Altersvorsorgedepot for the self-employed: is it worth it, and how?

Tilman Freyenhagen

Published on 15 June 2026 · Updated on 15 July 2026 · Managing Director & Partner, Alsterspree Verlag GmbH

The new Altersvorsorgedepot: a milestone for the self-employed

Is the new Altersvorsorgedepot worth it for the self-employed, and how does it work? Yes — from 2027 it is fundamentally worth it for the self-employed, because for the first time they can use state allowances of up to 540 euros a year directly and straightforwardly, as well as Sonderausgabenabzug (deduction as a special expense) tax relief^[1]. Because contribution payments can be adjusted flexibly to fluctuating income, this new model gives self-employed people and freelancers a highly adaptable, return-oriented way to build private, state-subsidised provision on an ETF basis^[1].

The end of the systematic subsidy gap

Until now, the self-employed often found the door closed on state-subsidised pensions. While employees received Riester-Rente (Germany's existing subsidised private pension) allowances straightforwardly, the self-employed were mostly excluded systematically, since they had no mandatory membership of statutory pension insurance. The Altersvorsorgereformgesetz (pension reform act), which takes effect in 2027, removes this disadvantage^[1]. As the Federal Ministry of Finance (BMF) has clarified, people with income from self-employment will in future be immediately eligible for support — regardless of whether they pay voluntary contributions into statutory pension insurance or not^[1]. You can find further well-founded explanations on this via our knowledge portal.

• Direct eligibility: all self-employed people and freelancers get direct access to the state allowances and tax advantages.
• Maximum contribution flexibility: payments can be adjusted flexibly at any time to fluctuating order volumes and income streams.
• Return-oriented ETF basis: because rigid contribution guarantees are deliberately dropped, your contributions flow directly into return-oriented securities.

Through this reform, state-subsidised pension saving for the self-employed not only becomes more rewarding, it also adapts optimally to a dynamic working life. To work out your personal subsidy amount and the effect of different own contributions precisely, our neutral subsidy calculator is available to you. In practice, though, because founders' and freelancers' tax and income situations are often more complex, a neutral advisory conversation is an important next step to putting your own pension provision on a legally sound footing.

How exactly does the state subsidy work for the self-employed?

With the new Altersvorsorgedepot, self-employed people can use a state-subsidised, private pension on an ETF basis for the first time from 1 January 2027. The subsidy consists of an annual Grundzulage of up to 540 euros plus substantial tax advantages during the accumulation phase, in which profits and dividends remain completely free of capital gains tax. Because contributions can be adjusted flexibly to fluctuating income, the account is excellently suited to self-employed people with irregular earnings. This state leverage significantly increases long-term net returns compared with a conventional, unsubsidised private ETF savings plan, which considerably accelerates wealth-building for retirement.

The Grundzulage, the Kinderzulage and tax advantages in detail

The high flexibility of the contributions is especially decisive for founders and freelancers. If your revenue fluctuates, you can adjust your payments each year or reduce them to the statutory minimum contribution of 120 euros during economically difficult periods, without losing the allowances you have already received^[2]. Because the tax relief from the Sonderausgabenabzug only takes effect as part of your annual income tax return, forward-looking liquidity planning is advisable here. This keeps your pension provision continually in step with your business development. Please note that all model calculations are illustrative (not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG).

To calculate the exact financial impact on your personal net return in detail, our subsidy calculator is available to you. Because the optimal balance between tax savings and contribution dynamics is often highly complex for self-employed work, professional support can be worthwhile. Our knowledge portal offers well-founded guides for this, and through our independent advice service you can get a free, neutral initial conversation with an independent, licensed financial adviser whenever you need it.

Maximum flexibility: why the Altersvorsorgedepot is perfect for fluctuating income

For many self-employed people, private pension provision has so far been a double-edged sword. Classic pension insurance policies often demand rigid monthly contributions that quickly become a burden when revenue is irregular. The new Altersvorsorgedepot, which launches on 1 January 2027, removes this hurdle^[2]. Because it is a genuine securities account and not an insurance contract, inflexible minimum terms and restrictive tie-in contracts fall away. You decide for yourself when and how much you want to save.

Adjusting or pausing contributions without penalty fees

If your monthly income fluctuates strongly, a dynamic savings rate is essential. With the Altersvorsorgedepot, you can control your payments completely freely. In months with strong revenue, you raise the rate to benefit from tax advantages and allowances^[2]. In quieter periods, you simply pause the savings plan or reduce it to the statutory minimum contribution of 120 euros a year. There are no cancellation fees or contribution-suspension costs, as there would be with classic insurance policies.

To find the optimal balance between the state subsidy and your personal liquidity planning, a precise calculation is worthwhile. With the subsidy calculator you can flexibly simulate different savings scenarios. For more complex financial questions, our independent advice service can arrange a free orientation conversation with an expert on request. This way, you ensure your pension provision is optimally aligned with your everyday business.

Altersvorsorgedepot versus Rürup-Rente: a direct system comparison

For the self-employed, the Basisrente (also known as the Rürup-Rente) has so far been the primary route to building tax-subsidised private pension provision. Although this Basisrente offers substantial tax deduction options^[3], its rigid structure often makes it unsuitable for fluctuating income. Via our knowledge portal, we show you how the Altersvorsorgedepot, launching in 2027, works as a flexible, state-subsidised alternative on an ETF basis.

Payout, inheritability and flexibility in focus

The biggest difference between the two systems shows up in the payout phase and the inheritability of the capital. By law, a Rürup-Rente may only be paid out as a lifelong monthly pension; a lump-sum option or partial payout are excluded^[4]. If the saver dies early, the capital saved is usually forfeited to the insurance pool, unless expensive supplementary insurance has been arranged. The Altersvorsorgedepot, by contrast, offers maximum flexibility: alongside lifelong pensions, it also allows time-limited drawdown plans up to age 85, as well as a partial payout of up to 30 percent at the start of the payout phase. On death, the remaining account balance is fully inheritable or can be transferred tax-free to the partner's subsidised account.

Because self-employed people usually make no mandatory contributions to statutory pension insurance, they have to structure their pension provision entirely on their own. Whether the Altersvorsorgedepot is worthwhile as a sole solution or in combination with a Rürup-Rente depends heavily on your individual tax situation. With our subsidy calculator you can simulate different contribution and subsidy scenarios directly online. Because the tax interactions are highly complex, however, personal advice is often advisable for the self-employed. Our independent advice service supports you here by putting you in touch, free of charge, with licensed and independent financial advisers.

Note: the system comparisons presented here serve purely for illustration and orientation. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Taxation of the Altersvorsorgedepot: save tax-free, pay tax later

The tax treatment of the new Altersvorsorgedepot is based on the established principle of deferred taxation, which gives you substantial liquidity advantages, especially during the wealth-building phase. While conventional private accounts tax annual profits and dividends immediately through the flat-rate capital gains tax, all income and capital gains within the Altersvorsorgedepot remain completely tax-free throughout the entire accumulation phase^[5]. This means that the profits generated are reinvested directly and the compounding effect can unfold its full impact, without being diminished by interim tax deductions.

For self-employed people and freelancers, who often have to plan around fluctuating income, this system offers valuable tax flexibility. You can claim the contributions you have made as Sonderausgaben (special expenses), up to the statutory ceilings, as part of your annual income tax return^[5]. The relevant tax office automatically checks, as part of the statutory favourability comparison, whether the Sonderausgabenabzug is more tax-advantageous for you than the pure allowance subsidy. You can find further details on the legal basis and framework in our comprehensive knowledge portal.

Only once you receive payouts from your Altersvorsorgedepot in retirement are these payments taxed at your personal income tax rate applicable at that time^[5]. Because this tax rate in retirement is usually well below the rate during your active working life, most savers see noticeable tax relief. Please note: all tax aspects and calculations presented here serve purely for neutral information and do not constitute tax or investment advice (not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG). To analyse your individual situation precisely, we also offer an independent advice service through our platform.

Choosing an investment strategy: capturing the return potential of ETFs and equities

Until now, the self-employed have largely been denied access to state-subsidised, return-oriented pension products. The introduction of the Altersvorsorgedepot from 2027 fundamentally changes this, as the legislator drops the rigid 100 percent contribution guarantee^[5]. For the self-employed, this step means that contributions paid in can flow entirely into low-cost ETFs and equities, fully capturing the capital market's long-term return potential^[6]. Especially over long investment horizons, the higher expected return has historically more than offset the nominal risk of loss.

A key advantage for self-employed people with fluctuating income is the high flexibility of the new model. Unlike classic pension insurance policies, you can adjust your savings rate in the Altersvorsorgedepot to your current order situation at any time, without having to reckon with high penalty fees or termination of the contract. The state subsidy through allowances and tax advantages remains intact within the statutory framework, so the account fits perfectly into volatile liquidity management.

• Complete absence of guarantee costs: because no expensive hedging mechanisms have to be funded, your capital works productively in the market from day one.
• Broad diversification through low-cost index funds: you invest across global markets and so minimise concentration risk.
• Optimal adaptability to your liquidity: in months with strong revenue you can maximise contributions, and flexibly lower the rate during investment-heavy periods.

To find out how different savings rates and investment strategies affect your eventual final capital, our subsidy calculator is available to you. Because the tax treatment and coordination with existing pension arrangements can be complex, our knowledge portal offers more in-depth articles. Alternatively, you can arrange a personal conversation with an expert through our independent advice service to develop a tailored strategy for your self-employment. Please note: all calculations and illustrations serve purely for information. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

When is the Altersvorsorgedepot worth it for you, and when isn't it?

For self-employed people, the new Altersvorsorgedepot represents a genuine milestone from 2027. For the first time, they gain direct access to state-subsidised private provision on an ETF basis, with no rigid contribution guarantees^[1]. Whether the account is worthwhile in your individual case, however, depends on your personal situation. It is especially worthwhile if you want to benefit from the maximum allowance of 540 euros on an own contribution of 1,800 euros, or want to claim additional tax advantages in your income tax return^[1]. Thanks to the high contribution flexibility, you can adjust payments flexibly to fluctuating income, which is a decisive advantage for the self-employed over conventional Riester or Rürup contracts.

The Altersvorsorgedepot can be less worthwhile if you already achieve substantial tax relief through a Rürup arrangement, or if your personal tax rate is so low that the additional tax check makes little difference. Even so, the allowances flow directly into your contract regardless of a low tax rate^[1]. A sound cost-benefit analysis is therefore essential for every self-employed person. To work through different scenarios, you can use the subsidy calculator on our portal. For complex tax situations, personal advice through our independent advice service is also advisable, to align your savings path optimally with your business liquidity. Please note: these calculations serve only for illustration and do not constitute investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

The path to the right decision: self-directed account or professional advice?

With the Altersvorsorgedepot, self-employed people gain access from 2027 for the first time to a state-subsidised, return-oriented instrument for private provision on an ETF basis^[5]. This innovation closes a significant gap, as the liberal professions previously often had no access to subsidised systems. When implementing it, you have a choice between two equally valid paths: the self-directed account through an online broker, or using professional advice. Which option is more worthwhile depends mainly on your tax complexity and your personal interest in actively managing the account yourself.

The self-directed account for hands-on savers

The self-directed account is especially suited to people with strong digital affinity who want to structure their investments independently. This path removes the classic distribution and advisory costs, since you take on responsibility yourself for selecting equity ETFs and continually adjusting your savings rates. Via the knowledge portal you can build the expertise you need on the tax allowances. Note, however, that with irregular profits you always have to correct the savings rate manually to maximise the state allowances and tax advantages of the model.

Professional advice for complex income profiles

Set against this is professional advice, which offers a high degree of security, especially with fluctuating profits and more complex income situations. A qualified expert helps you calculate the optimal subsidised contribution precisely and align the account harmoniously with your overall pension strategy. Through our independent advice service you get straightforward access to neutral, licensed partners. They take on the administrative support and ensure that all tax deductions are used to the full. For an initial sense of your subsidy amount, you can also use the subsidy calculator on our platform. Please note: all model calculations serve for illustration and do not constitute tax or financial advice within the meaning of the law.