How to compare IKE, IKZE and a regular account
- 1.
Enter your yearly contribution
Type how much you plan to put away each year. The calculator warns you if it exceeds the 2026 IKE or IKZE limit.
- 2.
Set the return and horizon
Use a realistic average annual return (for example 4-6% for treasury bonds) and the number of years until you withdraw.
- 3.
Choose your tax rate
Your Polish income tax rate sets the IKZE refund: 12% or 32% on the tax scale, 19% flat tax or your lump-sum (ryczałt) rate.
- 4.
Compare the results
Check the payout from each account and the year-by-year table. Optionally switch on reinvesting the IKZE tax refund.
What IKE and IKZE are
Poland has two voluntary, tax-advantaged retirement accounts that anyone with Polish income can open at a broker, bank, investment fund or insurer, or as an IKE-Obligacje / IKZE-Obligacje account holding Polish retail treasury bonds:
- IKE (indywidualne konto emerytalne, individual retirement account) - no tax relief on the way in, but no 19% capital gains tax (Belka tax) on the way out if you meet the withdrawal conditions.
- IKZE (indywidualne konto zabezpieczenia emerytalnego, individual retirement security account) - contributions reduce your taxable income every year, and at withdrawal you pay a flat 10% tax on the whole amount.
You can hold one of each at the same time. The tax refund from IKZE only makes sense if you pay income tax in Poland (PIT).
IKE and IKZE contribution limits in 2026
Limits are tied to the projected average wage in the national budget act. For 2026 that wage is PLN 9,420, which gives:
| Account | Formula | 2026 limit |
|---|---|---|
| IKE | 3 × PLN 9,420 | PLN 28,260 |
| IKZE | 1.2 × PLN 9,420 | PLN 11,304 |
| IKZE - self-employed | 1.8 × PLN 9,420 | PLN 16,956 |
Legal basis: Art. 13 and 13a of the Act of 20 April 2004 on IKE and IKZE. The limit is per calendar year and unused room does not carry over. The higher IKZE limit is for people running a non-agricultural business who pay pension contributions (ZUS) on it.
How big is the IKZE tax refund?
IKZE contributions are deducted from income in your annual return (Art. 26(1)(2b) of the PIT Act), or from revenue if you are on the lump-sum tax. The refund equals contribution × your tax rate:
| Tax rate | Contribution | Refund |
|---|---|---|
| Tax scale 12% | PLN 11,304 | PLN 1,356.48 |
| Flat tax 19% | PLN 11,304 | PLN 2,147.76 |
| Tax scale 32% | PLN 11,304 | PLN 3,617.28 |
| Flat tax 19% (self-employed) | PLN 16,956 | PLN 3,221.64 |
| Ryczałt 8.5% (self-employed) | PLN 16,956 | PLN 1,441.26 |
The catch: when you withdraw after 65 you pay 10% flat tax on everything you take out (Art. 30(1)(9) of the PIT Act), not just on the gains.
IKE, IKZE or a regular account - a 20-year example
You pay PLN 10,000 at the start of every year for 20 years and earn 6% a year on average. Total contributions: PLN 200,000.
| Account | Payout |
|---|---|
| IKE (tax-free) | PLN 389,927.27 |
| IKZE at 12% PIT: 90% of the value + PLN 24,000 refunds | PLN 374,934.54 |
| IKZE at 32% PIT: 90% of the value + PLN 64,000 refunds | PLN 414,934.54 |
| Brokerage account (19% on gains when you sell) | PLN 353,841.09 |
| Savings deposit (19% on interest every year) | PLN 341,643.42 |
Rule of thumb: IKZE beats IKE when your total tax refunds exceed 10% of the final account value. At 32% that is almost always true; at 12% with a long horizon IKE often wins. Many savers use both - IKZE up to its limit for the relief and the rest in IKE. To model growth outside these accounts, try the compound interest calculator.
Withdrawal conditions and common mistakes
- IKE - tax-free from age 60 (or 55 if you have early pension rights), provided you paid in during at least 5 calendar years or made more than half of your contributions at least 5 years before the withdrawal. An early withdrawal costs 19% tax on the gains.
- IKZE - from age 65, with contributions in at least 5 calendar years; 10% tax on the total. An early withdrawal is added to your income and taxed at your normal rate.
- Regular account - 19% tax on gains: on a deposit each time interest is credited, on a brokerage account when you sell. Deposit returns can be checked in the term deposit calculator.
Typical mistakes: exceeding the limit (the provider returns the excess), ignoring the 10% payout tax when comparing IKZE with IKE, using the wrong tax rate for the refund and assuming an unrealistically high return.
Frequently asked questions
How much can I pay into an IKE in 2026?
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The 2026 IKE limit is PLN 28,260 - three times the projected average wage of PLN 9,420.
What is the IKZE limit in 2026?
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PLN 11,304 for most people and PLN 16,956 if you run a business (1.2 and 1.8 × PLN 9,420).
How much tax do I get back from an IKZE?
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Your contribution multiplied by your tax rate. With the full PLN 11,304 limit that is PLN 1,356.48 at 12%, PLN 2,147.76 at 19% and PLN 3,617.28 at 32%.
IKE or IKZE - which is better?
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At the 32% and 19% rates IKZE usually wins because the refunds outweigh the 10% payout tax. At 12% with a long horizon IKE is often better. Using both accounts is usually best.
Can a foreigner open an IKE or IKZE in Poland?
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Yes - the accounts are for individuals, not just Polish citizens. The IKZE deduction only helps if you pay Polish income tax, and if you may leave Poland before retirement, check the withdrawal rules and your new country’s tax treatment first.
What tax is due when I withdraw from an IKZE?
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After age 65 a flat 10% on the whole amount withdrawn. If the account holder dies, the beneficiaries do not pay income tax on the payout.
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