Does the Altersvorsorgedepot pay off for high earners?

Tilman Freyenhagen

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

The new Altersvorsorgedepot: a paradigm shift for higher earners

Yes, the new Altersvorsorgedepot generally pays off very well for high earners, since the tax Günstigerprüfung leads to substantial advantages at a high marginal tax rate. Through the Sonderausgabenabzug, the tax office refunds a large share of your contributions, which far exceeds the direct state allowance^[1]. The tax-free accumulation phase and the removal of expensive contribution guarantees also give savers on a high income access to a highly efficient, high-return ETF investment.

The leverage of the Günstigerprüfung at a high income

For higher earners, the focus of the state subsidy shifts fundamentally compared with classic retirement savings models. While low earners and larger families primarily benefit from the direct allowances, at a high marginal tax rate the tax Sonderausgabenabzug is the decisive lever. As part of the annual income tax return, the tax office automatically checks, through the so-called Günstigerprüfung, whether the Sonderausgabenabzug is more advantageous for you than the allowances. If it is, you receive the remaining difference back as a tax refund, which drastically reduces the actual net cost of your retirement savings. Our knowledge section explains in detail how this tax-deferral effect accelerates the growth of your capital.

Note: the figures shown are for illustration only and depend on your individual tax circumstances. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

The removal of the contribution guarantees typical of Riester contracts means that, in the new Altersvorsorgedepot from 2027, your contributions can flow entirely into profitable, broadly diversified ETFs, instead of languishing in expensive guarantee products. For high earners, this unique combination of maximum tax savings during the accumulation phase and unrestrained equity returns marks a genuine tax turning point in private retirement savings. To work out your personal savings and the optimal monthly contribution precisely, you can calculate your figures directly online with the subsidy calculator.

The mechanics of the tax subsidy: the Sonderausgabenabzug in focus

For high earners with a high income, the decisive financial lever of the new Altersvorsorgedepot lies not in the direct state allowances, but in the tax Sonderausgabenabzug under Paragraf 10a EStG. At a marginal tax rate of 42 percent, or even 45 percent, the so-called Günstigerprüfung by the tax office works fully in your favour. The tax office automatically checks whether the Sonderausgabenabzug is more advantageous for you than the direct allowances. If it is, your tax burden is reduced directly, which substantially cuts the actual net cost of your retirement savings.

This effect is based on the principle of deferred taxation. Because you pay the contributions into the Altersvorsorgedepot directly out of your untaxed gross income, your taxable income falls in the year you make the payment. The state-subsidised own contribution, which from 2027 amounts to up to 1,800 euros a year (plus the allowances as special expenses), can therefore be invested in a highly tax-optimised way. Higher contributions remain possible up to the absolute ceiling of 6,840 euros a year, but anything above that is no longer subsidised. During the accumulation phase you benefit from a substantial tax-deferral effect, in which the tax money you save can work for you directly in the capital markets. Only in retirement is the eventual payout taxed, and usually then at a considerably lower personal pension tax rate.

To calculate the exact effect on your personal net income and future pension, we recommend using digital tools such as the subsidy calculator. This tool takes your personal tax situation into account and calculates the potential final capital based on the current statutory provisions under Paragraf 10a EStG. The legal basis for the Sonderausgabenabzug and the new account model is officially anchored in the reform package for subsidised private retirement savings^[2]. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Allowances versus the tax advantage: why the Günstigerprüfung works in your favour

For high earners, the decisive financial lever of the new Altersvorsorgedepot, launching in 2027, lies not in the direct state allowances, but in the tax Sonderausgabenabzug. As part of the annual income tax return, the tax office automatically carries out a so-called Günstigerprüfung^[2]. Here, the tax office compares two scenarios: it determines whether the tax relief through the Sonderausgabenabzug is more advantageous for you than the direct state Grundzulage of up to 540 euros a year^[3]. Because your marginal tax rate as a high earner is usually 42 percent or even 45 percent, the tax refund typically exceeds the direct allowance considerably. In that case, the tax office automatically grants you the far higher tax advantage. All you need to do is state your contributions in your tax return.

Note: not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG. The calculations shown are purely illustrative.

This mechanism gives you a substantial tax-deferral effect that maximises your return potential. Your contributions flow into your Altersvorsorgedepot untaxed and can work there for decades with the full power of compounding in low-cost ETFs, with no capital gains tax (Abgeltungsteuer) deducted in advance^[4]. Only in the later payout phase, in retirement, does the deferred taxation apply. Because your personal tax rate in retirement is, based on experience, noticeably lower than during your active working life on a high income, a substantial net financial advantage remains. With the subsidy calculator on our knowledge section you can easily work out this tax-deferral effect for your individual income situation yourself. For comprehensive planning tailored to your personal life goals, our independent advice service is also available, to have qualified experts guide you neutrally.

A concrete worked example: how strongly your marginal tax rate matters

For high earners, the primary financial lever of the new Altersvorsorgedepot lies not in the direct allowances, but in the tax Sonderausgabenabzug. As part of the income tax assessment, the tax office automatically applies the so-called Günstigerprüfung to your tax return. If your personal marginal tax rate is high enough that the tax refund through the deductible special expenses exceeds the state Grundzulage, the full tax advantage is credited to you. At a subsidised maximum contribution of 1,800 euros a year, this mechanism leads to a substantial reduction in the actual own cost for top earners. Because the contributions are deducted directly from your taxable income, you effectively bear only part of the savings rate yourself, while the state finances the rest through the tax refund^[2].

As the following worked example shows, your effective annual own cost falls to just 990 euros at a marginal tax rate of 45 percent, even though the full 1,800 euros remain invested for you in the Altersvorsorgedepot and benefit from the long-term compounding effect in the capital markets. This tax-deferral effect means the accumulated capital can grow completely free of capital gains tax (Abgeltungsteuer) throughout the whole accumulation phase. Taxation only applies at the later payout in retirement, which for high earners usually results in a significantly lower tax rate. To work out your individual subsidy precisely and run through different scenarios, our subsidy calculator is available on our portal. Please note: these calculations serve solely to illustrate the tax effect and do not constitute tax advice or investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

The tax-deferral effect and deferred taxation explained clearly

For high earners, the decisive financial lever of the Altersvorsorgedepot lies not in the direct state allowances, but in the tax Sonderausgabenabzug. At a high marginal tax rate of 42 percent or 45 percent, the statutory Günstigerprüfung means the tax advantage massively exceeds the direct allowances. The tax office works out this difference automatically as part of your income tax return and refunds you the excess amount. Our knowledge section offers you detailed, source-based analysis of this tax mechanism. The law provides that you can claim your contributions for tax purposes in full up to the annual maximum amount, which directly reduces your tax burden during your active working phase^[2]. This tax structuring is clearly defined by the current statutory provisions.

A further key mathematical advantage is the tax-deferral effect over the decades-long accumulation phase. Because all dividends, interest income and capital gains generated in the account can be reinvested tax-free, the annual burden of German capital gains tax (Abgeltungsteuer) does not apply. Your invested capital therefore stays fully in the account and can generate a noticeably higher final sum through compounding than in an unsubsidised standard account taxed annually. Taxation only applies in retirement, as so-called deferred taxation on the amounts paid out. Because the personal tax rate in retirement is, based on experience, considerably lower for most retired high earners than during their active career, a substantial net tax saving results.

To calculate your personal subsidy rate and the long-term return effect precisely, our interactive subsidy calculator is available to you free of charge. Taking your individual income into account, this tool calculates your optimal own contribution and shows the state subsidy for your private pension savings transparently. Please note the following legal notice: all calculations and model calculations on this portal are for information and illustration purposes only. They do not constitute investment advice within the meaning of Paragraph 1 Absatz 1a Nummer 1a KWG.

Altersvorsorgedepot versus Rürup-Rente: a systematic comparison

For high earners with a high marginal tax rate of 42 percent or 45 percent, the Basisrente (Rürup-Rente) was long the standard route to tax-subsidised private retirement savings^[5]. With the introduction of the state-subsidised Altersvorsorgedepot from 2027, however, the balance shifts fundamentally^[2]. While the maximum tax advantage under the Altersvorsorgedepot is capped by the annual maximum contribution, it offers decisive advantages over the rigid insurance structure of the Rürup-Rente in the areas of flexibility, inheritance and asset classes.

The key difference lies in how the capital can be used in retirement. The Rürup-Rente forces you into a lifelong Leibrente, which is forfeited on death and is fully subject to tax^[5]. The Altersvorsorgedepot, by contrast, allows you a lump-sum withdrawal of up to 30 percent of the capital at the start of retirement, plus flexible drawdown plans, with the assets passing in full to your heirs in the event of death^[2]. For high earners who want to make use of the tax effect while retaining control over their capital, the account therefore corrects the biggest weaknesses of the classic Basisrente.

While the Rürup-Rente remains tax-unbeaten for extremely high savings rates, thanks to its far higher annual maximum amount of over 30,000 euros^[6], the new account offers the significantly more flexible overall package within the subsidised framework.^[2] With the subsidy calculator you can work out directly how the tax Günstigerprüfung plays out at your individual marginal tax rate. These comparisons are for illustration only and do not constitute investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Maximising returns through unguaranteed equity and ETF investments

For high earners, the primary financial lever of the Altersvorsorgedepot does not necessarily lie in the state allowances, but above all in the tax Sonderausgabenabzug. At a high marginal tax rate of 42 or 45 percent, the tax Günstigerprüfung in the income tax return produces a noticeable tax refund that can significantly exceed the direct allowances^[7]. But this tax advantage only unfolds its full effect through the investment structure of the new Altersvorsorgedepot: unlike classic, often inefficient Riester contracts, the Altersvorsorgedepot removes the statutory requirement for a contribution guarantee^[8]. This allows investors to put 100 percent of their capital into high-return asset classes such as equity ETFs, with no expensive hedging mechanisms eating into long-term performance.

Classic private pension insurance policies often burden accumulated assets with high set-up and administration fees. By dispensing with guaranteed contributions, these costly guarantee costs disappear entirely. For high-earning savers, that means a maximum equity allocation over the entire term and an optimised maturity value. Every percentage point saved in fees, and every extra unit of return, compounds over the decades. Anyone who wants to work out their own savings potential precisely can use the interactive subsidy calculator to model the expected cost advantage over conventional pension products individually.

This substantial cost advantage, combined with the deferred taxation, means more net capital is at work compounding. Deferred taxation shifts the tax burden into the retirement phase, when your personal tax rate is usually significantly lower than during your active working life. You will find further information and strategic detail on this tax interplay in our comprehensive Altersvorsorgedepot guides. Note: the financial-mathematical calculations shown here are for demonstration purposes only. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

The optimal path to your decision: decide for yourself, or get advice

For high earners, the primary lever of the Altersvorsorgedepot lies not in the direct allowances, but in the tax Sonderausgabenabzug. At a high marginal tax rate of 42 percent, or even 45 percent, the tax Günstigerprüfung in the annual income tax return leads to a substantial tax refund^[2]. This tax relief usually exceeds the direct state allowances by a considerable margin. The contributions you save reduce your taxable income directly, while taxation only applies in the later payout phase (usually at a significantly lower personal tax rate in retirement)^[9].

Two equally sound paths for your retirement savings

Our Vorsorgedepot-Lotse portal is designed to guide you through this process independently and on a factual basis. We strictly separate two equally sound paths, depending on how you prefer to make your financial decisions:

• The digital self-directed path: if you want to manage your finances independently, use our knowledge section for detailed guides. Then compare commission-free tariffs and neobrokers using the provider comparison tool, to open your account directly online.
• The personal advice path: if you want to have the tax complexity (such as the interplay between the Sonderausgabenabzug, Rürup and workplace pensions) reviewed individually, our independent advice service connects you free of charge with licensed, independent financial advisers.

Whichever path you choose, our subsidy calculator lets you precisely simulate your personal tax advantage and expected performance in advance. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.