Our Easy-to-Follow Retirement Planning Checklist for Expats

Retirement planning for expats covers the same core questions as for anyone else, such as when you want to retire, how much you plan to spend, and how long your money may need to last.

The difference is that your income, pensions, and future plans may be split across several countries, each with its own tax rules, pension systems, and currencies.

You may have pensions in the UK and in your current country of residence, property in another place, and savings in more than one currency.

You might plan to retire in one country, spend time in another, and still have financial ties to your home country. This mix can create both opportunities and risks, which is why a clear checklist is so helpful.

Step 1: Clarify Your Retirement Vision

Start by picturing what you want life after full time work to look like. Think about where you would like to live, whether you plan to move again, how often you want to travel, and how you hope to spend your time day to day.

Then translate that vision into rough numbers. Estimate how much income you might need each year to support your preferred lifestyle, both in local currency and, if different, in the currency of your pensions and savings.

This does not need to be exact, but a clear starting point makes planning much easier.

Step 2: List All Pensions and Savings

Next, make a complete list of your pensions and retirement savings, in every country. Include workplace pensions, personal pensions, any defined benefit schemes, and state pension entitlements, along with ISAs, investment accounts, and cash savings that you may use in retirement.

For each one, note the provider, current value, currency, fees where known, and when you can usually access the money.

If you have old UK pensions from earlier roles, now is a good time to find recent statements and check that your contact details are up to date.

Step 3: Check Where You Stand on State Pensions

If you have worked in the UK or other countries with state pension systems, check your record in each one. For the UK, this usually means reviewing your National Insurance record and state pension forecast to see how many qualifying years you have and what you might receive at state pension age.

Do the same for other countries where you have built up entitlements, as rules and qualifying periods may differ.

This helps you understand how much of your future income might come from more predictable sources and how much will depend on your own pensions and investments.

Step 4: Understand Your Current and Future Tax Position

Tax can have a big impact on your retirement income as an expat. Start by confirming where you are tax resident now and where you expect to be tax resident in retirement, as that often determines which country taxes your income.

Then consider how each main type of income will be taxed, including pensions, salary if you plan to work part time, rental income, savings interest, and investment gains.

Double tax agreements between countries can affect whether income is taxed in one or both places and whether you receive credit for tax already paid.

Understanding the basics gives you a better idea of how much you may keep after tax as part of your retirement budget.

Step 5: Decide Where You Are Likely to Live

Location is a key part of expat retirement planning. Some people plan to stay in their current country, others plan to move back to their home country, and some expect to split time between more than one place.

Each option has implications for tax, healthcare, cost of living, and currency. For example, retiring in a lower cost country might mean you need less income, but you may also need to factor in higher private healthcare costs or different residency rules.

Deciding on a likely primary base, even if not fixed, helps you plan more realistically.

Step 6: Review Currency and Exchange Rate Risks

As an expat, you may earn in one currency, save in another, and plan to spend in a third. Over time, changes in exchange rates can increase or reduce the real value of your income and savings.

Use your earlier list of pensions and savings to see how much sits in each currency and compare this to the currency of your planned retirement spending.

You may decide to hold more assets in the currency where you expect to spend, to reduce uncertainty, while still keeping some diversification.

This is another area where a structured plan and, where suitable, professional support can be useful.

Step 7: Check Your Investment Strategy and Risk Level

Once you know what you have, where you might live, and what you may need to spend, you can review how your money is invested.

Look at the mix between growth assets, such as shares, and more stable holdings, such as bonds and cash, across all your accounts.

Ask whether this mix suits your time frame and comfort with ups and downs in markets. If you are many years from retirement, you may be able to accept more short-term volatility for the potential of higher growth. If you are closer to drawing an income, you may prefer a smoother path.

Step 8: Plan For Healthcare and Insurance

Healthcare is often one of the biggest questions for expats thinking about retirement. Check how healthcare works in the countries you might live in, including whether you can access public systems, what they cover, and whether you need private insurance.

Consider the cost of international health insurance or local cover and how that fits into your retirement budget.

You may also want to think about future long-term care needs, such as support at home or in a care facility, and how you would fund this in your chosen country or if you returned home.

Step 9: Protect Your Family and Legacy

Retirement planning is also about what happens if things do not go as expected. Review your life cover, income protection, and any critical illness cover to see whether they still fit your situation and future plans.

Check your wills in each relevant country and how local rules on inheritance and marital property might affect what your partner or children receive. Some expats also need advice on cross border estate planning, including tax on inheritances and gifts.

Step 10: Create a Simple Action Plan

With all of this information collected, you can now turn it into a short action list. This might include tasks such as consolidating old pensions where appropriate, increasing contributions, updating wills, or speaking to a planner about tax and cross border issues.

Prioritise the steps that will make the biggest difference or that carry the most risk if left undone, such as missing pension rights or not having healthcare arranged. You can then set target dates for each action and decide which ones you want to handle yourself and where you would like regulated support.

Start Early and Stay Flexible

Begin planning as early as possible, even if your long-term plans are uncertain, so you have time to adjust savings, investments, and location choices.

Keep a Central Financial Record

Maintain a single, up-to-date record of all pensions and savings across every country and review it at least once a year.

Review Tax and Residency Regularly

Check your tax position and residency status often, especially after moving country or changing roles.

Diversify to Manage Risk

Spread investments across asset classes, countries, and currencies to reduce reliance on any one market or exchange rate.

Plan for Inflation and Healthcare Costs

Build in allowances for inflation and potentially higher healthcare costs when estimating retirement income needs.

Get Regulated Cross-Border Advice

Consider professional advice if your finances span multiple countries or involve complex pensions, as rules can differ and change over time.

Retirement planning for expats does not have to feel overwhelming. By following a clear checklist, you can bring together your goals, pensions, tax position, location choices, and healthcare plans into one joined up view.

This helps you see whether you are on track, what gaps might exist, and which actions will make the most difference.

Hoxton Wealth supports expats in the UK and worldwide with structured retirement planning that takes cross border rules and real-life goals into account.

If you would like help working through this checklist, reviewing your current plan, or building a new one, you can contact Hoxton Wealth to discuss your situation and possible next steps.