Digital nomads—as the name suggests—are constantly on the move. Often working remotely, they don’t always have access to the same retirement plans as more traditional workers. However, with careful planning, digital nomads can still set themselves up for a comfortable retirement.
Whether it’s contacting SMSF accountants or investing in real estate, here are five tips to get started:
1. Start early
Starting early is critical to successful retirement planning for digital nomads. While you may not have access to a traditional employer-sponsored retirement plan, other options are still available. If you’re in the US, consider a Roth IRA. If you’re in Australia, set up a Superannuation fund. Wherever you are, it’s important to find the equivalent plan and get started.
By starting early, you have more time to save and invest, which can lead to greater returns by the time you hit retirement age. The power of compounding interest is not to be underestimated. If you need proof, use a compounding interest calculator to take a look at the incredible growth you can achieve when you make small contributions over a significant period of time.
2. Take advantage of tax benefits
A smart way to save for retirement is to take advantage of tax benefits. If you’re self-employed, you may be eligible to deduct contributions to a retirement plan from your taxes. This can reduce your taxable income and help you save more for retirement. Additionally, you may be eligible for a tax credit for contributions to a retirement account. This credit can reduce your tax bill and increase your savings.

3. Invest in real estate
Real estate is valuable to anyone’s retirement portfolio—including digital nomads. By investing in rental properties, they can generate a steady stream of passive income to supplement their retirement savings. In addition, real estate can provide long-term appreciation and serve as a hedge against inflation.
With the advent of short-term rental platforms like Airbnb, it’s easier than ever for digital nomads to purchase properties in desirable locations and generate rental income. However, it’s important to do your due diligence and research the market before investing in real estate. Consider working with a real estate agent or property management company with experience in the local market to ensure you make informed investment decisions.
4. Diversify your investments
Diversifying your investments is an important strategy for building a solid retirement plan. This is particularly true for digital nomads who don’t have access to a traditional employer-sponsored retirement plan. If that describes your situation, you need to be proactive about spreading out risk and maximizing returns.
One way to achieve this is by investing in a mix of stocks, bonds, and real estate. When you spread your investments across different asset classes, you reduce your exposure to risk and increase the likelihood of achieving long-term growth. Consider working with a financial advisor to identify a diversified portfolio that aligns with your retirement goals and risk tolerance.
5. Seek professional help
Planning for retirement can be complex, and digital nomads may face unique challenges when it comes to saving for retirement. That’s why it’s important to seek professional help from a tax accountant or financial advisor. They can help you navigate complex tax laws and develop a retirement plan that meets your unique needs by considering your income, tax situation, and investment preferences.
Retirement planning is just as important for digital nomads as it is for more traditional workers. So, start early, look at tax benefits, diversify your portfolio, and seek out professional help. With those strategies in play, you can plan a path to a comfortable and secure retirement.