Plundering the Riester contract - for less need for credit?

The zfa is actually pretty fast. But the provider also has a say in actually making the money available. Some say, for example, 3 months until the end of the quarter.

Yeah, exactly, that's why it can take a while ...

First of all, thank you. I understood, proof is required that we really invested the money in the house and not in the new Mercedes. Ok, that would be no problem, there will be invoices. I could copy them and send them to them. To them, that would probably be the ZfA, who has to approve the plundering, so that’s where it is applied for. The provider would then pay out if their approval is given, right? And what they pay out would then go into a fictitious housing promotion account, so to speak, as a counter-entry, so that we later tax the money, like the Riester pension itself, which would also have to be taxed. After Easter I’ll get to it. Because the Riester account statement from the end of '16 was sobering. When I retire, there should be about 36 in there for me. For that they want to pay me 140 pension per month. So I would have to live for over 250 months to see my savings again. So I would have to be about 86. I don’t have the genes, no one in our family has ever managed that yet. The whole Riester thing is a pension scam. Karsten

Just for the sake of completeness: you can have 30% of the accumulated capital paid out to you directly at the start of the payout phase. But for the rest, what you write applies. For the same reason, I am also considering withdrawing money for the house. What speaks against it for me is that my Riester funds are performing excellently and our loan would only cost 1.9% interest. Therefore, it actually doesn't make sense to reshuffle the money. On the other hand, what do I want to do with the Riester money when I'm old? Once the house is paid off, I assume I can live off my normal pension. Not an easy decision.

Stefan, I think the same, back and forth. On the one hand, our Riester goes into stocks, that is currently developing in the right direction. The interest rate is only 1.29 for us. That is really cheap. But I want and have to have repaid by 2022, end of career, retirement. I can't take more than 50 then, otherwise we won't manage without giving up everything that is important to us. In addition, there are 50 from a life insurance policy due in 2018. They finance that for us at the same interest rate with a bullet payment in between. With the Riester money, we would first have some leeway for small extras, secondly, we wouldn't fully utilize the life insurance. Maybe it is actually sensible right now to cash out with a stock investment! You buy when the cannons roar and sell when the peace bells ring. And they already calculated my pension this February, it will be around 3,900 gross, so I actually don't need the Riester money on top. Karsten

Well, not everyone is a civil servant :p I deliberately did not misuse it. And one forgets the child benefits. My wife works part-time with 2 children and gets a hefty €600 / year paid into the contract