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?
Over a full career, saving 10% of your salary can allow you to live comfortably in retirement with minimal government pensions. Depends on your overall salary of course, but 10% is a good start. 250 euro a month tucked away in an account that only earns a very mediocre 5% per annum would still have you almost 400k after a 40 year career. Obviously investing more and getting a better return could lead to much much more than that. A 400k annuity at retirement age would basically continue to pay 3k a month for well, as long as you need it.