Robb B

I am trying to persuade my wife that we could essentially retire to Lanza on my military pension albeit with a simple lifestyle

I get around £707 p/m which grows to £875 in a few years.

I was looking at a single bed apt with utilities included.

Am as deluded as she thinks I am?

Any help form someone living on a pension in Lanza would be appreciated.

bakedbean

Hi Robb and welcome to the forum

I'm going to shift your post over to the Spain section of the forum, as your question is quite specific to Spain and Lanzarote.

All the best with your decisions (and convincing your wife )

Rosemary

Hi and a warm welcome to the Spanish forum on BE. Myself and Fred James are the moderators for the Spanish forums whilst BEVS moderates Europe. Moderators are there to ensure that the site runs smoothly within the rules of BE. This is so that members gain the information that they are looking for and find their experiences on the forums to be friendly and worthwhile.

Problems and complaints should always be addressed to a moderator who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are usually friendly and helpful with a wealth of knowledge about the issues of living in Spain. I hope that you enjoy your time participating in the forums.

Please let me know if you need any further help.

Rosemary

Robb B

Ok thanks for the info, I hope I get some help on this point as unbiased opinions seem to be hard to come by. I.E not trying to sell a rental etc.

coolsmith

I live in Valencia, but it sounds a bit tight to me. There are plenty of people who live on that amount, but if your pension has to cover rent and everything else, you will be struggling to make ends meet. The cheapest one bedroom apartments I have seen in Lanzarote are 350 euros per month; it is not usual in Spain for rents to include electricity, wáter, gas etc, so you will also have to pay that; say mínimum output 450 euros per month. It would leave you with 400 euros for food, clothing, transport, and any other unforeseen expenses. In my opinión you would need 1000 pounds a month to live very modestly. Sorry to disappoint you.

Robb B

I have seen a few places at 450 Euros inc utilities up to 50 Euros a month. It's just the rest of the bills that may be an issue. The idea is that I look for work wherever I can but I don't want to be dependent on work to survive. I would welcome any comments from anyone living on a pension in Lanzarote who I might be able to benchmark against.

casa del sol

You will also have to factor in the rate of exchange converting sterling into euros and the cost of transferring the money each month. This could mean you may not receive as much as you had expected.

Fred James

Unless you are in receipt of a UK state pension, you will need to provide proof of private medical insurance which wil be expensive.

Your income is probably adequate to be able to sign onto the foreigners register which allows you to stay for more than 90 days but you will need to have medical cover.

stuboy

It's doable but the reality is that it will most likely be also very miserable. The rent you could afford will not get you very much.

As Fred has already said you need to consider the cost of healthcare if you're below normal retirement age.

I guess a lot depends on what you're used to.

I certainly couldn't survive on what your proposing.

Robb B

Okay thanks all I guess this is a reality check for me.

I may have to cash in my chips and have a pot of money to fall back on for the first year.

Or maybe wait until I'm 55 and have two pension incomes.

Not sure I want to wait that long though.

Lot's to consider.

mikelincs

You will also have to factor in the cost of utilities, not that many places include utilities within their rental costs, also phone and internet connection, particularly if you want to watch any UK TV. We lived mainland Spain, and had an income for the two of us of £1000+, also free healthcare, and the fluctuating exchange rate was the main reason for returning to the UK as we were sometimes having to dip into our savings. You can get your pension paid without incurring costs by having it paid direct into a Spanish account.

Robb B

I guess my main concept was to try and set up on a minimalist scheme so that if I absolutely could not find any work I could still survive. The hope being that finding a job would then allow us a lifestyle. It sounds to me like this is not a feasible as I believed and that I will need to supplement this right from the start.

Having seen this feedback I am now thinking we need to work to a four years out plan. I would re-mortgage to free up some capital then rent out our UK home this may also supply a modest rental over and above the mortgage. This would also leave us with an escape route if it really isn't working out. In that four years we can carry on the spanish lessons, research the costs more thoroughly and continue to build capital. We can also make some more trips to see if we are still in love with the idea after spending more time there.

My wife is concerned that we would have 'nothing to do' as Lanza is somewhat limited by it's small island status. We certainly do want to rely on sitting in bars as our only social life.

Also their is our dog to consider. I think bringing him with us would be fine but she has doubts.

Moses2013

Your biggest cost monthly will be rent & food, so if you're not self sufficient (paid mortgage) that money won't take you far. If you have a home in the UK, just enjoy life and go off season for 3 months and you aren't fixed on one location. The scenery in Lazarote can get boring too and you'll be glad to go to a different place.

rspltd

If you survive more than a month in Lanzagrotte I'd be surprised.

outback sunset

Hi Rob

Have a look at Early Retirement Extreme website if you haven't already seen it. I'm not saying it's the answer to your dream of retiring oversees right now but has some really great ideas and can be quite liberating to make changes in your spending and lifestyle. I think trying to work in Europe where you generally need to speak at least two languages well/fluently can be a barrier for many and as others have said the likelihood of work and a good lifestyle for you and your family is low. Have you thought about more flexible options? You could rent out your house and pick up some work/ explore a new part of the UK, don't spend your pension in that period and save it up to spend the remainder of the year in Spain. Maybe you could rent in Spain for a few months of the year and enjoy the best of both worlds without all the complications of trying to work in Spain. Have you thought about homeexchange for part of the year to experience a new place without all the expense?

Just my 2c but if you want a new experience maybe look at a whole range of options and don't just focus on the one least likely to be fruitful.