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Emigrating in Retirement: How to Achieve a Worry-Free Retirement Abroad
The thought of emigrating in old age is tempting. But before you pack your bags, there are a few things to consider. From pension insurance to health insurance – we show you what matters to ensure your retirement abroad is a success. Do you need personal advice? Get in touch with us here.
The topic short and concise
The thought of emigrating in old age is tempting. But before you pack your bags, there are a few things to consider. From pension insurance to health insurance – we show you what matters to ensure your retirement abroad is a success. Do you need personal advice? Get in touch with us here.
The thought of emigrating in old age is tempting. But before you pack your bags, there are a few things to consider. From pension insurance to health insurance – we show you what matters to ensure your retirement abroad is a success. Do you need personal advice? Get in touch with us here.
The thought of emigrating in old age is tempting. But before you pack your bags, there are a few things to consider. From pension insurance to health insurance – we show you what matters to ensure your retirement abroad is a success. Do you need personal advice? Get in touch with us here.
Do you dream of a relaxed retirement under palm trees? Learn how to optimally plan your retirement abroad and which pitfalls to avoid.
The dream of a relaxed retirement under the sun is more than just a fantasy for many German pensioners. Emigrating in old age offers the opportunity to significantly enhance quality of life through a milder climate, lower living costs, and new experiences. But how does one achieve this step, and what needs to be considered? GoMovin supports you in making your move abroad stress-free. Find out more about our relocation assistance now!
Why are pensioners drawn abroad?
Many pensioners are attracted abroad for various reasons. A primary motive is the milder climate, which can provide relief, especially for health complaints. In addition, lower living costs in certain countries can significantly ease the retirement budget. Last but not least, the improved quality of life plays a major role, resulting from relaxation, new cultural experiences, and a more active social life.
Overview of popular destinations
The choice of destination country depends on individual preferences and needs. Austria, Switzerland, and Spain are classics among emigration destinations for German pensioners. In recent years, however, Eastern Europe (e.g. Bulgaria) and Asia (e.g. Thailand, Philippines) are gaining increasing importance. These countries often offer an attractive combination of low living costs and pleasant climate. According to a report by Spiegel, Austria, Switzerland, and Spain are the most popular destinations.
Moving in Old Age: Financial Planning Ensures a Worry-Free Retirement
Careful planning and preparation are crucial for a successful relocation in old age. Financial aspects play a central role in this process. It is important to address the issues of pension entitlements, taxation, health, and long-term care insurance early on to avoid unpleasant surprises. GoMovin offers you comprehensive insurance advice to ensure you are optimally covered.
Financial Aspects in Detail
Determine early on how pension payments abroad will be handled. Within the EU, there are usually no restrictions, while outside the EU, there may be specific considerations. Inform yourself about the taxation of pensions abroad and take into account any double taxation agreements. You should also check the implications for your Riester pension, especially if you are moving outside the EU/EEA/Switzerland. According to MLP, professional advice is recommended to avoid potential pension reductions.
Health and Long-Term Care Insurance
The choice of the right health insurance is crucial. Will you stay in the statutory health insurance or take out a private international health insurance? A private long-term care insurance is especially advisable if you move to a country with lower care standards. Bayerische recommends carefully checking the medical infrastructure in the destination country.
Formalities and Documents
Do not forget the necessary formalities and documents. Deregister in Germany and register in the destination country. Required documents usually include a passport, proof of health insurance, and proof of income. For a longer stay outside the EU, you may need a residence permit. Within the EU, registration is usually not required in the first three months, but afterwards, it is.
Smooth Pension Payments: How to Secure Your Entitlement Abroad
To ensure that pension payments continue smoothly when living abroad, there are a few important points to keep in mind. Inform the Pension Service of Deutsche Post AG promptly about your relocation and clarify the payment methods. GoMovin supports you in all necessary steps, allowing you to enjoy your retirement without financial worries.
Payment Methods
Clarify whether the pension payment is made via bank transfer or cheque payment. Be aware that international transfers may incur fees. Inform yourself about the amount of these fees and consider them in your financial planning. The German Pension Insurance recommends notifying them at least two months before your move.
Life Certificate
To maintain your pension entitlement, you must annually submit a Life Certificate. This confirms that you are still alive. In some countries, the digital life certificate (DLN) is also possible. Exceptions apply to countries with certain data agreements, such as Austria or Switzerland. The life certificate must be confirmed by an authority, a pension insurance provider, a financial institution, or a German diplomatic mission.
Top Destinations for Retirees: Low Costs, High Quality of Life
The choice of the right destination country is crucial for a successful retirement abroad. Each country offers different advantages and disadvantages in terms of living costs, climate, infrastructure, and cultural amenities. GoMovin helps you find the perfect country for your needs.
Europe
Austria and Switzerland are particularly popular with German retirees due to their geographical proximity and cultural familiarity. However, the cost of living in these countries is relatively high. Spain attracts with a mild climate and good infrastructure, especially the Costa Blanca is a popular destination. Eastern Europe, particularly Bulgaria, is gaining popularity due to low living costs. According to Spiegel Online, more and more retirees are moving to Bulgaria.
Non-European Countries
Thailand is a popular destination due to its tropical climate and low cost of living. However, visa regulations and financial requirements need to be considered. Turkey, the Philippines, and Russia are also options, each bringing specific challenges. The USA and Canada are less attractive to retirees due to their high costs. It is important to carefully weigh the pros and cons of each country.
Securing tax advantages: Avoiding double taxation
An important aspect of emigrating in older age is the legal and tax implications. It is essential to avoid double taxation and ensure that all social benefits can continue to be received. GoMovin recommends seeking advice from a tax advisor early to make optimal use of all tax advantages.
Double Taxation Agreements
Germany has concluded double taxation agreements (DBA) with many countries. These agreements determine which country has the right to tax the pension. Check with the tax office or a tax advisor to find out which DBA applies to your destination country. The Bayerische points out that the obligation to pay pension tax remains but German tax benefits may be reduced.
Impact on Social Benefits
Within the EU/EEA/Switzerland, there are generally no restrictions on pension entitlements. However, outside these countries, restrictions may apply. Determine whether your move will affect your social benefits. Get information from the German Pension Insurance about your rights and obligations. It is important to carefully examine all aspects to avoid financial disadvantages.
Overcoming Challenges: Language Barriers and Cultural Differences
Emigrating in old age comes with not only advantages but also challenges. Language barriers, cultural differences, and the organisation of healthcare can become obstacles. GoMovin supports you in overcoming these challenges to ensure a smooth transition into your new life.
Language Barrier
One of the biggest challenges is the language barrier. Language courses before and after the move can help ease everyday communication. Connect with locals to improve your language skills and integrate more quickly. The willingness to learn the local language is an important factor for successful emigration.
Cultural Differences
Be open to new cultures and respect local customs. Inform yourself in advance about cultural differences and adapt to the circumstances. A positive attitude and the willingness to integrate are key for harmonious cohabitation with locals.
Healthcare
Check the quality of medical care in your destination country. If necessary, take out private supplementary insurance to ensure optimal care in case of illness. Find out about the availability of doctors and hospitals in your area. Good healthcare is an important factor for a worry-free life abroad.
Learning from expats: Using experiences for your retirement
Experiences from other retirees who have already relocated can provide valuable insights and practical advice. Use this information to prepare optimally for your move and avoid common mistakes. GoMovin is happy to connect you with experienced expatriates.
Personal Stories
Read experiences of other retirees to get inspired and receive practical advice. Books like "Emigrating in Old Age" (Seismo Verlag) offer valuable insights into the lives of expatriates. Use this information to gain a realistic view of your future life abroad. The Seismo Verlag offers insights into the life stories of Swiss retirees in Spain.
Checklist for Moving
Create a step-by-step guide for your move. Plan all important steps carefully and consider all relevant aspects. Make a list of important contacts and points of contact. Good planning is essential for a stress-free move. GoMovin supports you in creating your individual checklist.
Fulfilled Retirement: Seizing the Opportunity to Emigrate in Old Age
Emigrating in old age is an opportunity for a fulfilling retirement. With careful planning and professional support, you can turn your dream of living abroad into reality. GoMovin is at your side with advice and support to ensure your move is a success.
Summary of Key Points
Careful planning is crucial for a successful emigration in old age. Consider all financial, legal, and practical aspects. Seek professional advice to avoid mistakes. Gather comprehensive information about your destination country and adapt to local conditions. With the right preparation, nothing stands in the way of a fulfilling retirement abroad.
Outlook
Emigrating in old age is becoming increasingly popular. More and more retirees are recognising the benefits of living abroad. New destination countries and opportunities are opening up. Seize this chance and realise your dream of living abroad. GoMovin helps you find your individual path.
GoMovin: Your partner for a worry-free move in later life
GoMovin is your reliable partner for a worry-free move in old age. We offer comprehensive advice and support at every stage of your move. From planning to execution, we are by your side with help and advice. Contact us today and consult with our experts!
Our Services
We offer a wide range of services tailored to your individual needs. These include, among others, the planning and organisation of your move, assistance with official appointments, arrangement of language courses, and advice on financial and legal matters. We take care of all the details so you can sit back and relax.
Contact Us
Dreaming of a relaxed retirement under palm trees? GoMovin makes your dream come true! We simplify the moving process and make international relocation stress-free, efficient, and individual. Our all-in-one solution for international moves includes personal consultation, legal support, property services, and cultural integration.
Are you ready for your new chapter in life? Contact us today for a non-binding consultation. We are happy to help you plan your retirement abroad optimally and avoid any pitfalls. Contact us now!
Further useful links
The Federal Statistical Office (Destatis) provides statistics on emigration in older age.
The Federal Ministry of Health (BMG) provides information about healthcare for older people abroad.
German Pension Insurance offers information on pension payments abroad and what needs to be considered.
FAQ
Which countries are particularly popular with German retirees looking to emigrate?
Austria, Switzerland, and Spain have traditionally been popular destinations. However, in recent years, Eastern Europe (e.g., Bulgaria) and Asia (e.g., Thailand, Philippines) have gained prominence as they often offer lower living costs.
How does moving abroad affect my pension payments?
Within the EU, there are usually no restrictions. Outside the EU, special conditions may apply. Obtain early information from the German Pension Insurance.
What is a life certificate and why do I need it?
The life certificate is an annual proof that you are still alive. It is required to maintain your pension entitlement. It must be confirmed by an authority, a pension insurance provider, a financial institution, or a German consulate.
What financial aspects should I consider when moving abroad?
Clarify the pension payment abroad, the taxation of the pension, and the impact on your Riester pension. Seek professional advice to avoid potential pension reductions.
How do I find the right health insurance for my retirement abroad?
Check whether you can remain in the statutory health insurance or need to take out a private international health insurance. A private long-term care insurance is advisable if you move to a country with lower care standards.
What documents do I need for moving abroad?
Generally, you will need a passport, proof of health insurance, and proof of income. For a longer stay outside the EU, you may need a residence permit.
How can GoMovin assist me with my move abroad?
GoMovin offers comprehensive advice and support at all stages of your move, from planning to execution. We assist you with official procedures, language courses, and financial/legal matters.
What are the biggest challenges of emigrating in old age and how can I overcome them?
The biggest challenges include language barriers, cultural differences, and organizing healthcare. Language courses, openness to new cultures, and good planning of medical care can help.
