How do I find the best Altersvorsorgedepot for me?

Tilman Freyenhagen

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

The best Altersvorsorgedepot: why there's no one-size-fits-all answer

To find the best Altersvorsorgedepot for your personal situation, you first need to decide whether you want to make your investment decisions entirely on your own or with professional support. There's no single figure for the ideal solution, because it depends heavily on your existing knowledge, your individual profile and your appetite for risk. With the state-subsidised model launching in January 2027 from the Federal Ministry of Finance, savers gain access to a new, higher-return form of private pension provision^[1]. The knowledge section gives you access to all the key background information you need to make an informed, source-based decision.

The key criteria for your decision

Total costs play a decisive role in your choice, because even small differences in fees can have a substantial impact on your final capital over a multi-decade term. A detailed comparison of account fees and the available ETFs is therefore essential. Depending on your preference, you can either take the straightforward online route or seek in-depth professional advice. For a precise comparison of the different options and terms, a structured subsidy calculator is useful, as it transparently breaks down the individual subsidy effects. Please note: all comparisons and calculations are for information purposes only and do not constitute investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

1. Step 1: Decide on your preferred form of advice. Choose whether you want to select the ETFs yourself (as a self-directed investor) or draw on the expertise of an independent expert.
2. Step 2: Analyse the total costs. Look at account-management fees, transaction costs and the underlying products' internal costs (TER).
3. Step 3: Check flexibility and choice. Compare the available savings-plan options, the ETF portfolio on offer, and the terms for any later withdrawals or provider switches.

Once you've answered these fundamental questions, you can start scoping the offers on the market in a targeted way. The Vorsorgedepot-Lotse platform gives you a neutral point of orientation for this. A systematic provider comparison helps you set the concrete terms of neobrokers and traditional account providers directly against each other, so you can choose the right path for your retirement provision.

Step 1: Self-directed or advice: the fundamental choice of direction

To find the best Altersvorsorgedepot for your needs, you first need to make a fundamental choice of direction: do you want to manage your investment strategy yourself, or would you prefer personal, qualified support? There's no single best account, because the optimal solution depends on your individual profile and your willingness to manage things yourself. While digitally savvy self-directed investors can save significant costs by managing their own account through a neobroker, structured advice offers security on complex wealth questions.

The path you choose has a direct effect on your long-term return and the structure of your Altersvorsorgedepot. Academic research on financial decision-making shows that behavioural hurdles are often the biggest obstacle on the way to the right pension provision. This shows how important a clear, structured decision path is. For the legal framework of the Altersvorsorgedepot starting in 2027, the Federal Ministry of Finance has determined that savers can choose state-subsidised products that can be flexibly adapted to their personal circumstances^[1].

• Self-directed profile: you have basic financial knowledge, want to select ETFs yourself, and place a high value on extremely low account fees.
• Advice profile: you want a professional analysis of your pension gap, help with tax optimisation, or would rather avoid managing your account yourself.

If you see yourself as a digital self-directed investor, going straight to a neobroker is the ideal route. You can use our provider comparison service to compare rates and find the most cost-effective account for your ETF savings plans. To calculate your expected state allowances and tax benefits precisely, we also recommend using our interactive tool, the subsidy calculator. If you're unsure and would prefer personal support instead, our independent advice service refers you free of charge to certified experts who will support you independently.

Our Vorsorgedepot-Lotse portal provides comprehensive, source-based knowledge for both paths. Our knowledge section gives you access to detailed analysis and the legal background to the Riester reform. Whichever path you choose, settling this fundamental question is the foundation your provider comparison builds on.

Step 2: Prioritise your criteria: costs, ETF choice and flexibility

You find the best Altersvorsorgedepot by setting your individual priorities and systematically comparing providers on total costs, ETF choice and deposit flexibility. Because the new Altersvorsorgedepot has no contribution guarantee from 2027, every euro you save flows directly into the return-generating investment^[2]. You'll find a solid decision-making aid and in-depth analysis in our knowledge section, which serves as your neutral guide.

Above all, the total expense ratio of the investment products and the account's effective cost ratio have a decisive impact on your net return. Just one percentage point of extra annual costs can shrink your final capital by tens of thousands of euros over a savings period of several decades^[3]. To simulate this cost effect precisely for your personal situation, use the interactive subsidy calculator. It neutrally calculates the difference between subsidised account structures and unsubsidised savings plans. A systematic provider comparison then forms the foundation for choosing the right partner for your investment strategy. Note: the calculations and criteria are for illustration only. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Step 3: The decision tree for your path to the right account

With the launch of the new Altersvorsorgedepot on 1 January 2027, savers get the chance for the first time to invest in ETFs with strong return potential, state-subsidised and without contribution guarantees^[1]. But because the best account doesn't exist in a universal sense — it depends purely on your personal preferences — a systematic selection process is essential. To help you filter the right product for you out of the many offers to come, the knowledge section provides basic orientation. The path to the optimal solution can be broken down into a logical sequence of questions that guide you step by step to the right category of provider.

1. Self-assessment of your investment competence: first clarify whether you want to handle your ETF selection and ongoing account management entirely yourself, or would prefer qualified, personal support. If you see yourself as a digital self-directed investor, your path leads straight to an independent online comparison.
2. Prioritise your main criteria: define your individual priorities. Is minimising ongoing account fees your absolute priority, or do you place more value on a broad range of savings-plan-eligible index funds, high flexibility on contributions, and user-friendly digital interfaces?
3. Choose the right support: for an independent sign-up, the provider comparison tool is your best resource for setting neobroker terms transparently side by side. If you'd rather have tailored advice, our independent advice service refers you to a qualified, licensed expert.

Before making a final choice of account category, it's worth doing a precise mathematical calculation of the potential state allowances and tax benefits. With the subsidy calculator, you can reliably simulate your individual subsidy rate and the long-term cost impact of switching, giving you a fact-based basis for your decision. Please note that all calculations and model scenarios on this portal are for illustration only and do not represent a binding recommendation. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Switching from Riester or starting fresh: the fork in the road for existing savers

The choice between continuing an existing Riester contract and switching to the new Altersvorsorgedepot depends primarily on your existing contract costs, the remaining term and your appetite for risk. While Riester contracts offer a contribution guarantee, the new Altersvorsorgedepot allows for a higher-return investment from its launch year, without rigid guarantee obligations. A capital transfer is legally possible; switching fees are capped at a maximum of 150 euros for contracts with a remaining term of under five years, and are waived entirely after that^[1].

For self-directed investors who have already built up a meaningful Riester balance, a precise mathematical comparison is worthwhile. Your existing allowances remain fully intact when you switch to the new Altersvorsorgedepot, so you suffer no financial disadvantage from losing state subsidies. However, you do need to check whether the expected future return of an ETF portfolio outweighs the switching costs and the loss of the contribution guarantee. To put this decision on a reliable data basis, our subsidy calculator works out the exact net-present-value difference for your individual scenario.

If you decide against switching, you simply continue your Riester contract unchanged. This can make particular sense if only a few years remain on the contract, or if the guaranteed pension amount is a central pillar of your personal financial security. For younger savers with a long investment horizon ahead of them, however, the advantages of the new account usually outweigh this, because the old system's returns are often significantly reduced by high administrative costs and low guaranteed interest rates.

Please note that a blanket recommendation isn't possible, and every model calculation is based on individual assumptions. This comparison is for information purposes only and does not constitute investment advice within the meaning of section 1, paragraph 1a, number 1a of the Kreditwesengesetz (Banking Act). You'll find further detail on the legal framework of the Riester reform in our knowledge section.

The tax framework: subsidies and deferred taxation from 2027

From 2027, the new Altersvorsorgedepot offers an attractive combination of state allowances and tax relief during the accumulation phase, followed by deferred taxation in retirement. Contributions can be claimed as special expenses up to certain statutory ceilings, while all capital gains within the account are reinvested tax-free for the duration of the term^[1]. Only when you draw down the funds later in retirement does your personal income tax rate apply, and that rate is usually considerably lower in old age than during your working life.

For self-directed investors who want to structure their retirement provision themselves using low-cost ETFs, this tax structure significantly boosts the compounding effect. Because the annual advance lump-sum tax and capital gains tax no longer apply, the entire capital is available for long-term growth. To examine the exact effect on your future final capital in detail, you can use the subsidy calculator on our portal. It calculates your individual subsidy rate and compares the subsidised account with an unsubsidised standard account.

The specific design of the allowances and ceilings follows the statutory guidelines of the Federal Ministry of Finance. If you want to make the most of the full state allowances, you need to pay in the maximum subsidised own contribution of 1,800 euros per year. Whether switching from an existing Riester contract or opening a new account through a neobroker is worthwhile for you can be worked out using the provider comparison tool. Please note: not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

The criteria-based comparison: what self-directed investors need to watch for with neobrokers

Anyone taking their retirement provision into their own hands independently faces a central question: which provider offers the best terms for long-term wealth building? To find the best Altersvorsorgedepot for your goals, you should proceed systematically. Unlike traditional, often opaque insurance products, modern neobrokers put cost leadership front and centre. Even so, it's worth reading the small print carefully, because account fees, order costs and any additional charges on savings plans can have a substantial leverage effect on your final capital over several decades. A neutral, criteria-based comparison helps you spot hidden return-eaters early and make the most of the state subsidy^[4]. In the end, that leaves more of your savings for retirement.

Alongside these core factors, digital usability, automated payment processes and smooth German tax withholding also play an important role in your long-term choice. Our provider comparison filters the leading platforms against these hard criteria, so you can find the right partner for your personal investment strategy without a lot of research effort. In addition, the knowledge section offers in-depth analysis and useful guides on the current legal rules and tax framework. Base your pension decision on verified, neutral facts, and start your state-subsidised ETF investment well prepared. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Putting it into practice: using the subsidy calculator to find the optimal savings path

To determine the personally optimal monthly own contribution for the new Altersvorsorgedepot, a sound mathematical simulation is essential. Because the state subsidy in the form of allowances and tax relief takes effect from 2027, the financial advantage over a conventional, unsubsidised securities savings plan can be calculated precisely^[1]. A key digital tool for this is the subsidy calculator, which factors your individual tax situation and possible allowance entitlements into the projection. This transparent comparison immediately shows you how much the state subsidies affect your expected final capital, and which own contribution makes the most of the maximum subsidy rate.

This example calculation shows that the state allowances and the tax deductibility of contributions give a noticeable boost to the compounding effect. For self-directed investors who want to take a cost-efficient approach to their own retirement provision, this mathematical certainty is the foundation for the upcoming choice of provider. Once you've used the calculator to define your optimal savings path, you can next turn to the Vorsorgedepot-Lotse portal for the comparison ahead. Our provider comparison helps you filter future account providers in detail by their actual fee structures and the ETF choice on offer, so you can open the Altersvorsorgedepot that fits your profile.

Please note that all figures shown in the calculations and tables are for illustration only. They serve to demonstrate the general mechanism of the state subsidy from 2027 and do not represent a guaranteed return. Your personal tax situation always determines the legally binding calculation. Disclaimer: not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG. For further background on the legal framework of the reform, see the knowledge portal knowledge section.