How much to retire?
 

I know this will mean different things to different people as everyones thoughts on what is comfortable is different.

So for the sake of this question, please take these point into account.

1 - How much is needed a year (or lump sum) to retire in spain?

2 - Based on retiring at 55

3 - Comfortable means eating out 3 times a week

4 - one main holiday a year

5 - 2 or 3 weekends away (paris, rome etc)

6 - No having to worry about day to day living expenses

7 - Based on renting in spain at say €500 a month

Re: How much to retire?
 

Well you know what they say..... If you have to ask the price then you can't afford it.

Re: How much to retire?
 

Fair point...... however i believe I CAN afford it but just getting other peoples opinions.

Opinons from people who are living there are very useful, rather than just my own thoughts.

Re: How much to retire?
 

Sounds like you want the lifestyle of those in the major cities, such as Madrid, Barcelona, Malaga, Seville, etc, where flights to the rest of Europe are abundant.
So my initial thought is that €500/m is a bit low but then all depends on where you want to, or end up, living.

And as to cost of living, well that's in your control, dependent on how many there are in the family and where you get the Rolls or Bentley serviced.

You should also consider the cost of private medical as you won't have any local cover and UK cover isn't transportable, at least not until you reach retirement age - whatever that will be.

Please more info on location etc

rgds

Re: How much to retire?
 

Hi

If you live say in the CDS - say 1/2 million - 25 / 30 thousand a year - add 10 thousand a year to live in Barcelona, subtract 5,000 to live in a poor area!

Sort of guess cos I don´t get anywhere near that and don´t live that sort of lifestyle

Davexf

Re: How much to retire?
 

For that kind of lifestyle you are looking at a similar level of income to living in the UK. Plus you have to add on the medical insurance. The plus side is the weather of course.

Re: How much to retire?
 

We are looking at the costa blanca, around the torrevieja area - probably playa flemenca.

i am sure we will find something there for €500 per month, maybe a townhouse 3bed 2 bath, this would be ideal

Re: How much to retire?
 

Read your first post and I thought that sounds like a good plan, a nice lifestyle, and then you went and ruined it when you told us where you intend to do it! :(
PS. it's Flamenca, otherwise it sounds like something you cough up.;)

Re: How much to retire?
 

Based on what you say there, and assuming you choose an area out of cities and not in the more expensive CDS, I would say around €1500 - €1800 a month plus rent, your main costs being the weekends away and main holiday. Eating out 3 times a week here (CB North) would cost you about €48 a week.

I know this, because it's roughly what I do ;-)

Re: How much to retire?
 

Seems a bit excessive...... is it really that bad?

Re: How much to retire?
 

Nooo, many thousands of Brits love it, it's just not for me!:)

Re: How much to retire?
 

At least €2500 pm if you want to run a half decent car and replace it every few years , assuming you are in good health what are you going to do all day? I`d be bored **itless after a month .

Re: How much to retire?
 

€2500 pm seems a pretty sum, I can't see how you can be bored living on that. €1000pm with rent and living costs to pay would leave you with rather less to entertain yourself, unless you liked walking or reading.

Re: How much to retire?
 

better wait a day or two to use the government jargon "could be revised up a bit" depending on the pound?

Re: How much to retire?
 

You appear to have asked a very similar question here in August 2012 but then there were four of you, are you now saying it is just you? if so, what have you done to the other three? I don't wish to pry but I do wonder.:unsure:

Re: How much to retire?
 

I'd recommend buying an older house. If it's like ours there is always something on an almost daily basis either falling off, leaking, sticking, loose, needing painting, scraping, filling, cementing, grouting etc. You wont need a car as you will not have time to go anywhere, or the energy left to go eating out 3 times a week. :rofl:

Re: How much to retire?
 

Hi

Thanks for your thorough research on my posts, I did previously ask a similar question and yes there is 4 of us, 2adults and 2 kids.

I have a good understanding of what it will be costing us, this question is regarding retirement, both for my parents (who used to live in spain but not for several years & my inlaws).

Basically I gather on the basis the replies from these two posts we need €30,000 a year plus school fees and holiday money and parents need €25,000 a year or there abouts.

Wondeful as both very do-able

Re: How much to retire?
 

The question asked is unanswerable correctly because everybody's needs are different. However, I know several retired people from Ireland and the UK who live comfortably in Spain without having to scrimp and beg. In typical Irish fashing somewhere in the following is your answer:-

1. €500 rental per month for 2 bedroom apartment on a long term basis can be had easily enough. The new home would be centrally located in a decent resort with an expat community.

2. You dont need a car if the local bus service is good.[much expense written off here].

3. You can eat out (dinner) with decent meal for €10.00 easily.

4. Ensure there is a working-all-year serious supermarket within 5 mins walk of your accommodation. [hauling water and shopping is not as easy as you might think].

5. You need contact with like-minded people [dont underestimate].

6. BBC+ITV probably provided free as part of apartment.

7. You will have to pay your electricity charges. Community Fees, Refuse charges, public electricity charges etc are usually paid by landlord.

8. You can do all of the above in the UK so you need as much sunshine as you can get - concentrate on a place between Alicante and Gibraltar.[hundreds of miles of guaranteed sunshine].

9. Choose a resort near an airport.

10. Choose a resort/town that is open all year round. [Ghost resorts open June, July, August would be a disaster for you, I think, unless you are writing that book].

11. You need level walks and good scenery is necessary also. Take it, it is there. While I am on the subject an apartment with a view of a large white wall is the last thing you want. Remember, you will be enjoying breakfast on a sunny terrace.

12. A nearby Céntro Médico is absolutely necessary for any emergency.[dont forget]