PompeyBill

Hi guys,

New here, hope you don't mind this question.

I have been successful in an application for voluntary exit at work, which is nice. I am thinking of the possibility of taking it, also taking an early part of my pension (I work for government) and emigrating/retiring early to Portugal, having done research, liking the country and reading about the good cost of living, welcoming people etc. Plus, of course, the nice climate.

My plan is to buy a place outright, leaving myself some money in the bank too (around 40k minimum). My monthly income, from my pension, would be around £650 to start with, though this would go up when a second pension becomes available in just under four years (I'm 51).

Going by this monthly figure, which seems to pretty much equate to the average wage in Portugal, do those with experience think this would be a realistic amount to live on for a while? I'm pretty simple living, pretty bohemian, so give me some basic stuff, internet and a chair, I'd be pretty happy :-)

Many thanks.

Loafing Along

Some important advice - don't buy until you have rented for a while in your area of choice. It's amazing how your view of a place changes the longer one is there so get to know where you want to be before buying a property.
As for the income issue dificult to comment, everyon'e lifestyle is different but my impression is that figure is too tight for comfort.

PompeyBill

The monthly figure would be backed up by the money I'd have in the bank if needs be, until my second pension kicks in. :-)

Ukkram

The £650 will be ample to live on if you have no rent or bond to pay. If you are single then you can live like a king. My wife and I live on that AND we pay rent as well plus we have fibre internet and multi channel TV contracts.
The people that disagree have much higher standards of living that we do not need. We buy what we want and never skimp.

Loafing Along

Exactly my point everyone adapts so impossible to give an accurate reply . Just think as a "Newbie" the writer may want the odd flight to the UK and that knocks quite a hole in a monthly budget.

Ukkram

A simple calculation tells me the OP will have €185 PER WEEK to spend. My wife and I spend €40 per week on food and ample wine. He will have no problem whatsoever to fly back home a few times per year.

PompeyBill

Thanks guys, this is all looking good. Yep, I will be going on my own (should have confirmed that) and, with buying a place outright (at least in time), I will have no rent or mortgage to pay.

Red Eric

I don't know how many of the Royalty Ukkram is personally acquainted with but he is a self-confessed freeloader and cheapskate. He has also complained long and bitterly on here about elevated Portuguese tax demands. A couple of things to bear in mind, perhaps, when making your assessments about living like a king and what levels of income might actually be involved.

Personally, I'd say €650 wouldn't give a lot of room for manoeuvre unless you want a hair-shirt existence. Do you want to run a car, for example?

The cash cushion certainly sounds like a reassuring fallback and the fact that you've got more income to come shortly-ish (and presumably even more later) is great.

I presume you've heard of the NHR tax regime but if you haven't, make sure to have a good look at that - if it's not useful now it might be in future and you need to stake a claim within a specified time limit if it's to be granted, even if it won't actually apply until later

Vinny17

Numbeo cost of living comparison

I have used this as a basic starting point. I know how much I spend here in Canada, so it gives me an idea of how much the same standard of living would be in PT. I am sure it is not 100% accurate, but all things being equal, I think my cost of living in PT will be around 75-80% of Canada

Ukkram

I would not trust the figures on Numbeo as they are posted mostly by tourists visiting expensive holiday places in summer. As a cheapskate and freeloader I can pay half for items shown in Porto. You just need to know where to buy what. Salmon cutlets at Continente is €9.95 per kg and at Lidl down the road it is €15.99 per kg.

Vinny17

"I would not trust the figures on Numbeo"

I agree - I am using them as a general guide, and perhaps more of a worst case scenario.

peterfc

My Pension is less than the OP and i live very well. My income from my business allows me to carry out works to my house. Return flights to Liverpool can be found and from now till the end of May i have three returns flights booked and they all came in return for less than 40€. It's better to look for the cheap flights and work round the dates the flights are for.

Peter