I moved to Germany together with my girlfriend a few years ago. We also set up the Riester-Rente. I am already for some time thinking that it was not the best idea, because the advantages are not so great. Now we are about to move to another (EU most probably) country. We used the Riester-Rente also to get some tax advantage. Since we are going to be in another country, the tax discount cannot be used anymore, so it will lose a big plus. Now my questions are:
How can we minimize the loss of terminating the Riester-Rente? I was told that I can use the money to buy a property, but is it possible to do it without signing for a loan or mortgage with them?
I don't really need the cash now, but to pause the Riester for 30 years doesn't seem to be a good idea. No government contribution, only interest, which probably won't beat the inflation... And I suppose I will have to pay income tax from it later when i will get my pension, right?.
So in the end it seems to me that I will lose the state contribution, some fees of the provider and I will have to pay back the tax advantage.
Thanks for comments!