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Emigrating in Retirement: Your Guide to a Carefree Fresh Start
Retirement is the perfect time to discover new horizons. If you are considering moving abroad in your retirement, there are several things to consider. Plan your move carefully and enjoy your retirement to the fullest. Need help with the planning? Contact us for personalised advice.
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Retirement is the perfect time to discover new horizons. If you are considering moving abroad in your retirement, there are several things to consider. Plan your move carefully and enjoy your retirement to the fullest. Need help with the planning? Contact us for personalised advice.
Retirement is the perfect time to discover new horizons. If you are considering moving abroad in your retirement, there are several things to consider. Plan your move carefully and enjoy your retirement to the fullest. Need help with the planning? Contact us for personalised advice.
Retirement is the perfect time to discover new horizons. If you are considering moving abroad in your retirement, there are several things to consider. Plan your move carefully and enjoy your retirement to the fullest. Need help with the planning? Contact us for personalised advice.
Dreaming of retiring under palm trees? Discover how to make your dream of emigrating in retirement a reality – with all the important information on finances, health, and more.
A retirement under palm trees, in the mountains, or in a bustling metropolis – the dream of emigrating in retirement is enticing for many Germans. However, before you pack your bags, it's important to consider a few key aspects. This guide will help you realise your dream of retiring abroad stress-free. We at GoMovin understand that such a step must be well planned. That's why we offer comprehensive relocation assistance that takes into account all the important aspects, from organisation to legal advice. You can find more about this on our relocation assistance page.
Overview of Important Aspects
Planning emigration in retirement involves various areas that need to be carefully examined. These include financial aspects such as budget planning and living costs, the organisation of healthcare abroad, and cultural integration at the new place of residence. Addressing these topics early is crucial for a successful new start.
Financial Aspects
A key point is budget planning. Create a detailed overview of your income and expenses to estimate the financial impact of emigrating. Consider also possible international tax advice to avoid tax pitfalls. The cost of living varies greatly from country to country, so thorough research is essential.
Healthcare
Healthcare insurance abroad is another important aspect. Inform yourself about the various options and ensure that you have access to medical care in the host country. Within the EU/EEA and in countries with social security agreements, German statutory health insurance may continue to apply, albeit with limited benefits. Outside these regions, a private international health insurance is required. More information on this can also be found in our article on healthcare insurance abroad.
Cultural Integration
In addition to financial and health aspects, cultural integration also plays an important role. Language skills facilitate communication and help you settle in more quickly. Adapting to new circumstances requires openness and flexibility. Participate in cultural events and make contacts with locals and other expatriates to feel at home in your new surroundings.
Financial Security: How to Secure Your Retirement Abroad
The financial aspects are a central point when planning emigration in retirement. It is important to secure pension entitlements and consider the taxation of pensions abroad. Careful planning and advice are essential here to avoid financial surprises. At GoMovin, we are happy to help you clarify all financial questions related to your move. Learn more about our support for dealing with authorities.
Pension Entitlements and Payments
An important point is whether your pension will be paid in full abroad. Within the EU/EFTA, this is usually the case. There are also social security agreements with some other countries that ensure full pension payments. However, it is advisable to obtain precise information in advance to ensure that your pension entitlements are not reduced. The German Pension Insurance offers comprehensive information on this.
Full Payment of Pension
Within the EU/EFTA and in countries with social security agreements, you can usually expect your pension to be paid in full. This applies, for example, to Austria, Switzerland, and Spain. However, it is important to check with the German Pension Insurance in advance to ensure that all conditions are met. The most popular destinations for German retirees are often those that offer easy accessibility and similar cultural conditions.
Pension Reduction
Living outside the EU/EFTA without the appropriate agreement may result in a pension reduction. This is particularly the case if you do not possess German citizenship. Therefore, inform yourself in good time about the potential impacts on your pension payments. Professional advice can help you find the best solution for your individual situation.
Taxation of Pension Abroad
The taxation of pensions abroad is also an important aspect. Germany has concluded double taxation agreements with many countries to avoid double taxation. Nevertheless, it may be sensible to consult a tax advisor to ensure that you take advantage of all tax benefits and do not pay unnecessary taxes. In some cases, you can also apply for unlimited tax liability in Germany to obtain certain tax benefits.
Other Financial Considerations
In addition to pension entitlements and taxation, there are other financial considerations you should take into account when emigrating in retirement. These include, for example, the Riester pension and the use of bank accounts abroad.
Riester Pension
If you have a Riester pension, you can usually continue to receive the allowances if you move within the EU/EWR. Using it for property financing in the EU (Wohn-Riester) is also possible. However, inform yourself in good time about the exact conditions and requirements to avoid disadvantages. The tax aspects are particularly important here.
Bank Accounts and Currency Exchange
Do not forget to inform the German Pension Insurance about your new address and bank details (IBAN and BIC). Also note that there may be costs for currency exchange for pension payments abroad. Compare the various providers to find the best conditions. Early planning will help you avoid unnecessary costs.
Health in Old Age: Ensuring Your Medical Care Abroad
Health insurance abroad is a central topic for pensioners looking to emigrate. It is essential to explore the different options and ensure that you receive adequate medical care in the host country. We at GoMovin assist you in finding the right insurance solution tailored to your individual needs. Learn more about this on our Insurance page.
Options for Health Insurance
There are various ways to obtain health insurance abroad. Within the EU/EEA and in countries with social security agreements, German statutory health insurance may continue to be valid. Outside these regions, private health insurance is generally required. Health insurance is an important aspect that should be clarified early on.
Statutory Health Insurance
Statutory health insurance can remain valid within the EU/EEA and in countries with social security agreements. However, benefits in the host country are often limited. Therefore, inform yourself precisely about which benefits are covered and whether additional private insurance is advisable. The pros and cons should be carefully weighed.
Private Health Insurance
Outside the EU/EEA without agreements, private health insurance is generally necessary. There are various providers offering international health insurance. When choosing insurance, pay attention to the benefits, costs, and conditions. Maintaining an entitlement with the German health insurance can be beneficial for an easier return to the German system later.
Important Aspects When Choosing Health Insurance
When selecting health insurance, you should consider various aspects such as your age, pre-existing conditions, and the desired duration of the insurance.
Age and Pre-existing Conditions
Many private health insurances have age restrictions and exclude certain pre-existing conditions. Therefore, inform yourself in advance and, if necessary, obtain quotes from different providers. Long-term planning is particularly important here.
Long-term Solutions
For a long-term stay abroad, a Globality insurance can be a good option. This insurance might also offer coverage for pre-existing conditions and has an unlimited duration. However, thoroughly check the terms and benefits to ensure that the insurance meets your needs.
Sun destinations and more: Find your ideal country to emigrate to
Choosing the right country is crucial for a successful retirement abroad. There are many popular destinations for German retirees, both within and outside Europe. The decision depends on your individual preferences and needs. At GoMovin, we support you in finding your dream destination and assist with organising your move. Let our experts advise you.
Top Destinations
Some of the most popular destinations for German retirees include countries like Austria, Switzerland, Spain, Greece, Portugal, Italy, and Hungary. However, countries outside Europe, such as Thailand, Turkey, the Philippines, the USA, Canada, Panama, Ecuador, and Costa Rica, are also highly popular. The best countries depend on your personal preferences.
Europe
In Europe, countries with good infrastructure, high quality of life, and easy accessibility are particularly popular. Austria and Switzerland stand out due to their geographical proximity and similar cultural circumstances. Spain, Greece, Portugal, Italy, and Hungary attract with their mild climate and lower cost of living. Proximity to Germany is an important factor for many.
Outside Europe
Outside Europe, countries with lower cost of living and a pleasant climate are in demand. Thailand, Turkey, and the Philippines offer exotic cultures and a high quality of life at affordable prices. The USA, Canada, Panama, Ecuador, and Costa Rica attract with their diverse nature and numerous recreational opportunities. The best places are as diverse as the people who emigrate there.
Factors to Consider When Choosing a Country
When choosing the right country, you should consider various factors, such as the cost of living, climate, infrastructure, safety, medical care, and cultural and linguistic adaptability.
Cost of Living
The cost of living varies greatly from country to country. Therefore, find out in advance about the prices for rent, food, transport, and leisure activities. In some countries, you can enjoy a significantly higher standard of living with your German pension income.
Climate
The climate is another important factor. For instance, if you suffer from joint problems, a mild and dry climate can provide relief. Find out about the climatic conditions in different countries and choose a country that suits your needs.
Infrastructure
Good infrastructure is important for navigating daily life. Ensure good public transport connections, reliable electricity and water supply, and a good internet connection. The availability of German products and services can also be a key factor.
Safety
Safety is another crucial aspect. Research the crime rate and political stability in different countries. Choose a country where you feel safe and comfortable.
Medical Care
Good medical care is particularly important in old age. Check the quality of medical facilities and the availability of doctors and hospitals. Ensure that you receive adequate medical attention in case of emergency.
Cultural and Linguistic Adaptability
Cultural and linguistic adaptability is another important factor. If you don't feel comfortable in a foreign country, it can greatly affect your quality of life. Learn the language and culture of the country and try to integrate as much as possible.
Authority checklist: How to overcome the legal hurdles
Emigrating at retirement age involves certain legal and bureaucratic hurdles. It is important to promptly address the necessary formalities to ensure a smooth transition. At GoMovin, we assist you with all official procedures and help you stay on top of things. Learn more about our support with official processes.
Registration Obligations
Before emigrating, you must deregister in Germany and register at your new place of residence. The deregistration in Germany is essential to ensure that you do not pay unnecessary taxes or receive any more social benefits.
Registration at the New Place of Residence
Registering at your new place of residence is mandatory in most countries. Find out about the specific regulations and deadlines. In some countries, you may need a residence permit.
Deregistration in Germany
The deregistration in Germany is important to ensure that you do not pay unnecessary taxes or continue to receive social benefits. Learn about the deadlines and necessary documents.
Residence Permit
The regulations for a residence permit depend on your nationality and the destination country. Special rules apply within the EU/EEA.
EU Citizens
As an EU citizen, you do not need a residence permit for the first three months. However, after three months, you must register and apply for a registration certificate. After five years, you are generally entitled to a permanent right of residence.
Non-EU Citizens
As a non-EU citizen, you generally need a residence permit. Learn about the required documents and procedures. The German Pension Insurance can assist you with this.
Other Formalities
In addition to registration obligations and the residence permit, there are other formalities you should consider when emigrating at retirement age.
Submission of a Life Certificate
The submission of a life certificate is usually required annually to ensure that you are still alive and entitled to receive your pension. The life certificate can be confirmed by authorities, pension insurance providers, or banks. In some countries, a digital life certificate (DLN) via the PostIdent app is also possible.
Well prepared: Tips for a successful start abroad
Good preparation is the be-all and end-all for a successful retirement emigration. Take ample time for planning and organisation to avoid unpleasant surprises. At GoMovin, we are here to assist you every step of the way with guidance and support. Contact us for personalised advice.
Preparation is crucial
Careful preparation is key to success. This includes not only resolving all legal and financial issues but also organising the move and preparing for life in the new country.
Trial visit
A trial visit is highly recommended to get to know the country and living conditions. A six-month trial stay can help you get a sense of your future home and decide whether you feel comfortable there.
Checklist
Create a comprehensive checklist with all the important tasks and dates. This will help you stay organised and ensure nothing important is missed. The checklist should cover all aspects of emigration, from looking for accommodation to health insurance.
Adaptation and integration
Adjusting to life in the new country requires openness and flexibility. Try to integrate as well as you can and make connections.
Openness to new experiences
Be open to new experiences and learn about the country's culture and language. The better you integrate, the faster you will feel at home in your new surroundings.
Making connections
Make connections with locals and other emigrants. Shared activities and conversations can help you settle in faster and avoid homesickness.
Professional advice
Professional advice can help you avoid mistakes and make the best decisions. Consult a tax advisor, lawyer, or insurance expert if needed.
Tax advisor
A tax advisor can help you understand the tax implications of emigration and find the best solution for your individual situation.
Lawyer
A lawyer can assist with all legal questions related to emigration, such as applying for a residence permit or purchasing property.
Insurance expert
An insurance expert can help you find suitable health insurance for your stay abroad and clarify any questions around insurance matters.
Overcoming challenges: How to handle difficulties abroad
Even with careful planning, difficulties can arise abroad. It's important to prepare for these challenges and develop solutions. At GoMovin, we support you even after your move and are here to assist you with advice and action. Contact us if you need help.
Dealing with Difficulties
The most common difficulties abroad include language barriers, cultural differences, and homesickness. It is crucial to confront these challenges and actively seek solutions.
Language Barriers
Language barriers can hinder communication and impede integration. Take language courses and try to speak with locals as much as possible to improve your language skills.
Cultural Differences
Cultural differences can lead to misunderstandings and conflicts. Learn about the culture of the country and try to adapt to local customs.
Homesickness
Homesickness is a longing for home. It can be particularly prevalent in the beginning. Maintain contact with friends and family in Germany and seek out new friends abroad to prevent homesickness.
Solutions
There are various approaches to tackling difficulties abroad, including language courses, cultural events, and building a social network.
Language Courses
Language courses are an excellent way to improve your language skills and facilitate communication. There are many different offerings, both online and in-person.
Cultural Events
Cultural events can help you get to know the country's culture and meet new people. Visit museums, concerts, and other events to familiarise yourself with the culture.
Building a Social Network
Building a social network is important for feeling comfortable abroad. Find like-minded people and participate in joint activities. This way, you can make new friends and avoid homesickness.
Starting Over in Later Life: How to Make Your Dream of Emigrating a Reality
Emigrating in Retirement can be a wonderful way to start a new chapter in life and thoroughly enjoy retirement. With careful planning and preparation, you can make your dream of living abroad a reality. At GoMovin, we support you in overcoming all challenges and making a successful fresh start. Find out more now!
Summary of Key Points
The key points when emigrating in retirement are financial planning, health insurance, choosing the right country, legal formalities, and adapting to life in the new country. Careful preparation and professional advice can help you avoid mistakes and make the best decisions.
Outlook for the Future
The prospects for German retirees abroad are promising. More and more people are choosing to live abroad to fully enjoy their retirement. Increasing demand is leading to a growing number of offers and services for expatriates. Choosing the right place is crucial for a fulfilling life.
Final Thoughts
Emigrating in retirement is a big step that requires careful consideration. However, with the right preparation and support, you can bring your dream of living abroad to life and start a new chapter full of joy and fulfilment. At GoMovin, we are happy to assist you in making your dream a reality. Contact us today to learn more about our services and plan your individual move. We look forward to accompanying you on your journey!
Further useful links
The Deutsche Rentenversicherung provides comprehensive information on pension payments and related conditions abroad.
The Statistical Office (Destatis) offers statistics on population and migration.
The Federal Ministry for Family Affairs, Senior Citizens, Women and Youth (BMFSFJ) provides information on retirement planning and immigrants.
The Federal Ministry of Labour and Social Affairs (BMAS) offers information on social security and emigration.
The German Social Accident Insurance (DGUV) informs about social benefits abroad.
The ifo Institute for Economic Research offers publications on emigration and migration.
The DeZIM Institute researches migration and ageing.
FAQ
Which countries are particularly popular for German retirees wishing to emigrate?
Austria, Switzerland, and Spain are very popular due to their geographical proximity and cultural similarities. Thailand, Turkey, and the Philippines are also gaining popularity as they offer lower living costs.
How does moving abroad affect my pension payments?
Within the EU/EFTA and in countries with social security agreements, your pension is generally paid in full. Outside these regions, there may be reductions. It is advisable to consult the German Pension Insurance in advance.
What should I consider regarding my health insurance if I emigrate as a retiree?
Within the EU/EFTA and in countries with social security agreements, the German statutory health insurance may continue, but with limited benefits. Outside these regions, a private international health insurance is required.
How long can I stay abroad without losing my German residency?
A stay of less than six months per year is usually considered temporary, maintaining your German residency and full pension entitlements. Longer stays are considered permanent.
What financial aspects should I consider when emigrating at retirement age?
Prepare a detailed budget plan, consider the cost of living in the destination country, and seek advice on international tax consulting. Also, inform yourself about possible double taxation agreements.
How can GoMovin assist me in emigrating at retirement age?
GoMovin offers comprehensive relocation assistance, covering all important aspects from organisation to legal advice. We assist you with administrative procedures and help you find the right insurance solution.
What is a life certificate and why do I need it?
A life certificate is proof that you are still alive. It usually needs to be submitted annually to ensure that you remain eligible for your pension. It can be confirmed by authorities, pension insurance providers or banks.
What role does cultural integration play in emigrating at retirement age?
Cultural integration is crucial for a successful new start. Language skills facilitate communication and help you settle in more quickly. Participate in cultural events and make connections with locals and other expatriates.
