Rürup pension or Altersvorsorgedepot: what is worth it for the self-employed?
As a self-employed person, you long had to rely on the Rürup pension for subsidized retirement provision. From 2027, the Altersvorsorgedepot (Germany’s state-subsidized retirement investment account) adds a second subsidized option – for the first time for you too. That raises the question: which one fits better? We compare the two objectively, without recommending a product.
In brief: The Rürup pension scores with a high tax deduction and is worthwhile above all for high incomes. The Altersvorsorgedepot scores with state allowances, full flexibility, free ETF investment and inheritable capital. For many self-employed people, a combination is the best solution.
The key points at a glance
- Both are state-subsidized, but in different ways: Rürup through the tax deduction, the Altersvorsorgedepot through direct allowances.
- The Altersvorsorgedepot is considerably more flexible: contributions can be adjusted or paused at any time.
- The Rürup pension only pays out a lifelong pension; the Altersvorsorgedepot allows a partial lump-sum withdrawal and a drawdown plan.
- Capital in the Altersvorsorgedepot is inheritable; with the Rürup pension only to a limited extent.
- With a high income, the Rürup pension’s tax deduction carries more weight; with a middle income, the Altersvorsorgedepot’s allowances do.
What is the Rürup pension?
The Rürup pension, officially the Basisrente, is a private, state-subsidized form of retirement provision tailored above all to the self-employed and higher earners. Its core advantage is a tax one: since 2023, contributions have been 100% deductible as special expenses, up to an annual maximum amount. The higher your personal tax rate, the greater the saving.
In return, the Rürup pension is inflexible. The capital is strictly earmarked: it is paid out exclusively as a lifelong pension, from age 62 at the earliest. A capital payout, termination with a payout, or using it as loan collateral are not possible. Inheritability, too, is only available through additional modules that cost extra.
What is the Altersvorsorgedepot?
The Altersvorsorgedepot is the successor to the Riester pension, starting on 1 January 2027. It is a state-subsidized securities account in which you invest freely in ETFs and funds. The subsidy runs through direct allowances: up to €540 basic allowance per year, plus €300 per child. For the first time, all self-employed people are eligible for the subsidy as well.
Unlike the Rürup pension, the securities account is flexible: you adjust contributions or pause them, and when your pension starts you can withdraw up to 30% in one go. The capital is inheritable. A cost cap of one percent per year applies to the default standard product.
Rürup or Altersvorsorgedepot: the differences
|
|
Altersvorsorgedepot |
Rürup pension (Basisrente) |
|
Subsidy |
Allowances of up to €540 + €300 per child |
Special expenses deduction (tax) |
|
Strong for |
middle income |
high marginal tax rate |
|
Flexibility |
contributions adjustable/pausable at any time |
rigid, ongoing contributions |
|
payout |
Partial lump-sum withdrawal + drawdown plan or pension |
lifelong pension only |
|
Can be inherited |
yes |
only to a limited extent |
|
Investing |
free choice of ETFs and funds |
usually an insurance or fund wrapper |
Subsidy: allowance versus tax deduction
The most important difference is the type of subsidy. With the Altersvorsorgedepot you receive direct allowances that flow straight into the securities account and go to work there. With the Rürup pension there is no allowance, but a tax deduction: you claim the contributions in your tax return and get part of them back through your taxes. The effect depends heavily on your income.
Flexibility: the big advantage for the self-employed
Self-employed people rarely have the same income every year. This is exactly where the Altersvorsorgedepot plays to its strength: in a weak year, €120 (€10 a month) is enough to secure the subsidy; in a good year you pay in more. The Rürup pension is more rigid here and suits stable, predictable income better.
Payout and inheritability
The Rürup pension knows only the lifelong monthly pension. The Altersvorsorgedepot leaves you the choice between a partial lump-sum withdrawal, a drawdown plan and a pension, and the capital you have saved goes to your heirs in the event of your death. Anyone who values flexibility and inheritability is better served by the securities account.
In short: Rürup = strong tax deduction, but rigid and only as a pension. Altersvorsorgedepot = allowances, full flexibility, ETF returns and inheritable capital.
Who is each one worth it for?
For self-employed people with a middle income, the Altersvorsorgedepot’s allowances usually carry more weight than the Rürup pension’s tax deduction. Anyone with fluctuating income, who needs flexibility or wants to pass the capital on, is generally better off with the securities account too.
For self-employed people with a high and stable income, the Rürup pension can be more attractive: with a high marginal tax rate, the special expenses deduction is a noticeable lever. Anyone who does not need the flexibility and values a predictable lifelong pension will find a suitable product here.
Combining the two – often the best solution
You do not have to choose. Many self-employed people will use both: the Rürup pension for the tax advantage at a high income, and the Altersvorsorgedepot for flexibility, allowances and return opportunities. That way you secure the strengths of both models without committing to a single one.
Conclusion
The Rürup pension and the Altersvorsorgedepot are not opponents, but two tools with different strengths. As a rough guide: with a middle income and a wish for flexibility, the Altersvorsorgedepot leads; with a high, stable income, the Rürup pension does – and in many cases the combination makes the most sense. Check both against your own figures before you commit.
Note: independent information and context, not individual investment, tax or legal advice.
Is the Rürup pension or the Altersvorsorgedepot better for the self-employed?
That depends on your income. With a middle income, the Altersvorsorgedepot’s allowances carry more weight; with a high marginal tax rate, the Rürup pension’s special expenses deduction does. A combination is often sensible.
Can I have Rürup and the Altersvorsorgedepot at the same time?
? Yes. Both products can be used in parallel and complement each other well for many self-employed people.
Is the Altersvorsorgedepot more flexible than the Rürup pension?
Yes. With the Altersvorsorgedepot you can adjust or pause contributions at any time and withdraw part of the capital in one go when your pension starts. The Rürup pension is more rigid and only pays out a lifelong pension.
Is the capital inheritable?
In the Altersvorsorgedepot, yes. With the Rürup pension only through additional modules that cost extra.
From when can I take out an Altersvorsorgedepot?
From 1 January 2027. Before that, it is not possible to take one out.
Lawyer & financial market expert · AVD Anbieter Vergleich
Rolf Henning Hackel is a qualified lawyer who has spent more than 22 years as a board member and managing director at various software providers to the financial industry, and as a founder himself. As a thorough market expert he knows not only the different providers but also the financial industry’s products, their strengths and weaknesses, and the regulatory framework around them. At AVD Anbieter Vergleich he writes about the new Altersvorsorgedepot and explains subsidies, providers and return potential in plain language — independently and free of advertising.
