Enough Income
 

Hi. I am desperate to retire to Spain. Unfortunately there is a small problem and this is retirement is some 19 years away. Allowing for a sensible rate of inflation my yearly pensionable income will be £8500 pre-tax. Can anyone tell me if this will cover the basics/necessities please.
Thanks very much,
Mark

Re: Enough Income
 

Hi
I'm sorry but can you clarify something? - are you saying in 19yrs your pension will be £8.5k, or are you saying it would the equivalent of £8.5k in todays money?

If you're saying it would be the equivalent, I would guess it would just cover the basics assuming you had no or very little rent to pay.

Re: Enough Income
 

Sorry I should have been more clear. I did mean the equivalent of £8500. Thankyou for your response,
Mark

Re: Enough Income
 

This must rate as the hardest to answer question ever posted, apart from Telefonica ones.
That amount is about the alleged average wage in Spain.
Are you talking one or two people, by the amount of pension, I am guessing one.
Do you need a car, what lifestyle do you want, etc, etc ?
At the moment, depending on area of Spain, this would be ok for two people to live including rent for an apartment.
Now in twenty years, who knows ?
I would imagine this amount would of been excellent twenty years ago and lifestyle would of been much better with that amount then.

Re: Enough Income
 

I don't want to be the bearer of bad news but I think you'll have to consider becoming an Estate Agent! :lol:

Re: Enough Income
 

how long is a piece of string?

Re: Enough Income
 

hola,
wages out here are very low compared to the uk. £8,500 is an ok figure and you will find it will go further here than in the uk.(as long as you dont buy too many british products pg tips marmite ect as these are very expensive out here. i have recently started a business and i am surviving on alot less that that, even with going out 5 nights a week to bars and eating out 3 times a week............do the move youll not regret it!!!

Re: Enough Income
 

In twenty years time ????

Re: Enough Income
 

My husbands Teachers Pension is around £7.5k and we (two adults) can live reasonably well on this except for expensive one-off items which have to come from savings. We do have a small amount of other income, but we try to save this for the aforementioned one-off expenses. Altogether from all sources, we probably have around £9.5 a year, but the Pension is what we live off.

We live in inland Andalucia, have no rent or mortgage, don't need private medical insurance, don't smoke, do not have Broadband or Sky TV and have one nine-year-old car. We go out 2-3 times a week for tostadas for breakfast and 1-2 times a week to a bar in the evening -these are Spanish-run village bars so much cheaper than the Brit bars on the coast. We do not go mad with our lives, but I don't think we go without either.

Hope this helps.

Re: Enough Income
 

Sounds like an ideal life, can't wait to do it myself, not long now.:thumbs_up:

You do not need a large amounts of money to lead a healthy, peaceful, stress free life.:)

Re: Enough Income
 

I always tell people to do a lot of research and take their time, but I think you are taking this advice too literally :D

Right now, its enough ..... in 19 years time ...... your guess is as good as mine :D

Re: Enough Income
 

Just to clear something up £8500 is the equivalent of todays salary i.e. allowed for inflation at 3% so it may actually be £25000 then (just a guess) We don't go out much but will have satellite tv and broadband. We also currently have a shopping budget of £200 a month for 2 + a child and will be running a small economical car once there.
Thankyou for all the responses so far,
Mark

Re: Enough Income
 

That 25,000 quid estimate has changed things a bit then. lol

Re: Enough Income
 

Come back in 18 years and we will have an answer! ;)

Re: Enough Income
 

It's really impossible to guess that far in advance, as people say, there are people living well on that sort of figure now, but without a crystal ball it's impossible to say what the position will be in 18 years. Given the figures and your requirements, then I suspect you would be OK but.......