Objectives. Despite national recommendations for use of pneumococcal vaccines, rates of community-acquired pneumonia (CAP) and invasive pneumococcal disease (IPD) remain high in Germany. New pneumococcal conjugate vaccines (PCVs) with expanded coverage have the potential to reduce the pneumococcal disease burden among adults. Methods. Using a Markov model, we evaluated the lifetime outcomes/costs comparing 20-valent PCV (PCV20) with standard of care (SC) vaccination for prevention of CAP and IPD among adults aged 60 years and at-risk adults aged 18-59 years in Germany. PCV20 also was compared with sequential vaccination with 15-valent PCV (PCV15) followed by PPV23 in a scenario analysis. Results. Use of PCV20 vs. SC would prevent 54,333 hospitalizations, 26,368 outpatient CAP cases, 10,946 disease-related deaths yield 74,694 additional life-years (LYs), while lowering total medical costs by 363.2M Euro. PCV20 was cost saving (i.e., dominant) versus SC. Scenario analysis results suggest that the use of PCV20 would also prevent more cases and deaths, yield more LYs, and result in lower costs than using PCV15→PPV23. Conclusions. One dose of PCV20 among adults aged 60 years and adults aged 18-59 years with moderate- and high-risk conditions would substantially reduce pneumococcal disease, save lives, and be cost saving compared with SC.