{"id":7305,"date":"2026-10-30T08:35:20","date_gmt":"2026-10-30T07:35:20","guid":{"rendered":"https:\/\/balmontconseil.com\/?p=7305"},"modified":"2026-10-30T08:35:20","modified_gmt":"2026-10-30T07:35:20","slug":"per-ou-assurance-vie-medecin-liberal-41-pour-cent-retraite","status":"publish","type":"post","link":"https:\/\/balmontconseil.com\/en\/blog\/per-ou-assurance-vie-medecin-liberal-41-pour-cent-retraite\/","title":{"rendered":"Un m\u00e9decin lib\u00e9ral \u00e0 41 % d’imp\u00f4t doit-il choisir le PER ou l’assurance-vie pour sa retraite ?"},"content":{"rendered":"
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In summary\u2026<\/h2>\n

The two, in this order: the PER (retirement savings plan) up to the deduction limit, then life insurance for the rest.<\/b> Dans le cas type (versement de 12 000 \u20ac par an pendant 20 ans, rendement de 3 % par an, hypoth\u00e8se de calcul), chaque versement sur le PER \u00e9conomise \u20ac4,920<\/b> d’imp\u00f4t \u00e0 41 %. Retir\u00e9e \u00e0 67 ans en 10 ans, la part des versements d\u00e9duits est impos\u00e9e \u00e0 30%<\/b> au lieu de 41 %, soit 26 400 \u20ac d’imp\u00f4t de moins que si la tranche restait \u00e0 41 %. \u00c0 effort \u00e9gal de 12 000 \u20ac par an, la combinaison PER puis assurance-vie laisse 350 945 \u20ac nets apr\u00e8s imp\u00f4t<\/b>, against \u20ac305,091<\/b> for life insurance alone, that is 45 854 \u20ac de plus<\/b>. L’assurance-vie garde son r\u00f4le : elle reste disponible, et ses gains sont impos\u00e9s \u00e0 7,5 % apr\u00e8s 8 ans (sous 150 000 \u20ac de primes), apr\u00e8s un abattement annuel de 4 600 \u20ac.<\/p>\n<\/div>\n

1. What the PER does, step by step<\/strong><\/h2>\n

Le PER (plan d’\u00e9pargne retraite) se d\u00e9duit du revenu imposable \u00e0 l’entr\u00e9e et s’impose \u00e0 la sortie. L’assurance-vie fonctionne \u00e0 l’inverse : aucun avantage \u00e0 l’entr\u00e9e, une fiscalit\u00e9 all\u00e9g\u00e9e sur les gains \u00e0 la sortie. Toute la comparaison tient \u00e0 l’\u00e9cart entre la tranche d’imposition de l’entr\u00e9e et celle de la sortie.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
Step<\/th>\nRule in 2026<\/th>\n<\/tr>\n<\/thead>\n
Entry: tax saving<\/td>\nVoluntary contributions are deducted from taxable income, unless the taxpayer opts for non-deduction. The savings are equal to the contribution multiplied by the marginal tax bracket: at 41 %, \u20ac0.41 per euro paid<\/b>. Le bar\u00e8me 2026 applique 41 % de 84 578 \u20ac \u00e0 181 917 \u20ac de revenu par part, et 30 % de 29 580 \u20ac \u00e0 84 577 \u20ac (loi n\u00b0 2026-103, article 4).<\/td>\n<\/tr>\n
Entry: ceiling for a self-employed worker<\/td>\nThe higher of two amounts: 10 % of the previous year's profit<\/b> (withheld up to 8 times the annual social security ceiling) or 10 % of this ceiling<\/b>, This amounts to a minimum of \u20ac4,710 for a payment in 2026. Occupational pension contributions already deducted from the previous year's profit are reduced, except for a portion equal to 15 % of the profit between 1 and 8 times the ceiling. Any unused ceiling can be carried forward to the following five years.<\/td>\n<\/tr>\n
Capital withdrawal: contributions deducted<\/td>\nThe portion corresponding to the deducted payments is added to other income and is taxed according to the scale<\/b>, without social security contributions and without the 10 % reduction<\/b> pensions. She is eligible for the income averaging mechanism for exceptional income.<\/td>\n<\/tr>\n
Capital withdrawal: gains<\/td>\nSingle flat-rate levy of 31.4%<\/b> For interest received since January 1, 2026: 12.8% tax and 18.6% social security contributions. The option to apply the standard tax scale remains available.<\/td>\n<\/tr>\n
Lump-sum withdrawal: contributions not deducted<\/td>\nIf the payment was not deducted, the corresponding portion of capital is exempt from income tax and social security contributions. Only the gains are taxed (31.4 %).<\/td>\n<\/tr>\n
Annuity payout: payments deducted<\/td>\nThe annuity is taxed as a retirement pension, with a 10% allowance (capped at \u20ac4,439 per household for 2025 income). Social security contributions of 18.6% are levied on a portion of the annuity that depends on the age at the first payment: 70% before age 50, 50% from age 50 to 59., 40 % aged 60 to 69<\/b>, 30 % from age 70.<\/td>\n<\/tr>\n
Annuity payout: payments not deducted<\/td>\nThe annuity falls under the regime of life annuities for valuable consideration: only a fraction is taxable (70 %, 50 %, 40 % or 30 % depending on the age at the first payment), and social security contributions of 18.6 % apply to it.<\/td>\n<\/tr>\n
Withdrawal before retirement<\/td>\nPossible in cases of early release as provided for in Article L. 224-4 of the Monetary and Financial Code.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

Our page Individual PER<\/a> details how the contract works, and the article on the deduction ceiling and the 2026 finance law<\/a> details the calculation of the ceiling.<\/p>\n

2. What life insurance does after 8 years<\/strong><\/h2>\n
\n\n\n\n\n\n\n\n\n\n\n
Point<\/th>\nRule in 2026<\/th>\n<\/tr>\n<\/thead>\n
Contract of less than 8 years<\/td>\nGains taxed at 12.8 % (or at the scale by option), without allowance.<\/td>\n<\/tr>\n
Contract of 8 years or more: discount<\/td>\nThe redeemed gains benefit from an annual allowance of \u20ac4,600<\/b> for a single person, \u20ac9,200<\/b> for a couple subject to joint taxation. It is a single agreement for all contracts within the household, does not carry over from one year to the next, and does not affect social security contributions.<\/td>\n<\/tr>\n
Contract of 8 years or more: rate<\/td>\nAfter the initial shock, 7.5%<\/b> as long as the total of premiums paid and not reimbursed as capital, across all contracts, does not exceed \u20ac150,000<\/b> as of December 31 of the previous year. Beyond that date, the 7.5% % rate applies only to the portion of earnings equal to \u20ac150,000 (less premiums paid before September 27, 2017, that have not been reimbursed) divided by the premiums paid since that date that have not been reimbursed; the remainder is taxed at 12.8% %. The allowance is first applied to the portion taxed at 7.5% %.<\/td>\n<\/tr>\n
Social charges<\/td>\n17.2%<\/b> on the gains (principle rate).<\/td>\n<\/tr>\n
Partial buyout<\/td>\nOnly the portion of gains contained in the redemption is taxed: redemption less premiums paid multiplied by redemption divided by the value of the contract.<\/td>\n<\/tr>\n
Scale option<\/td>\nPossible, explicitly, comprehensively, and irrevocably. The calculation below does not include it.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

3. Le calcul sur un m\u00e9decin \u00e0 41 %<\/strong><\/h2>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Calculation assumption<\/th>\nValue retained<\/th>\n<\/tr>\n<\/thead>\n
M\u00e9decin<\/td>\n47 ans, c\u00e9libataire (1 part), revenu imposable de 120 000 \u20ac avant versement : tranche marginale \u00e0 41 %, et le revenu reste au-dessus de 84 577 \u20ac apr\u00e8s d\u00e9duction<\/td>\n<\/tr>\n
Payments<\/td>\n\u20ac12,000 per year on the PER for 20 years, from age 47 to 67, within the deduction limit (10% of a profit of \u20ac120,000), with no other occupational retirement contract deducted from the profit<\/td>\n<\/tr>\n
Yield<\/td>\n3 % per year, net of fees, identical for the PER and for life insurance (calculation assumption), payments at the end of the year<\/td>\n<\/tr>\n
Tax saving<\/td>\nCompt\u00e9e l’ann\u00e9e du versement, sans d\u00e9calage<\/td>\n<\/tr>\n
Scale and rates<\/td>\nThe 2026 tax brackets and social security contribution rates remain unchanged until retirement; calculation is based solely on the tax brackets, without any discounts or tax reductions.<\/td>\n<\/tr>\n
Retirement at 67<\/td>\nPensions de 35 000 \u20ac par an, sans autre revenu ; abattement de 10 % de 3 500 \u20ac, soit 31 500 \u20ac imposables et 2 554 \u20ac d’imp\u00f4t avant toute sortie du PER<\/td>\n<\/tr>\n
Capital exit<\/td>\n10 equal annual withdrawals from age 67 to 76, with no return after age 67 (simplifying assumption that isolates the effect of tax); the income-averaging mechanism is not modeled.<\/td>\n<\/tr>\n
Annuity payout<\/td>\nConversion rate of 4 % of capital at age 67 (calculation assumption)<\/td>\n<\/tr>\n
Assurance-vie<\/td>\nContract of more than 8 years, no other contract in the household, 10 equal annual redemptions from age 67 to 76, social security contributions of 17.2% on gains, rates of 7.5% and 12.8% spread each year according to the remaining premiums<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
\n

Typical case<\/strong><\/h3>\n

Situation.<\/b> Un cardiologue lib\u00e9ral de 47 ans, secteur 2, c\u00e9libataire, a 120 000 \u20ac de revenu imposable et 12 000 \u20ac par an \u00e0 mettre de c\u00f4t\u00e9 pour sa retraite jusqu’\u00e0 67 ans.<\/p>\n

Issue.<\/b> He is hesitating between the PER (Retirement Savings Plan), which reduces his taxes immediately, and life insurance, which remains accessible and whose gains are taxed at a low rate after 8 years. Every euro paid into the PER will be taxed again upon withdrawal: the advantage only exists if the withdrawal tax bracket is lower than the contribution bracket.<\/p>\n

Strategy.<\/b> Il compare quatre montages. Montage 1 : 12 000 \u20ac par an en assurance-vie. Montage 2 : 12 000 \u20ac par an sur le PER, qui lui rend 4 920 \u20ac d’imp\u00f4t chaque ann\u00e9e (12 000 \u20ac \u00d7 41 %) et ne lui co\u00fbte que 7 080 \u20ac. Montage 3 : 7 080 \u20ac par an en assurance-vie, pour comparer \u00e0 effort \u00e9gal avec le montage 2. Montage 4 : 12 000 \u20ac sur le PER puis les 4 920 \u20ac d’\u00e9conomie d’imp\u00f4t plac\u00e9s en assurance-vie, soit 12 000 \u20ac d’effort net par an, comme le montage 1. \u00c0 67 ans il sort le capital du PER en 10 ans.<\/p>\n

Result.<\/b> Assembly 4 leaves 350 945 \u20ac nets<\/b> after tax, versus \u20ac305,091<\/b> for assembly 1, i.e. 45 854 \u20ac de plus<\/b> \u00e0 effort identique. Le PER seul laisse 224 557 \u20ac pour 7 080 \u20ac d’effort par an, contre 181 678 \u20ac pour la m\u00eame somme en assurance-vie.<\/p>\n<\/div>\n

Capital at age 67 and exit tax<\/strong><\/h3>\n
\n\n\n\n\n\n\n\n\n
Assembly<\/th>\nNet effort per year<\/th>\nCapital at 67 years old<\/th>\nincluding earnings<\/th>\nTax and charges on exit<\/th>\nNet after tax<\/th>\n<\/tr>\n<\/thead>\n
1. Life insurance alone<\/td>\n\u20ac12,000<\/td>\n\u20ac322,444<\/td>\n\u20ac82,444<\/td>\n\u20ac17,354<\/td>\n\u20ac305,091<\/b><\/td>\n<\/tr>\n
2. PER alone<\/td>\n\u20ac7,080<\/td>\n\u20ac322,444<\/td>\n\u20ac82,444<\/td>\n\u20ac97,888<\/td>\n\u20ac224,557<\/b><\/td>\n<\/tr>\n
3. Life insurance alone, same effort as the PER<\/td>\n\u20ac7,080<\/td>\n\u20ac190,242<\/td>\n\u20ac48,642<\/td>\n\u20ac8,565<\/td>\n\u20ac181,678<\/b><\/td>\n<\/tr>\n
4. PER, then tax savings through life insurance<\/td>\n\u20ac12,000<\/td>\n\u20ac454,647<\/td>\n\u20ac116,247<\/td>\n\u20ac103,702<\/td>\n\u20ac350,945<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

Details of the PER lump sum withdrawal<\/strong><\/h3>\n
\n\n\n\n\n\n\n\n
Item<\/th>\nBase<\/th>\nRate<\/th>\nAmount<\/th>\n<\/tr>\n<\/thead>\n
Payments deducted and withdrawn (scale)<\/td>\n\u20ac240,000<\/td>\n30 % (retirement bracket)<\/td>\n\u20ac72,000<\/td>\n<\/tr>\n
Withdrawals (single flat-rate deduction)<\/td>\n\u20ac82,444<\/td>\n31.4%<\/td>\n\u20ac25,888<\/td>\n<\/tr>\n
Total at exit<\/b><\/td>\n\u20ac322,444<\/td>\n30.4 % of the capital<\/td>\n\u20ac97,888<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

Chaque ann\u00e9e de sortie ajoute 24 000 \u20ac de versements d\u00e9duits aux 31 500 \u20ac de pensions imposables. Le total reste sous 84 577 \u20ac : toute la part est tax\u00e9e \u00e0 30 %. La tranche \u00e0 30 % laisse 53 077 \u20ac de place chaque ann\u00e9e avant d’atteindre 41 %, donc 24 000 \u20ac n’en consomme que 45 %. Retir\u00e9e en une seule ann\u00e9e, la m\u00eame part de 240 000 \u20ac co\u00fbterait 96 145 \u20ac d’imp\u00f4t au lieu de 72 000 \u20ac, sans compter le quotient que nous n’avons pas mod\u00e9lis\u00e9. Spreading the output is the first lever of the PER.<\/b><\/p>\n

What if the pension bracket doesn't decrease at retirement?<\/strong><\/h3>\n

Le m\u00e9decin qui conserve 90 000 \u20ac de revenus imposables par an \u00e0 la retraite (loyers, activit\u00e9 de remplacement) reste \u00e0 41 % \u00e0 la sortie. L’imp\u00f4t sur les versements d\u00e9duits passe alors \u00e0 98 400 \u20ac, soit exactement l’\u00e9conomie obtenue \u00e0 l’entr\u00e9e, et le PER seul laisse 198 157 \u20ac contre 181 678 \u20ac pour l’assurance-vie \u00e0 effort \u00e9gal, soit 16 479 \u20ac de plus. L’avantage subsiste, mais il se r\u00e9duit : il ne vient plus de l’\u00e9cart de tranche, seulement du fait que l’\u00e9conomie d’imp\u00f4t de 41 % augmente le capital plac\u00e9 pendant 20 ans, avec des gains tax\u00e9s \u00e0 31,4 %. \u00c0 42 879 \u20ac d’\u00e9cart contre 16 479 \u20ac, la baisse de tranche \u00e0 la retraite p\u00e8se environ 26 400 \u20ac<\/b> in the result.<\/p>\n

Capital or annuity<\/strong><\/h3>\n
\n\n\n\n\n\n\n
Exit<\/th>\nGross amount<\/th>\nTaxes and levies<\/th>\nDetail<\/th>\nPortion retained<\/th>\n<\/tr>\n<\/thead>\n
Capital spread over 10 years<\/td>\n\u20ac322,444<\/td>\n\u20ac97,888<\/td>\n72 000 \u20ac au bar\u00e8me sur les versements d\u00e9duits, 25 888 \u20ac de pr\u00e9l\u00e8vement forfaitaire sur les gains<\/td>\n69.6%<\/b><\/td>\n<\/tr>\n
Annuity at 4 % of the capital<\/td>\n\u20ac12,898 per year<\/td>\n4 548 \u20ac par an<\/td>\n3 588 \u20ac d’imp\u00f4t sur le revenu et 960 \u20ac de pr\u00e9l\u00e8vements sociaux (18,6 % sur 40 % de la rente)<\/td>\n64.7%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

La rente s’ajoute aux 35 000 \u20ac de pensions et reste dans la tranche \u00e0 30 %. Elle profite de l’abattement de 10 %, d\u00e9j\u00e0 plafonn\u00e9 \u00e0 4 439 \u20ac : l’abattement compl\u00e9mentaire est de 939 \u20ac. Mais elle supporte des pr\u00e9l\u00e8vements sociaux sur 40 % de son montant, que les versements d\u00e9duits retir\u00e9s en capital ne supportent pas. Le capital conserve donc une part plus grande de chaque euro sorti (69,6 % contre 64,7 %) ; la rente apporte un revenu vers\u00e9 \u00e0 vie, qui ne d\u00e9pend d’aucune r\u00e8gle de retrait.<\/p>\n

What the \u20ac150,000 threshold costs in life insurance<\/strong><\/h3>\n

Le montage 1 verse 240 000 \u20ac de primes, au-dessus du seuil de 150 000 \u20ac : pendant les premi\u00e8res ann\u00e9es de rachat, une part des gains passe \u00e0 12,8 %. Le surco\u00fbt de ce seul effet est de 440 \u20ac d’imp\u00f4t sur le revenu sur l’ensemble de la sortie. Il est faible, parce que l’abattement de 4 600 \u20ac absorbe l’essentiel des gains de chaque rachat. Dans le montage 4, l’assurance-vie ne re\u00e7oit que 98 400 \u20ac de primes : elle reste sous le seuil, et ses gains de 3 380 \u20ac par an restent sous l’abattement, donc without income tax<\/b>. Only the social security contributions of 17.2 % (\u20ac5,814) remain due.<\/p>\n

4. La combinaison optimale pour un m\u00e9decin dont la tranche baisse<\/strong><\/h2>\n