How long will your portfolio last, how much can you withdraw each month and how much capital do you need for financial independence? With inflation, German capital gains tax and perpetual withdrawal.
Portfolio value at the start of withdrawals.
Rises every year by the inflation rate set below.
Constant average return; real markets fluctuate.
0 = constant amount. The withdrawal rises by this rate every year.
How much of today's value is gain? Example: 300,000 € value with 180,000 € paid in = 40 %.
Fund type (partial exemption)
Saver's allowance per year
Church tax
Your capital lasts
23 years and 2 months
€1,500 per month (gross)
in year 1, rising by 2.0 % a year
Total payouts (net)
€466,450
Total taxes
€57,097
Tax rate on withdrawals: 10.9 %
Total returns
€223,547
Remaining capital
€0
4 % of your capital per month
€1,000
Capital by rule of thumb (25 × annual withdrawal)
€450,000
Capital for a perpetual withdrawal of this size (your model)
€613,629
The 4 % rule is a rule of thumb from US studies (Bengen 1994, the “Trinity study” 1998) based on historical US stock and bond data over 30 years. It ignores German taxes and costs and is not a guarantee. Use it only as a rough guide.
| Year | Capital start | Returns | Withdrawal gross | Taxes | Payout net | Capital end |
|---|---|---|---|---|---|---|
| 1 | €300,000 | €14,591 | €18,000 | €1,117 | €16,883 | €296,591 |
| 2 | €296,591 | €14,413 | €18,360 | €1,239 | €17,121 | €292,644 |
| 3 | €292,644 | €14,207 | €18,727 | €1,361 | €17,366 | €288,123 |
| 5 | €282,994 | €13,707 | €19,484 | €1,604 | €17,880 | €277,217 |
| 10 | €246,802 | €11,851 | €21,512 | €2,212 | €19,300 | €237,142 |
| 15 | €188,707 | €8,896 | €23,751 | €2,827 | €20,924 | €173,852 |
| 20 | €101,417 | €4,475 | €26,223 | €3,458 | €22,765 | €79,669 |
| 24 | €4,312 | €26 | €4,338 | €382 | €3,956 | €0 |
Model calculation with a constant annual return after costs, compounded monthly (conformal monthly rate), withdrawals at the end of each month. The withdrawal rises by the inflation rate at the start of each year. Taxes (as of 24 Sep 2026): 25 % flat-rate tax plus 5.5 % solidarity surcharge, optionally 8 or 9 % church tax (§ 32d EStG), partial exemption 30 % for equity funds and 15 % for mixed funds (§ 20 InvStG), saver's allowance 1,000 € or 2,000 € per calendar year (§ 20(9) EStG). Only the gain share of each withdrawal is taxed; it is approximated using the average cost basis (banks use FIFO). Not included: advance lump-sum tax (Vorabpauschale), loss offsetting, fluctuating returns, health insurance contributions on capital income for voluntarily insured persons. No guarantee, no investment or tax advice.
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