How much is financial security worth?

These are examples based on our average client which is a high-income, earning 75k per year, 32 year old working and living in Germany intending to retire on the official retirement age of 67. For both sides the underlying investment is an S&P 500 ETF with 0.18% p.a. management cost. The solution selected by the person is a private pension plan from Mylife vs. a private pension plan from Allianz, which is the market leader in Germany. The effective costs are taken from a contract generated with each respective companies’ tool. The setup fee is included in the effective costs calculation and there are no other costs.

The government allows you to tax-deduct retirement investments that meet certain criteria, should you pick this solution then for the given monthly contribution, our example would have a potential tax refund as calculated. Do note, that not every solution offered through the app has tax advantages.

If you have chosen a solution that qualifies for a tax refund, then you will receive an annual certificate for the tax authorities and when you file your annual taxes (through an online provider or through a consultant) then you have to make sure to declare this in your income tax return under the schedule of Pension Expenses (Vorsorgeaufwand).

The setup fee can be paid separately or it can be deducted from your initial monthly payments. If you are not able or willing to pay an upfront fee, we also provide commission-based contracts with an effective cost below 1% for most providers.

Yes, as an independent broker we can offer any plan on the market and given our technology we are able to rank them for most beneficial outcome for your particular situation. You can find those plans in our app when you request an offer.

Yes, we have no affiliation with any provider and we often recommend combinations of different providers to achieve desired goals from our clients. That said, we can only offer products that are on the market and do not have our own products.

Any investment you can contract through our app is offered by a BaFin regulated firm. As such, the firm will have many safeguards in place to protect your money. When it comes to pensions, BaFin always insists on having a contingency plan in place in case the provider would go insolvent and historically we see that existing contracts are often taken over by another BaFin regulated firm without loss to the client.

Yes, the solution we recommend has more than 800 ETF’s that you can chose from.

Our application is designed to enable you to do everything on your own, from the exploration of investment possibilities, comparing them and signing up. The fees are there to be able to assist you with quality support during and after this process.

Yes, our experts are able to point out which investment plans have tax advantages and which one do not. In the app you can also see the total lifetime tax-advantage that you can have with one specific plan. Our experts can also explain the benefits of those plans when it comes to inheritance and estate planning, they are however not tax advisors and cannot give you a truly personalized advice for your tax situation and we recommend to always confirm your actual situation with a tax advisor.

Yes, you can adjust your contributions at any point in time.

TER is a shorthand for total expense ratio and is the industry standard for comparing annualized costs.