Altersvorsorgedepot or Rürup for the self-employed?

Tilman Freyenhagen

Published on 15 June 2026 · Updated on 7 August 2026 · Managing Director & Partner, Alsterspree Verlag GmbH

Starting point: the new retirement-saving landscape for the self-employed from 2027

From 2027, self-employed people face a fundamentally new retirement-saving question: Altersvorsorgedepot or Rürup-Rente? The answer depends heavily on your individual priorities. The classic Rürup-Rente scores with a high special-expenses deduction (Sonderausgabenabzug) and insolvency-proof protection against creditor seizure, while the new Altersvorsorgedepot offers flexible ETF investing, state allowances and a free choice of lump-sum payout at retirement^[1]. To make the right decision for your business, it is essential to look at the changed legal framework.

For the liberal professions, founders and business owners, 2027 marks a historic turning point in private retirement saving. Until now, self-employed people were largely excluded from the state-subsidised Riester-Rente (Germany's existing subsidised private pension) unless they were subject to compulsory pension insurance. With the introduction of the new Altersvorsorgedepot, the legislature opens the subsidised system to all self-employed people for the first time, regardless of whether they are compulsorily insured under statutory pension insurance^[2]. This change finally creates a level tax and financial playing field in private retirement saving.

• Old barriers removed: all self-employed people and freelancers get direct access to the state allowances and tax advantages of private retirement saving.
• A break from rigid guarantees: the new Altersvorsorgedepot allows a high-return investment without expensive contribution guarantees, so you can invest flexibly in low-cost ETFs.
• Individual adjustment: because self-employed income naturally fluctuates, contributions under the account model can be flexibly adjusted to your current order book at any time.

As a result of this reform, you as a business owner now face a genuine choice between two fundamentally different retirement-saving routes. To analyse precisely how tax effects and return potential interact for your personal situation, our knowledge section offers comprehensive, neutral guides. Below, we look at the key differences in a direct system comparison so you can make the right call.

The new Altersvorsorgedepot (AVD): how it works and how it is subsidised

With the reform of private retirement saving from 1 January 2027, the legislature is creating a modern, high-return successor to the Riester-Rente with the new Altersvorsorgedepot (AVD). This marks a historic turning point: around four million self-employed people and freelancers in Germany, who were largely excluded from state support under the old Riester system, now get full access to state-subsidised private retirement-saving models for the first time. As a neutral guide through this new system, we want to give you reliable orientation so you can make well-informed decisions for your private provision.

The new system stands out for a clear, amount-proportional subsidy model that no longer needs complicated allowance calculations. For every euro you pay in yourself, you get a direct state allowance. The subsidy rate is a generous 50 percent on the first 360 euros a year, which works out to a maximum basic allowance (Grundzulage) of 180 euros. For every further euro up to the annual maximum of 1,800 euros, the state pays an allowance of 25 percent (a further 360 euros in allowance), so a maximum annual subsidy of 540 euros can be reached^[3]. To activate these state allowances at all, you only need to pay a minimum annual personal contribution of 120 euros (equivalent to 10 euros a month).

• Allowance structure: 50 percent subsidy on the first 360 euros of personal contribution, then 25 percent subsidy up to the limit of 1,800 euros a year.
• Minimum contribution: a minimum annual personal contribution of 120 euros secures your entitlement to the proportional state subsidy.
• Asset classes: high-return, low-cost ETFs and investment funds are permitted, without the rigid, expensive contribution guarantees of older contracts.
• Contribution flexibility: if income fluctuates, payments can be flexibly reduced, paused or increased again at any time.

It is precisely this contribution flexibility that makes the Altersvorsorgedepot so attractive for self-employed people with irregular income. Unlike classic, often inflexible pension insurance policies, there are no expensive setup costs, and the capital can be invested broadly and independently. Through our knowledge section, you can get to know the various ETF investment solutions in detail. Our digital subsidy calculator also gives you a precise, source-based simulation of your expected final capital, factoring in the state allowances and your individual contributions.

The Basisrente (Rürup): the established tax-saving model in detail

The Basisrente, colloquially known as the Rürup-Rente, was created specifically as a tax-advantaged retirement-saving instrument for self-employed people who do not pay into statutory pension insurance^[4]. It particularly suits self-employed people in higher income brackets with a correspondingly high tax burden, because contributions directly reduce taxable income. The pension is later paid out as a lifelong life annuity (Leibrente), providing reliable basic cover for retirement. Set against that is a strict earmarking: the contracts cannot be cancelled or used as collateral, and the accumulated capital cannot be paid out as a lump sum. This inflexibility fundamentally distinguishes the established model from the coming Altersvorsorgedepot.

The core features of the Rürup model

• Maximum special-expenses deduction: in tax year 2025, single filers can claim up to 29,344 euros and jointly assessed married couples up to 58,688 euros in contributions, 100 percent deductible as special expenses.
• Protection against seizure during the accumulation phase: capital built up in a Basisrente contract enjoys effective statutory protection in the event of insolvency or seizure during the accumulation phase, which can be a make-or-break argument for self-employed people.
• Lifelong pension privilege: a lump-sum payout is legally excluded, so the accumulated assets are necessarily reserved for a lifelong monthly pension payment.

Compared with the Altersvorsorgedepot available from 2027, a fundamental conflict between the two systems emerges for self-employed people. While the Altersvorsorgedepot gives you a free choice of lump-sum payout, broad ETF investing without an insurance wrapper, and flexible contribution adjustments, the Rürup-Rente scores with far higher tax deduction options and pronounced protection against creditor seizure. For a well-founded assessment of both models, our knowledge section offers detailed analyses. Also use the subsidy calculator to work out the potential effects of a subsidised account solution for your personal situation. Note: the tax data and calculations shown here are for illustration only and do not constitute advice. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Direct comparison: tax treatment during the contribution and payout phases

For self-employed people, the tax choice between the Rürup-Rente and the new Altersvorsorgedepot is decisive. During the accumulation phase, the Rürup-Rente scores with an extremely high tax lever: contributions can be claimed in full as special expenses up to a maximum of 29,344 euros (2025 figure), which massively cuts the tax bill at the current top tax rate^[6]. Under the private retirement-saving reform, the Altersvorsorgedepot also offers tax advantages or allowances, but its maximum subsidy is capped much more tightly. In both systems, the accumulated capital grows tax-free during the accumulation phase, so no annual capital gains tax (Abgeltungsteuer) or advance lump-sum tax (Vorabpauschale) eats into returns.

The key differences show up in the payout phase and in how flexible the contracts are. With the Rürup-Rente, the payout must take the form of a lifelong pension, taxed on a deferred basis in retirement. A lump-sum payout is categorically excluded here. The Altersvorsorgedepot, by contrast, lets you choose between a flexible drawdown plan (Auszahlplan) or a one-off payment, with deferred taxation also applying. While high earners often lean towards the Rürup-Rente because of the immediate tax deduction, the account offers invaluable flexibility for varying life plans. You can find more details in the knowledge section. Our subsidy calculator is available for an individual projection.

Note on tax model calculations: the actual tax effect depends on your personal income circumstances. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Flexibility and the right to a lump sum: how free is your choice?

For self-employed people, the question of capital availability is existential, since they often need to cover irregular income, are not subject to compulsory statutory pension insurance, and must react flexibly to liquidity squeezes. While the new Altersvorsorgedepot brings a genuine right to a lump sum from 2027, the Rürup-Rente remains a highly rigid pension model. The Rürup concept acts as an equivalent to the statutory pension and categorically rules out free access to your capital^[4]. Self-employed people who want to stay flexible therefore run into tight limits with the Basisrente, which is often a central point of criticism in strategic planning.

Availability of capital and provision in the event of death

The Altersvorsorgedepot gives you the freedom to use your savings in retirement according to your own needs. From age 65, at the start of your pension, you can have the capital paid out flexibly through a drawdown plan, take a partial payout, or opt for a classic pension option^[6]. Another decisive advantage for families and the self-employed is inheritability: assets held in the account are fully inheritable both during the accumulation phase and the payout phase^[6]. With the Rürup-Rente, by contrast, the capital is generally lost on death and reverts to the pool of insured members, unless expensive additional agreements have been made^[7].

Through the knowledge section, you can compare the detailed tax differences between both models in greater depth, or run calculations with the subsidy calculator. Please note: not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG. For an individual assessment, we recommend our independent advice service.

Protection against seizure and insolvency: a decisive factor for business owners

As a self-employed person, business risk is a constant companion, which is why the legal protection of your retirement savings in a crisis is top priority. The Rürup-Rente, formally known as the Basisrente, offers far-reaching statutory protection here under Section 851c of the Code of Civil Procedure (Zivilprozessordnung, ZPO)^[8]. Because this contract is protected against seizure, cannot be cancelled and cannot be used as collateral, the accumulated capital remains untouchable for you as a business owner within tight legal limits, even in the event of personal insolvency or liability during the accumulation phase^[9]. This forms a barrier that protects your existence, shielding your retirement capital from creditors' access.

With the introduction of the new Altersvorsorgedepot from 2027, self-employed people also get access to state-subsidised private retirement saving, but the legal protection in the event of insolvency is fundamentally different. In our knowledge section, we analyse these differences in detail. Under the Income Tax Act (Einkommensteuergesetz, EStG), the Altersvorsorgedepot only carries protection against seizure for the portion of your savings that is actually subsidised^[6]. Because the Altersvorsorgedepot has a flexible right to a lump sum and does not require lifelong annuitisation, the far-reaching protection of Section 851c ZPO does not automatically apply to the unsubsidised part of your assets. For self-employed people, this means that larger payments into the account beyond the subsidised maximum amounts can be seized if things go wrong.

The choice between the two systems therefore depends heavily on your personal liability situation and your need for security. While the Rürup-Rente serves as a seizure-proof foundation, the new Altersvorsorgedepot stands out for its high flexibility and free choice of ETFs. To calculate the financial effects and state allowances for your individual situation, our subsidy calculator is available to you. If you would like a well-founded risk assessment, we are happy to connect you with licensed experts for personal advice through our independent advice service.

The decision guide: which model suits which profile?

Self-employed people choosing between Rürup and the new Altersvorsorgedepot should weigh up their personal tax burden against their own need for flexibility. For high-earning freelancers with consistently high income, the Rürup-Rente (Basisrente) offers the strongest tool for cutting the current tax bill, through the massive tax lever of the special-expenses deduction^[6]. Founders or self-employed people with fluctuating income and a wish for a flexible lump-sum payout, by contrast, increasingly lean towards the new Altersvorsorgedepot. Because this model can invest directly in ETFs and does not prescribe contribution guarantees, it combines state subsidy with maximum return potential. The decision is therefore not a question of which product is better across the board, but depends primarily on your personal liquidity planning and the stage your business is at.

In many cases, a combination of both retirement-saving models is also the strategically smartest path for self-employed people from 2027. The Rürup-Rente acts as a seizure-protected foundation for basic cover, while the Altersvorsorgedepot serves as a highly flexible return booster for building private wealth. To precisely calculate your individual subsidy effects and compare the models, you can use the subsidy calculator on our platform. The knowledge section offers additional structured guides. If you prefer a personal analysis, our independent advice service connects you free of charge with qualified pension experts. (Note: this is for information only. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.)

Conclusion and next steps: structured planning for your retirement saving

For you as a self-employed person, the choice between the Rürup-Rente and the new Altersvorsorgedepot from 2027 depends primarily on your tax goals and your need for flexibility. With its high special-expenses deduction of up to 29,344 euros for single filers in 2026 and its pronounced protection against seizure, the Rürup-Rente remains the classic foundation for high earners^[10]. The Altersvorsorgedepot, starting in 2027, offers a genuine right to a lump sum and flexible fund investing without an expensive insurance wrapper, giving around four million self-employed people in Germany flexible access to state-subsidised private retirement saving for the first time.

Combining both retirement-saving routes

Many self-employed people choose a combined approach: a stable Rürup foundation for tax optimisation is supplemented by the flexibility of the Altersvorsorgedepot for later partial or one-off payouts^[10]. To work out your personal subsidy effect precisely, our subsidy calculator is available to you. You can also find deeper analyses and comparisons of the differences between the systems in the knowledge section.

• Step 1: work out your current marginal tax rate and your desired annual savings contribution.
• Step 2: calculate the expected subsidy rate and the final capital for the new account from 2027.
• Step 3: check whether protection against seizure and a lifelong pension matter more to you than inheritability and a free choice of ETFs.
• Step 4: plan how to split your budget between both systems to combine tax deductibility with flexibility.

Because the optimal structuring depends heavily on your individual income situation and risk profile, a well-founded analysis is essential. On the Vorsorgedepot-Lotse portal, you will find all the tools you need. If you prefer personal advice, our independent advice service connects you with licensed, independent experts who will build a legally sound retirement-saving roadmap with you. Please note: all calculations and comparisons are for orientation only. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.