounts for inflation, and over a long horizon that difference grows.
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Inputs
18–65 years
55–70 years
Desired net income in retirement (monthly)
Existing private provision (current value)
Assumed return p.a.
Your tax on gains when you sell. 0 shows the result before tax.
Your pension gap
Monthly pension gap
USD 1,300.00missing each month between the pension and your desired standard of living
Composition
Tax at your own rate of 0% on each withdrawal, all treated as gain.
Note
This calculation is a simplified estimate. It uses the state pension you entered as given.