Altersvorsorge: Wie sich der Riester-Nachfolger für Gutverdiener lohnen kann

The successor to the Riester pension scheme, which replaces the Altersvorsorge, may prove beneficial for high earners starting January 1, 2027. This new system allows not only employees but also freelancers and civil servants to benefit from state support. The possibilities are expected to stimulate sales among providers, with Niels Nauhauser, a finance team leader at the Baden-Württemberg Consumer Center, predicting that "primarily high earners will receive offers."

The Altersvorsorgedepot not only offers state support but also tax advantages, particularly for those who contribute significantly more than the maximum subsidy requires. Niels Nauhauser believes that many banks and financial services will leverage the tax benefit as an incentive to engage with customers in the coming months. To make informed decisions, interested individuals should familiarize themselves with the various models.

The key points regarding the Altersvorsorgedepot are already set: contributors receive up to 50 cents for every euro saved, up to a yearly contribution of 360 euros. Contributions ranging from 361 to 1800 euros are subsidized at 25 cents per euro, amounting to a total of 540 euros in subsidies. For instance, saving 1800 euros per year results in a total of 2340 euros with subsidies.

The tax benefit increases further based on personal income tax brackets. At a 42 percent tax rate (applicable for incomes above 70,000 euros), the return is 443 euros, calculated as 42 percent of 2340 euros minus the subsidies. The formula is: 42 percent of 2340 euros equals 983 euros, minus the 540 euros in subsidies, resulting in 443 euros.

High earners with an annual income of 50 percent can save an additional 630 euros annually. Expert Michael Huber from the Vermögenszentrum VZ explains that this tax saving can be reinvested. For example, annual tax savings of 443 euros, assuming a 6.5 percent return over 30 years in a stock ETF, could accumulate to approximately 40,500 euros.

If the saver is eligible for the maximum subsidy, a total wealth of around 250,000 euros could be achieved after 30 years (see graphic). Another point worth noting is that savers can contribute more than the maximum subsidized amount into the Altersvorsorgedepot in two contracts, up to 6840 euros each. After deducting the 1800 euros for subsidies, up to 11,880 euros per year can be contributed without subsidies.

Whether this "oversaving" is advantageous remains unclear, as it depends on the products available and their potential returns. However, some advantages and disadvantages are already evident. Altersvorsorgedepots do not incur taxes during transfers, regardless of whether the subsidized or non-subsidized amounts are transferred. The mandatory surcharge for adjusting ETF savings plans is also tax-free.

Active investors who frequently sell portions of their funds or ETFs may benefit from this flexibility. While the idea of a "buy and hold" strategy may be superior for some, it remains to be seen.