The CDU's proposed retirement savings depot is one of several potential solutions, encouraging individuals to realistically assess their life expectancy and explore multiple income sources for retirement.

The CDU advocates for mandatory private retirement savings to help reduce old-age poverty, although this approach necessitates stringent government regulation to safeguard consumers.

The CDU's new plan also introduces a state-supported retirement savings depot for children aged 6 to 18, which would provide €10 monthly, potentially accumulating to €1,560 by age 18 with interest.

However, the specifics regarding how the funds from the depot will be disbursed upon retirement—whether as a lump sum or through monthly payments—are still to be determined.

The General Association of the German Insurance Industry (GDV) endorses pension plans that ensure lifelong payments, despite their higher costs, to protect against longevity risk.

A GDV study recommends that private pension plans should include death benefits and suggests postponing payouts until individuals reach age 75 to mitigate financial risks.

The CDU is proposing reforms to tackle the rising concerns of old-age poverty in Germany, where significant percentages of both women and men are at risk.

Currently, the risk of old-age poverty escalates with age, notably affecting 20.6% of women over 75 years.

Germany's pension system is structured around three pillars: statutory, occupational, and private retirement benefits, yet many individuals mistakenly rely solely on the statutory pension.

A recent survey indicated that only 41% of individuals over 50 have private retirement savings, while 44% possess occupational pension plans.

Many people tend to underestimate their life expectancy, which can lead to the depletion of retirement savings and an increased likelihood of needing state support later.

Previously, the Ampel coalition proposed a private retirement savings depot with state subsidies, but this initiative was abandoned following the coalition's collapse.