Tax efficient portfolios: taking into account the exit tax on 3a

You got lucky that I have no life besides my spreadsheets :wink: Thanks for the question, as it made me revise my plan. I went back to the drawing board and I can report the following findings:

  1. With high salary (>130k) and 20+ years available, maxing out pillar 3 and investing all is the clear winner
  2. With high salary (>130k) and up to 10 years available, voluntary pension contributions and maxing out pillar 3 investments wins
  3. When earning less, the tax effect of pillar 2 and 3 contribution is not as marked and investing all wins.

Another interesting thing happens after retirement at age 65:
Withdrawing all capital and investing it leaves massively more money for you to spend and wealth for your heirs than leaving everything in the pension fund and getting a monthly “salary”.

Happy for anyone to review/comment my assumptions and calculations (Vorsorge vs. Investment - Google Tabellen)