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Living Abroad as a Retiree: How to Successfully Start Afresh Without Worries!
Retirement is the perfect time for a fresh start. Many are drawn to moving abroad, but planning is crucial. Get comprehensive information about pensions, health insurance, and taxes to make your dream of living abroad a reality. Need support with planning? Contact us for personalised advice.
The topic short and concise
Retirement is the perfect time for a fresh start. Many are drawn to moving abroad, but planning is crucial. Get comprehensive information about pensions, health insurance, and taxes to make your dream of living abroad a reality. Need support with planning? Contact us for personalised advice.
Retirement is the perfect time for a fresh start. Many are drawn to moving abroad, but planning is crucial. Get comprehensive information about pensions, health insurance, and taxes to make your dream of living abroad a reality. Need support with planning? Contact us for personalised advice.
Retirement is the perfect time for a fresh start. Many are drawn to moving abroad, but planning is crucial. Get comprehensive information about pensions, health insurance, and taxes to make your dream of living abroad a reality. Need support with planning? Contact us for personalised advice.
Are you dreaming of retiring abroad? Learn how to optimally plan your pension, health insurance, and finances to make your dream a reality.
Are you dreaming of spending your retirement years under palm trees or in the mountains? The thought of living abroad as a retiree is enticing for many Germans. But before you pack your bags, there are several things to consider. At GoMovin, your partner for international relocation, we help you realise this dream efficiently and without stress. With our all-in-one solution and personal consultation, we stand by you at every step, from legal support to cultural integration. Learn how to optimally plan your pension, health insurance, and finances to make your dream come true.
Why are German retirees moving abroad?
More and more German retirees are relocating abroad. Between 1997 and 2022, pensions paid abroad increased by 58%. Popular destinations include Spain, the USA, and Italy. The reasons for this are varied:
Warmer climate: Many retirees seek a milder climate to enhance their quality of life.
Lower cost of living: In some countries, the cost of living is significantly lower than in Germany.
Discovering new cultures: Retirement offers the opportunity to explore new cultures and broaden one’s horizons.
Important aspects of planning retirement abroad
Moving abroad requires careful planning. You should consider the following aspects:
Financial planning: Determine how your pension and taxes will work abroad.
Healthcare: Inform yourself about health insurance abroad and ensure you are adequately covered.
Social integration: Plan how to make connections and integrate into your new environment.
GoMovin supports you with all these steps. We offer comprehensive advice and help you make the right decisions. Learn more about our services on our relocation assistance page.
Securing Pension Entitlement: How to Receive Your Benefits Abroad
An important aspect when planning your retirement abroad is the payment of your German pension. There are some things to consider here to ensure you receive your benefits smoothly even abroad. The German Pension Insurance provides detailed information on this.
Payment of the German pension abroad
In principle, your German pension is also paid out abroad. However, there are differences depending on which country you move to. Within the EU, Iceland, Liechtenstein, Norway, and Switzerland, the payment is usually made without deductions. Outside these countries, there may be reductions, especially if the German pension is based on foreign contribution periods.
Important: Clarify in advance with the German Pension Insurance whether and to what extent your pension will be reduced. This depends on the destination country and any social security agreements. If you move permanently outside the EU/EFTA without a social security agreement, you must expect possible deductions. Your status as an expellee or resettler can also affect the amount of your pension if working periods in Eastern European countries are taken into account.
Bank accounts and fees
The pension payment is usually made by bank transfer. Within the SEPA area, transfers are generally free of charge. Outside the SEPA area, fees may apply. The German Pension Insurance covers the fees up to the first correspondent bank outside the SEPA area. Alternatively, you can have the pension sent via USD or EUR cheque. However, this involves longer postal times and bank fees.
Tip: Inform the Pension Service of Deutsche Post AG at least two months before your move to ensure smooth payment. Also, update your bank details.
Life certificate: Proof of life
To ensure that the pension payment is not stopped, you must present a life certificate annually. You usually receive this in the middle of the year from the Pension Service of Deutsche Post AG. Fill out the certificate and have it confirmed by an authority at your place of residence. Then send the certificate back to the Pension Service of Deutsche Post AG.
Warning: In some countries, the obligation to present a life certificate is waived due to data agreements. Check with the German Pension Insurance if this applies to your destination country as well.
GoMovin supports you in clarifying any questions regarding your pension payment abroad. We help you complete the necessary formalities and ensure that you receive your pension on time. Learn more about our support with administrative procedures at /behoerdengaenge.
Optimising Tax Burden: How to Properly Tax Your Pension Abroad
Even if you spend your retirement abroad, you must pay tax on your German pension. Since 2005, pensions in Germany have been taxed, even if they are paid abroad. However, there are ways to optimise your tax burden. The ARAG experts offer valuable tips for this.
Taxation of Pension Abroad
In principle, you are also liable to pay tax in Germany as a pensioner abroad. If you move permanently, you can apply to the Neubrandenburg tax office (RiA) to remain liable to tax in Germany. This can be advantageous in order to take advantage of allowances and the saver’s lump sum, provided more than 90% of your income is taxable in Germany.
Important: Check the exact regulations and requirements with the Neubrandenburg tax office (RiA). Get individual advice to find the optimal solution for you.
Double Taxation Agreements
Germany has concluded double taxation agreements (DTAs) with many countries. These agreements are intended to prevent you from having to pay tax on your pension in both Germany and your country of residence. Check whether there is a DTA with your destination country and what regulations are included.
Tip: Consult a tax advisor familiar with double taxation agreements. They can help you find the most favourable solution for you.
Riester Pension and Emigration
If you have a Riester pension and move outside the European Economic Area (EEA), you must repay the allowances received up to the point of emigration. Within the EEA, the allowances remain in place.
GoMovin supports you with all tax-related questions concerning your retirement abroad. We connect you with competent tax advisors who are familiar with the special features of taxing pensions abroad. More information about our services can be found at /versicherung.
Health Protection in Old Age: How to Stay Optimally Insured Abroad
An important aspect of planning your retirement abroad is health insurance. Ensure that you have adequate health insurance coverage even abroad. The Techniker Krankenkasse (TK) provides detailed information about health insurance abroad for retirees.
State Health Insurance (GKV) in the EU
If you move to an EU country, your membership in the German statutory health insurance (GKV) can continue under certain conditions. This is usually the case if you solely receive a German pension and do not acquire entitlement to benefits in the country of residence (e.g., through employment).
Important: Check with your health insurance company in advance to see if your membership can continue. It may be wise to take out supplementary private health insurance to cover potential gaps in the GKV services of the host country.
Health Insurance outside the EU
If you move outside the EU, your membership in the German GKV usually ends. You must then insure yourself under your country of residence's health insurance system or take out private international health insurance. However, many private international health insurances have age restrictions and exclude pre-existing conditions. It is therefore important to find a long-term insurance solution that also covers pre-existing conditions and provides unlimited coverage, ideally also in the USA and Canada.
Tip: Take out an option with your German GKV. This enables you to re-enter the GKV more easily upon your return to Germany.
Long-term Care Insurance
Also consider private long-term care insurance. The benefits in case of care requirements in your country of residence may differ from those in Germany. With long-term care insurance, you can close potential coverage gaps.
GoMovin provides comprehensive advice on health insurance abroad. We help you find the right insurance and support you with the application process. Contact us for individual advice.
Financial Freedom in Retirement: How to Optimally Plan Your Budget
Sound financial planning is essential for a relaxed retirement abroad. Compare the cost of living in different countries and create a realistic budget. The Wise multi-currency account can help you manage your international finances.
Budget Planning and Cost of Living
The cost of living can vary significantly from country to country. In countries like Egypt, India, Paraguay, or Indonesia, the cost of living is often considerably lower than in Germany. In Switzerland and the Scandinavian countries, however, it is higher. Rental prices can also vary greatly. Singapore, Luxembourg, Ireland, and the United Arab Emirates are particularly expensive.
Tip: Thoroughly research the cost of living in your desired country. Consider not only rental prices but also costs for food, transportation, health insurance, and leisure activities.
Investments and Savings Plans
Use your retirement to further build your wealth. ETFs (Exchange Traded Funds) are a flexible and cost-effective way to invest in the capital market. With a savings plan, you can regularly invest small amounts and build up wealth over the long term.
Note: Consult with a financial advisor before making investment decisions. They can help you develop the right investment strategy for you.
Property Ownership Abroad
Consider whether you want to buy or rent a property in your country of residence. Buying property can be worthwhile in the long run but also comes with risks. Be informed about the tax aspects of owning property abroad.
GoMovin supports you in the financial planning of your retirement abroad. We connect you with competent financial advisors and help you make the right decisions. Contact us for a personal consultation.
Smooth Transition: How to Master Relocation and Integration Abroad
Moving to a new country is a major challenge. However, with good preparation, you can make the transition smooth. Inform the Deutsche Rentenversicherung and your health insurance provider about your move. Have important documents translated and certified. The Sparkasse offers valuable tips on integration.
Preparing for the Move
Start planning your move early. Terminate your lease and set up new contracts for electricity, water, and internet. Arrange the transport of your furniture and personal belongings. GoMovin supports you with the entire planning and execution of your move.
Checklist:
Notification of relevant authorities: Inform the Deutsche Rentenversicherung, your health insurance provider, and other important institutions about your move.
Translation and certification of important documents: Have birth certificates, marriage certificates, and other essential documents translated and certified.
Integration into the New Environment
Attend language courses to learn the local language. Visit cultural events to get to know the culture of your new country. Make connections with locals and other expatriates. GoMovin supports you in integrating into your new environment.
Tip: Join a club or organisation to meet new people. Use social media to make connections.
Other Important Aspects
Apply for an international driving licence if necessary. Adjust your insurance policies (liability, household) to the conditions in your new country of residence. Cancel unnecessary contracts (e.g. energy, gym) and set up a forwarding order.
GoMovin supports you with all practical questions surrounding your move and integration abroad. We help you settle quickly in your new home. Find out more about our services on our relocation assistance page.
Mastering Bureaucracy: How to Overcome Legal Hurdles Abroad
Even abroad, there are some legal and bureaucratic hurdles to overcome. Familiarise yourself with residence permits and visa regulations in your country of residence. Make inquiries about mandatory registration and pay attention to the regulations regarding inheritance tax and estate planning. The ARAG experts provide valuable tips.
Residence Permits and Visa Regulations
Depending on nationality and destination country, you may need a residence permit or a visa. Obtain timely information from the relevant authorities about the requirements and application procedure.
Important: Apply for your residence permit or visa well in advance of your move. Processing times can vary.
Mandatory Registration Abroad
In many countries, you must register at your place of residence after arrival. Inquire about registration deadlines and the necessary documents.
Tip: Register as soon as possible to avoid fines.
Inheritance Tax and Estate Planning
Pay attention to the regulations concerning inheritance tax and estate planning in your country of residence. These may differ from German regulations. Seek advice from a lawyer or tax advisor.
GoMovin supports you with all legal and bureaucratic questions related to your retirement abroad. We connect you with competent lawyers and tax advisors who are familiar with the intricacies of international law. Contact us for personalised advice.
Perfectly prepared: Your checklist for a worry-free retirement abroad
To ensure your retirement abroad is a complete success, we have compiled a checklist for you:
Before Emigrating
Complete Financial Planning: Address all questions about your pension, taxes, and finances.
Ensure Healthcare Coverage: Obtain appropriate health insurance.
Clarify Legal and Tax Aspects: Inform yourself about residence permits, visa regulations, and inheritance tax.
After Arrival
Register at Your Place of Residence: Register with the local authorities.
Encourage Integration into the Community: Participate in language courses, attend cultural events, and build connections.
With GoMovin by your side, you can enjoy your retirement abroad with ease. We support you through every step, from planning to implementation. Contact us today for personalised advice!
In summary: Moving to live abroad as a retiree requires careful planning and preparation. GoMovin is your competent partner to help make your dream of retiring abroad a reality. We offer comprehensive advice and support you in all steps, from legal support to cultural integration. With us, your fresh start abroad will be a success!
Remember: Be well-informed, plan carefully, and seek expert advice. This way, you can enjoy your retirement abroad with relaxation and peace of mind.
Do you want to plan your retirement abroad and seek professional support? At GoMovin, we simplify the relocation process and make international relocation stress-free, efficient, and personalised. With our all-in-one solution and personal consultation, we are by your side every step of the way, from legal support to cultural integration. Contact us today to start your personalised consultation and make your dream of retiring abroad a reality. Register for free and receive an initial assessment for your move abroad immediately.
Further useful links
The Deutsche Rentenversicherung offers detailed information on receiving your pension abroad.
The Techniker Krankenkasse (TK) provides extensive information about health insurance abroad for retirees.
The Sparkasse provides valuable tips on integrating abroad.
FAQ
Which countries are particularly popular with German retirees who want to live abroad?
Spain, the USA, and Italy are popular destinations due to the warmer climate, lower cost of living, and the opportunity to discover new cultures.
How does moving abroad affect my German pension?
Within the EU, Iceland, Liechtenstein, Norway, and Switzerland, payments are generally made in full. Outside of these countries, reductions may occur, especially if the German pension is based on foreign contribution periods. Clarify this in advance with the German Pension Insurance.
Do I have to pay tax on my German pension while living abroad?
Yes, since 2005 pensions have been taxed in Germany, even if they are paid abroad. You can apply to the Neubrandenburg Tax Office (RiA) to remain subject to German tax, which allows you to take advantage of tax allowances and the saver’s allowance, provided that more than 90% of your income is subject to taxation in Germany.
What happens to my health insurance if I move abroad as a retiree?
If you move to an EU country, your membership in the German statutory health insurance (GKV) can continue under certain conditions. Outside the EU, your GKV membership generally ends, and you will need a private international health insurance. It might be sensible to consider a preservation option with your German GKV.
How can GoMovin help me plan my retirement abroad?
GoMovin offers an all-in-one solution for international relocation, including personal advisory services, legal support, property services, and cultural integration. We help make the moving process stress-free and efficient for you.
What financial aspects should I consider when planning my retirement abroad?
Compare the cost of living in different countries, create a realistic budget, and clarify the tax implications of your pension income abroad. The Wise multi-currency account can assist you in managing your international finances.
What is a proof of life certificate, and why do I need one?
To ensure your pension payments are not discontinued, you must submit a proof of life certificate annually. You will usually receive this mid-year from the Pension Service of Deutsche Post AG. Complete the certificate and have it confirmed by an authority at your place of residence.
What should I be aware of regarding my Riester pension if I emigrate?
If you have a Riester pension and move outside the European Economic Area (EEA), you must repay the allowances received up to the time of emigration. Within the EEA, the allowances remain intact.
