From what age can I have the Altersvorsorgedepot paid out?

Tilman Freyenhagen

Published on 14 June 2026 · Updated on 7 August 2026 · Managing Director & Partner, Alsterspree Verlag GmbH

The Altersvorsorgedepot's timeline from 2027

The new Altersvorsorgedepot launches on 1 January 2027 as the state-subsidised successor to the classic Riester-Rente^[1]. A regular, non-detrimental payout of the capital is, in principle, possible only from the completed age of 65, or with the start of your statutory old-age pension^[1]. This fixed time frame ensures that the state subsidies are used specifically for your financial security in old age. The whole system is strictly divided into two consecutive stages: the tax-privileged accumulation phase for building assets, and the later payout phase to secure your pension.

The legislator ties the granting of state allowances and tax benefits to a restriction on use for retirement provision. Anyone who withdraws money from the subsidised account before reaching their 65th birthday thereby triggers what is known as a use that jeopardises the subsidy^[1]. In that case, the entitlement to state support lapses retroactively. For you, this means you have to repay in full to the state all the allowances received during the accumulation phase, along with the tax benefits gained through the Sonderausgabenabzug (deduction as a special expense). An early, ill-considered access to your balance therefore significantly reduces the long-term overall return of your private pension provision and should be avoided wherever possible.

To calculate precisely the concrete financial effects of the state allowances and the tax benefits in your personal accumulation phase, our interactive Förderrechner Altersvorsorgedepot (subsidy calculator) is available to you. If you're looking for more in-depth information on the legal rules and the exact payout conditions, our knowledge section offers reliable, sourced guidance. For personal, qualified support with your individual retirement-provision decisions and comparing providers, we're also happy to connect you free of charge, via our Vorsorgedepot-Lotse portal, with independent, licensed financial experts.

From what minimum age is a regular payout possible?

The regular, state-subsidised payout phase from the Altersvorsorgedepot is, in principle, legally provided for from the completed age of 65^[2]. This fixed age threshold ensures that the accumulated assets and the state allowances are used specifically for financial security in old age. Anyone who accesses the capital before this point loses the state's financial support. Such an early withdrawal legally counts as a use that jeopardises the subsidy, which has far-reaching consequences for the overall return of your private pension provision and puts the painstakingly built-up state subsidy at risk.

Raising the minimum age to 65 sets the new account apart from some older private pension insurance policies or Riester contracts, where, under certain conditions, a withdrawal from age 62 was still possible. The legislator now ties the tax benefits and the allowances more closely to the actual retirement age, to ensure genuine retirement provision. For savers, this means the investment strategy in the account should be precisely aligned with this time horizon, to avoid unnecessary losses from premature access.

• Regular withdrawal from age 65: a subsidised payout is, in principle, possible from the completed age of 65, or upon actually entering the statutory old-age pension or civil-servant pension.
• Latest start: the payout phase must be initiated at the latest before the completed age of 70, in order to retain its subsidised status.
• Consequences of an early withdrawal: if you access the funds before age 65, all allowances and tax benefits received must be repaid to the state in full.

To determine the precise effects of an early withdrawal, or the optimal payout timing for your personal life plans, our sourced knowledge section offers detailed analyses in its companion Altersvorsorgedepot guide. You can also use the Förderrechner Altersvorsorgedepot to calculate various scenarios and check how a long-term investment compares against unsubsidised ETF savings plans. For an individual payout strategy, and to avoid tax disadvantages, our Unabhängige Beratungsvermittlung is also available to you, to give you unbiased expert support.

Exceptions, and linking to the actual point of retirement

As a statutory standard, the new Altersvorsorgedepot provides that the regular payout phase can begin at the earliest from the completed age of 65^[3]. This fixed age threshold ensures that the accumulated, state-subsidised capital is actually used for security in old age. Yet careers and working lives in Germany rarely follow a uniform pattern. To do justice to this reality, the law provides for an important element of flexibility: the payout can be linked to the actual point of entering retirement.

If, for example, you draw a statutory old-age pension or a civil-servant pension early, you can flexibly align the payout phase of your Altersvorsorgedepot with that point in time. This enables a smooth transition into retirement, even if you have not yet reached the completed age of 65. Through this link, the tax subsidy is retained in full, and you avoid the serious financial drawbacks of a use that jeopardises the subsidy, which would require repaying all the state allowances and tax benefits received.

This flexibility provides the planning certainty you need for your retirement provision. Whether you opt for a self-managed account or prefer personal advice, precisely coordinating the payout timing is crucial to retaining your state bonuses. If you want to calculate how different savings rates affect your final capital, our Förderrechner Altersvorsorgedepot is available to you.

Payout forms: lifelong pension or flexible drawdown plan

When you reach the statutory minimum age for the regular payout of your Altersvorsorgedepot — which under current legal requirements is generally tied to age 65 — a high degree of flexibility opens up to you. While early access before this age is classed as jeopardising the subsidy and leads to full repayment of all state allowances and tax benefits, various models are open to you at the regular start of retirement^[4]. Our knowledge section gives you detailed, neutral guidance on this.

• Lifelong pension: you can opt for a classic pension payment that guarantees you a secure supplementary income for the rest of your life.
• Flexible drawdown plan: alternatively, a drawdown plan is available, under which the capital is paid out in instalments until age 85 or beyond.
• One-off partial capital withdrawal: at the start of the payout phase, you can have a one-off partial capital withdrawal of up to 30 percent of the total account volume paid out without jeopardising the subsidy.

The 30 percent partial-payout option

The option to withdraw up to 30 percent of the total volume accumulated in the Altersvorsorgedepot in one go at the start of retirement gives you enormous financial flexibility. This lump-sum payout is expressly non-detrimental to the subsidy, meaning your state allowances and the tax benefits from the accumulation phase are fully retained. The remaining capital is then annuitised through the chosen drawdown plan or a lifelong pension. This sets the new system significantly apart from the rigid retirement-provision products of the past.

To precisely calculate the various scenarios for your later payout phase and the effect of the state subsidy, our free Förderrechner Altersvorsorgedepot is available to you. Because the choice of payout model can have significant tax effects under deferred taxation, we also recommend seeking professional advice early on. Through our Unabhängige Beratungsvermittlung, you can easily get in touch with licensed experts who will analyse your personal situation neutrally. Please note: all model calculations serve purely for illustration and do not constitute investment advice.

Early access, and the risk of jeopardising the subsidy

The primary goal of the new Altersvorsorgedepot is to build a reliable, private supplementary pension for retirement. To ensure this restriction on use, the legislator ties the state subsidy to clear time requirements: a regular, tax-privileged payout is, as a rule, only permitted from the completed age of 65^[1]. Anyone who wants to access their accumulated capital before this statutory minimum age, on the other hand, triggers what is known as a use that jeopardises the subsidy. This rule acts as a regulatory barrier to prevent state-subsidised retirement assets from being diverted for short-term consumption. Details on how this rule fits into the reform as a whole can be found in the knowledge section.

The financial consequences of an early withdrawal are serious, since they can substantially diminish the subsidy-driven return accumulated over the years. A well-founded assessment is therefore recommended before taking the step of an early termination or partial withdrawal. For savers going through a financial transition, or who are unsure about the optimal allocation of their assets, Unabhängige Beratungsvermittlung offers valuable guidance. Alternatively, you can use the Förderrechner Altersvorsorgedepot to simulate different scenarios, to work out mathematically the long-term effect of state allowances on your final capital. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Repayment obligations for early access to the account

The Altersvorsorgedepot is legally earmarked for a specific purpose and serves long-term wealth-building for retirement. A regular, state-subsidised payout is, in principle, only possible from the completed age of 65. Anyone who accesses the accumulated capital beforehand is making what is known as a withdrawal that jeopardises the subsidy. Such early access means that all the state allowances received, together with the tax benefits from the Sonderausgabenabzug (deduction as a special expense), have to be repaid to the state in full^[1]. In addition, the tax privilege on the returns generated is lost: on an early withdrawal, these are subject to the standard Abgeltungsteuer (flat-rate withholding tax on investment income).

For savers, this means a substantial financial burden, since the entire subsidy history is corrected retroactively. The tax office reclaims the taxes saved, and the allowance office deducts the bonuses granted directly from the account volume. Anyone who values flexibility should therefore carefully calculate the exact withdrawal rules and conditions in advance. To work out the potential effects of a switch, or the exact subsidy effect for your own situation, our digital Förderrechner Altersvorsorgedepot on the Vorsorgedepot-Lotse portal can help. That way, you can transparently compare whether the state subsidy outweighs the reduced liquidity until retirement.

As part of our educational work through the knowledge section, we always point out that the Altersvorsorgedepot is designed as a highly efficient instrument for long-term wealth-building. The strict link to the completed age of 65 protects the retirement assets from being diverted early for other purposes. Savers should therefore always keep an emergency reserve in an unrestricted instant-access savings account, or in a regular, unsubsidised account, so as to stay liquid in an emergency without putting their Altersvorsorgedepot's state subsidy at risk. If there is any uncertainty about the tax consequences or your individual planning, professional support through our Unabhängige Beratungsvermittlung is recommended.

Special rules for non-detrimental early use

Anyone who wants to access their capital in the Altersvorsorgedepot before the statutory minimum age of 65 usually has to expect significant financial losses. As a rule, an early withdrawal counts as jeopardising the subsidy, which results in the repayment of all state allowances and tax benefits. However, as part of the reform of private pension provision, the legislator provides for very specific exceptions under which a withdrawal remains non-detrimental for tax purposes. The most important, practically relevant exception concerns the housing-related use for owner-occupied residential property.

Housing-related use in detail

As already familiar from the rules of the previous Riester model, housing-related projects remain privileged under the Altersvorsorgedepot as well. This means that, under certain conditions, you may withdraw state-subsidised capital early to invest it directly in your own property. This is a decisive advantage for private savers who want to acquire residential property or pay down debt on it during their working life, without losing the allowances they have accumulated^[1].

• Buying or building a property in Germany that is used for your own residential purposes.
• Repaying loans taken out to acquire or build this owner-occupied residential property.
• Barrier-free or energy-efficiency renovation of the owner-occupied property in accordance with statutory requirements.

With this exception, the legislator strengthens the flexibility of private provision, since rent-free living in old age is also recognised as part of personal retirement provision. It is important, however, that all the requirements are proven completely, in order to avoid subsequent taxation or clawback. For a detailed assessment of your individual subsidy options, our sourced knowledge portal is available to you. For specific questions on the process, a visit to Vorsorgedepot-Lotse can also be worthwhile, to rule out any risks with the withdrawal.

Conclusion and guidance: the right path for your retirement provision

From 2027, the Altersvorsorgedepot offers a modern, high-return option for private pension provision. To secure the full state benefits, however, you must observe the legal framework precisely. A regular, subsidised payout is, in principle, only provided for from the completed age of 65, with the latest start set at age 70^[1]. Anyone who wants to access the accumulated capital before this age window must expect significant consequences. An early withdrawal counts, for both tax and subsidy purposes, as detrimental, resulting in the full repayment of all state allowances received and the tax benefits granted. Planning the payout phase therefore requires strategic foresight and precise alignment with your personal career path.

• Regular minimum age: payouts are possible with state subsidy from the completed age of 65.
• Latest start: the payout phase must have started by the completed age of 70.
• Early access: a withdrawal before the statutory age limit counts as jeopardising the subsidy and triggers an obligation to repay allowances and tax benefits.

Because the decision on the right path for retirement provision and the optimal payout timing has far-reaching financial effects, our portal provides various neutral tools. For savers who want to take their planning into their own hands, the knowledge section offers a sourced, detailed knowledge base. Here, you can inform yourself comprehensively about legal changes, tax details and exactly how the new account works. In addition, the Förderrechner Altersvorsorgedepot is available to you, letting you calculate your personal state subsidy and compare different scenarios for your later pension.

Not everyone wants to make such an important financial decision purely digitally and on their own. If you would like personal guidance, or want to discuss your individual situation in detail, we're happy to refer you on. Through our Unabhängige Beratungsvermittlung, you get access to licensed, independent financial experts. They help you build a legally sound payout strategy and integrate the Altersvorsorgedepot optimally into your overall plan. Whichever path you choose: a transparent information base gives you the best possible foundation for a worry-free retirement.