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Old Oct 24th 2017, 9:06 pm   #1
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I'm thinking about the possibility of retiring to Portugal, partly for the climate and partly because I can't afford to retire in the UK. As cost is a key cost for me, what sort of monthly income would be needed to allow two people to live a reasonably comfortable life in Portugal?

I'd also be grateful if someone could advise me about some good areas for retirement that have decent weather, good medical care, things to see, facilities and is a very cost effective area.

Thanks
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Old Oct 24th 2017, 11:00 pm   #2
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Default Re: Cost

Many threads on this topic if you do a search but they will all tell you the same, depends how you want to live, have a good life / live like a monk?
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Old Oct 25th 2017, 8:08 am   #3
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Default Re: Cost

1,000€ per month excluding accommodation should see a couple right for a modest life, in my opinion but the more above that the better and it wouldn't hurt to have a good chunk of savings on top to call on if need be.

Should be enough to run a small car, eat out from time to time, keep warm etc. It'd be very possible to get by on less - a lot do - but I really wouldn't like to try.
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Old Oct 25th 2017, 8:26 am   #4
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Default Re: Cost

Portugal varies immensely by area and as an example of that, a rental cottage or apartment in the central or northern zone can be had for something like €350 per month (plus services) but you'll pay several times that per week in some parts of the Algarve in the summer months so before you decide whether you can afford to retire to Portugal you need to decide which part of the country & what kind of lifestyle you want.

Minimum wage here is about €550 per month but you'd seriously battle to live on that in many parts of the country.
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Old Oct 25th 2017, 9:59 am   #5
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Default Re: Cost

We live up here in the north on the coast and it costs us €580 pm for renting a 2 bed fully furnished flat, food, utilities, tv package and internet.

This does not include entertainment costs as it will vary on lifestyle nor did I include car expenses. Not that one needs a car where we live as public transport is top notch. I will probably get to Lisbon quicker by train than by car.
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Old Oct 25th 2017, 12:14 pm   #6
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We live up here in the north on the coast and it costs us €580 pm for renting a 2 bed fully furnished flat, food, utilities, tv package and internet.
Yes but you're a cheapskate
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Old Oct 25th 2017, 1:59 pm   #7
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Default Re: Cost

I wouldn't say we have lavish tastes but I wouldn't describe us as monks either. For my part, as long as I can play my guitars, play a bit of golf, eat out now and again and not be perpetually worried about paying bills, I'm happy. We live in a 2 bedroom bungalow at the moment and that's perfectly adequate. It sounds like the north would be a better option than the south.

I make no bones about the fact that I'm in a poor financial position when it comes to retirement and that's my main motivation for retiring abroad. Britain is just too expensive! The cost of living seems cheaper in Portugal and cheaper than most European countries. We've only been to Portugal once before and that was to Lisbon, which we loved. I'm working in the Falklands at the moment, trying to improve my savings and we intend to holiday in Portugal in the next couple of years so that we can investigate where might be suitable to live. Any suggestions would be gratefully received.

It sounds like if we stick to the north rather than the Algarve, £1,000pm should easily see us OK from what Ukkram says, though more like £1,500pm if we adopt Red Eric's lifestyle
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Old Oct 25th 2017, 3:09 pm   #8
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Default Re: Cost

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Yes but you're a cheapskate
And a freeloader.
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Old Oct 25th 2017, 7:42 pm   #9
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Originally Posted by mfesharne View Post
Minimum wage here is about €550 per month but you'd seriously battle to live on that in many parts of the country.
A better figure to use might be the goverment's valor minimo de existência figure, below which income tax isn't payable. That is currently set at 8,850€ per annum, or 737,50€ per month.
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Old Oct 25th 2017, 8:01 pm   #10
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Originally Posted by Slartibartfarst42 View Post
I wouldn't say we have lavish tastes but I wouldn't describe us as monks either. For my part, as long as I can play my guitars, play a bit of golf, eat out now and again and not be perpetually worried about paying bills, I'm happy. We live in a 2 bedroom bungalow at the moment and that's perfectly adequate. It sounds like the north would be a better option than the south.

I make no bones about the fact that I'm in a poor financial position when it comes to retirement and that's my main motivation for retiring abroad. Britain is just too expensive! The cost of living seems cheaper in Portugal and cheaper than most European countries. We've only been to Portugal once before and that was to Lisbon, which we loved. I'm working in the Falklands at the moment, trying to improve my savings and we intend to holiday in Portugal in the next couple of years so that we can investigate where might be suitable to live. Any suggestions would be gratefully received.

It sounds like if we stick to the north rather than the Algarve, £1,000pm should easily see us OK from what Ukkram says, though more like £1,500pm if we adopt Red Eric's lifestyle
My earnest advice to you is to err on the side of caution. Portugal is a little cheaper in many respects than the UK but you won't be playing much golf if you've a bare grand a month and you're paying rent out of it.

And forget settling in Lisbon or Porto on that if you're going to be a renter and you're intending on living a few years longer.
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Old Oct 26th 2017, 10:42 am   #11
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Default Re: Cost

And don't forget the Alentejo

The best thing to do is to have a good look around -long term rentals here are from about 350€ a month.
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Old Oct 26th 2017, 10:47 am   #12
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Default Re: Cost

Yes, we realised that big cities and obvious tourist destinations would be out of the running but while it would be nice to live within travelling distance of somewhere major and places to visit, we have no particular desire to live there. We line in the Falkland Islands at the moment so we're used to remote! We also realise that exactly what we do and where we go will be determined by cost. A luxury villa in the Algarve would be fantastic but we'll never be able to afford that. If the north is cheaper, we live in the north and if that's still too expensive, we look elsewhere in the world that has a lower cost of living.
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Old Oct 26th 2017, 12:28 pm   #13
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Originally Posted by Slartibartfarst42 View Post
Yes, we realised that big cities and obvious tourist destinations would be out of the running but while it would be nice to live within travelling distance of somewhere major and places to visit, we have no particular desire to live there. We line in the Falkland Islands at the moment so we're used to remote! We also realise that exactly what we do and where we go will be determined by cost. A luxury villa in the Algarve would be fantastic but we'll never be able to afford that. If the north is cheaper, we live in the north and if that's still too expensive, we look elsewhere in the world that has a lower cost of living.
Montenegro / Bosnia
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Old Nov 5th 2017, 6:10 am   #14
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Default Re: Cost

Portugal seems to be a good retirement destination. To be honest I've only ever been to Lisbon before and loved it but that doesn't hugely concern me. I won't be retiring for at least 4 years and possibly a bit longer so I have time to research things. For now, I really need the answers to these questions:

1) What would it cost, per month, to have a reasonable standard of living in Mexico? From what I've heard so far it's in the £1,200 - £1,500pm bracket.
2) What areas should I be looking at for a decent lifestyle, decent medical care and other expats in the area with a low cost of living? I intend to visit these places over the next few years to find out more.
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Old Nov 5th 2017, 7:59 am   #15
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Default Re: Cost

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Originally Posted by Slartibartfarst42 View Post
Portugal seems to be a good retirement destination. To be honest I've only ever been to Lisbon before and loved it but that doesn't hugely concern me. I won't be retiring for at least 4 years and possibly a bit longer so I have time to research things. For now, I really need the answers to these questions:

1) What would it cost, per month, to have a reasonable standard of living in Mexico? From what I've heard so far it's in the £1,200 - £1,500pm bracket.
2) What areas should I be looking at for a decent lifestyle, decent medical care and other expats in the area with a low cost of living? I intend to visit these places over the next few years to find out more.
A lot can happen in a country in 4yrs .We have lived in the Algarve for 6yrs and have already seen big changes.For a start almost a million more tourists came this year alone. The NHR scheme came in 5yrs ago allowing some very fortunate retirees 10 tax free yrs (yep I am jealous having missed it by a whisker.What a huge difference that would have made to me and mine) It is rumoured to be being modified or dropped altogether though.
What I am saying is that the world is hardly stable right now. What applies today could be very different in 4yrs time. My YD works in Real Estate ,when she started 4 yrs ago the market was totally dead. Now she cannot work long enough days to keep up with demand.Property has gone up by 9% this year alone. The days when Portugal was a cheap place to retire are slipping away fast.
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