How do I rebuild retirement savings in Europe after years in the US?
Short answer: Rebuilding a European pension means using employer plans (German bAV, the French PER collectif or company savings plans), local tax-efficient wrappers (the French PER and assurance vie, Finnish PS-sopimus), and, where your country allows it, voluntary contributions to fill gaps in the state system. You should also utilize totalization agreements to ensure your US years count toward your European state pension.
Written and reviewed by Anthony Walsh, Selanis. Last reviewed 2026-10-06.
Why it works this way
State pension systems in Europe (like the French Retraite or German Rentenversicherung) are 'pay-as-you-go' and base your benefit on years of contribution. If you spent 10 years in the US, you have a gap. Totalization agreements allow these US years to be 'credited' toward your eligibility for a European pension, though they don't increase the actual Euro amount paid.
Private retirement savings in Europe are less 'standardized' than the US 401(k). In France, the Plan d'Épargne Retraite (PER) is the closest equivalent, while in Germany the employer bAV and the Rürup plan are the main options (the Riester plan is being reformed). However, these often have higher fees and less flexibility than a US brokerage account, making your existing US 401(k) a core pillar of your strategy.
Efficiency comes from using local tax-advantaged wrappers. In France, an 'Assurance Vie' allows for tax-deferred growth and favorable inheritance treatment. The goal is to shift your new European savings into these structures while leaving your US assets in their own protected shells.
The expensive mistake: Assuming your US 401(k) and Social Security are 'lost' money
Many returning expats forget to factor their US assets into their European retirement plan. Your US Social Security credits and 401(k) balance are significant assets that, thanks to treaties and totalization agreements, will provide a base of income. You don't need to 'start from zero' in Europe; you are building on top of a US foundation.
What to do
- Obtain your Social Security Statement (SSA-7005) — Keep a record of your US earnings and 'credits' (quarters of coverage) to present to European pension authorities when you retire.
- Maximize employer-matched plans immediately — In countries like Germany or the Netherlands, employer contributions to private or occupational pensions are often the most efficient way to save.
- Integrate your US and European portfolios — Treat your US 401(k) as your 'US stock' allocation and build your European savings in local, tax-efficient assets to balance your currency and geographical risk.