I say ‘in Germany’ because there’s where I reside, a welfare state.
We don’t have 401K here, but public retirement systems, mandatory.
My employer also matches what I put in a small state pension system up to 50 euros. Not really much, better than nothing.
What number do I have to reach for a decent retirement? Retirement age: 67 years old.
Is it enough to save or do I have to invest?
You don’t have to save anything. If pensions are not enough to live (which they won’t be if you don’t save anything yourself) you can get social security for the rest. Obviously you will be poor.
The public retirement system will send you a letter each year telling you how much it will pay out if you keep paying like you are currently. Then just see if that is enough for you and if not, do something privately.
When you have more than enough money, and want to do something privately, just do yourself a favor and go pay an investment advisor (not working off commission). Never just “save something” in your bank account or whatever, always invest in the stock market into index funds. IMO, if you currently can’t afford an investment advisor, then you also shouldn’t save for retirement. Just enjoy the money you have now and live off social security when you’re old.
You don’t need to pay an advisor. You can learn everything you need to know for free. Also be very careful with people recommending you to go 100% stock market. Make sure you know your risk tolerance before doing so.
There is really no risk here in Germany, the retirement saving contracts here are forced to guarantee their payout. The stock options just simply offer more payout. It’s not just a stock portfolio that you pay into yourself and withdraw yourself, like is maybe common in the US or other places.
But yes of course all of it is learnable by yourself. But if you honestly have the money to save for retirement, then your money is better spent letting a professional (not working on commission) handle it.