8,000 euros more in the deposit – through government subsidies alone. And that in just 10 years. Most savers over 55 believe that their retirement savings account is no longer worthwhile for them. The calculation shows the opposite: a funding rate of 33 percent is an immediate return that no stock market can guarantee. The question is not whether, but rather how to invest correctly with a short horizon.
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Short investment horizon, full market risk
The retirement savings account deliberately waives a mandatory contribution guarantee. It is precisely this waiver that enables the high share quotas and better long-term returns compared to the old Riester pension. But the advantage is lost if you don’t have the time: If you start at 55, you only have around 10 years of savings until you pay out at 65.
A look at the data: The MSCI World has not posted a loss in any rolling 15-year period since 1970. Things look different over 10 years – there were phases with negative real returns, for example for investors who got involved in 2000 at the height of the dot-com bubble and had to sell in 2010 after the financial crisis.
When the retirement savings account starts on January 1, 2027, Hundreds of thousands of savers try to open a portfolio at the same time. The result: overloaded systems, long waiting times for identity verification, delayed activations. And every day of delay is a day without funding – because the allowances do not flow retroactively. Anyone who opens a free account at finanzen.net ZERO nowhas already completed the identity verification and can get started straight away on January 1st – no queue, no missed funding.
What the funding still brings
Unlike the normal ETF portfolio, the retirement portfolio comes with government subsidies on top. Anyone who pays 1,200 euros a year receives a basic allowance of 390 euros – this corresponds to an immediate funding rate of 33 percent of their own contribution. Even if prices go sideways, the funding cushions the risk.
In addition, there is the cheaper test: with higher income, the tax savings through the special expense deduction can even exceed the allowances. A 55-year-old with a marginal tax rate of 42 percent who pays 1,800 euros annually receives around 980 euros in support via his tax return – significantly more than the 540 euros basic allowance.
Calculation example: 10 years, 150 euros per month
Thomas, 55, will pay 150 euros a month from 2027 (1,800 euros per year). He receives the full basic allowance of 540 euros. A total of 2,340 euros flow into the depot every year.
| scenario | Return pa | Depot value after 10 years |
|---|---|---|
| Conservative | 4% | approx. 29,200 € |
| Medium | 6% | approx. 32,600 € |
| Optimistic | 8% | approx. 36,400 € |
For comparison: Without the funding and only with your own contribution, the portfolio value with a 6 percent return would be around 24,700 euros. The allowances make a difference of around 8,000 euros over 10 years.
Guaranteed product as an alternative
If you feel uncomfortable, you don’t have to put everything into stocks. In addition to pure retirement savings accounts, the draft law also provides for guaranteed products with 80 or 100 percent retention of contributions. The return is lower there, but at least a large part of the paid-in capital is secured. This can be a sensible compromise for savers over 55.
Another option: invest more defensively in your retirement savings account. Money market funds and EU government bonds are also permitted. If you gradually switch from stock ETFs to bonds five years before the payout, you reduce the risk – and thanks to the retirement savings account, you don’t pay any withholding tax on the profits from the switch. We explain in our guide which securities are permitted in retirement savings accounts.
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Conclusion: Yes, but with strategy
Even at 55, a retirement savings account can be worthwhile – provided you make full use of the support and adapt your investment strategy to the shorter horizon. The government allowances create a buffer that a normal depot does not offer. Anyone who also uses the tax-free restructuring options and becomes more defensive in the last few years before paying out will noticeably limit the risk.
In any case, doing nothing is the worst option: even 10 years of compound interest with subsidies clearly beat the current account. Everything about funding, risks and payouts in the detailed guide.