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The Riester pension benefits only a legally defined group of people. This is regulated in § 79 of the Income Tax Act (EStG) as well as in §10a of the EStG and in the Retirement Provision Contracts Certification Act.
Riester contracts have a savings phase and a pension phase. In the savings phase, there are direct state allowances for the contract holder. In addition, one’s own payments can be claimed as special expenses in the income tax return.
In the pension phase, the saved capital and income is paid out until death. A Riester pension must be taxed. Contracts concluded from 2012 onwards also allow the earliest possible retirement date to be from the age of 62.
At Horizon65 we can help you to determine if company pensions are worth it for you by using our mobile app to simulate its effect on your future taking into your existing investments and potential impact of inflation and taxation.
We regularly help our clients by comparing all the available company pension products on the market using our comparison portal or you can also directly get in touch with our experts to understand if it can be a good option for you.