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

**URL:** https://forum.mustachianpost.com/t/tax-efficient-portfolios-taking-into-account-the-exit-tax-on-3a/8846
**Category:** Investing / Portfolios
**Created:** [August 16, 2022, 7:46am UTC](https://forum.mustachianpost.com/t/tax-efficient-portfolios-taking-into-account-the-exit-tax-on-3a/8846 "2022-08-16T07:46:18Z")
**Posts on this page:** 1
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### Author: ![dom.swiss](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/dom.swiss/32/19499_2.png) [@dom.swiss](https://forum.mustachianpost.com/u/dom.swiss)
#### Post date: [August 19, 2022, 7:35pm UTC](https://forum.mustachianpost.com/t/tax-efficient-portfolios-taking-into-account-the-exit-tax-on-3a/8846/24 "2022-08-19T19:35:44Z")

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> [@johndoe1](#):
>
> That’s very interesting! Can you draw any general conclusions from your calculations, like: the less you earn and the older you get (less compounding effect left), the less it’s worth it contributing to 3rd pillar?

You got lucky that I have no life besides my spreadsheets 😉 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](https://docs.google.com/spreadsheets/d/1MrPTWUFi17xX99pX7XrfjoiZvi1LT_QAcQrftcTbBT0/edit?usp=sharing))

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