chipsandsausages

Hi all....
We are very new to this and could do with picking your brains :-)

I am 44 and my husband is 42. We both work for the emergency services and have plans to retire in 6-8 years time to Spain.

We can both take a lump sum from our pensions at the age of 50.

We own a mortgaged property in the UK and have 4 children age 11-15.

The children will be 18 by the time we are ready to go, so schooling won't be an issue and it will be their choice what they want to do.

We accept that renting appears to be the way forward, but would appreciate a little advice on what we need to be doing now, what areas of (southern) Spain we will get good value for money, going out there and researching the areas etc. We don't mind whether we have a sea view or not, we'd like (ideally) a quiet life with perhaps a little casual work to top up the pensions and easy access to the UK.

How is everyone else getting on?

Horlics

I think you should holiday in different areas for the next 6 years to help you decide where your destination will be. Apart from that, do nothing.

chipsandsausages

Well, far from doing nothing, we are currently looking at projection figures for our pensions and just wondered how everyone started the ball rolling. Thanks for your input.

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

Horlics

Ball rolling....

1. Get to know the country and your favourite places
2. Spend as much time as you can there
3. Research housing in preferred area to make sure it's available within your price range
4. Work out when you can retire (I thought you'd done this bit... the numbers)
5. Wait
6. Jump on plane

pwwm

We speant some years working out the área we wanted to live and when we could afford to retire, we also had a house that would give us quite a lot of money in a pot, if we had then had to look for work we would not have entertained the idea. Would have been hard enough finding work, certainly around us, let alone today where unemplyoment is very very high

We sold up in the UK, could not afford to keep two properties, him indoors does extremely well with the Budget, we are not well off but we do not go without, run 2 cars, pool, etc dont eat out too often but then we prefer to go to the beach for breakfast instead a couple of times a week.

We certainly couldnt not live the way we do here if we were back in UK, but having a new grandson strings are pulling

Dxf

Hi

I would add "Learn the language"; you have six years and could hit the ground running

Davexf

chipsandsausages

Thankyou!
To address some points; I speak Spanish to a degree (did it at A level and use it often when I'm there).We have got the region in mind - Andalucia, and are planning some trips there over the next couple of years.
Not keen on selling up, as it feels like burning bridges so plan to rent out our UK property for two reasons.. income and a base here in case we have to come back.
Your points have been helpful! Thank you!
What is the climate like at the moment regarding casual work? Ie; handyman, bar work etc. We should manage on what we have but want
to cover all circumstances x

Horlics

Where I am on Costa Blanca I know a few Brits who have been able to find and keep casual and full time work. When one of them lost a job they found a new one within a couple of weeks.

Most people here will be along to tell you that it's extremely tough to find work. I think Andalucia is tougher than most places so I would listen to those with specific experience of that region rather than any others, as it does vary.

Horlics

Oh, another thing. You need to swat up on the tax situation if you haven't already. Although you will keep your UK home, if you stay in Spain more than 6 months in a year you become classed as resident for tax purposes. That means any rental you get on your UK home will be taxed in Spain, as will any other income that exceeds the relevant thresholds.

A big factor is the UK home. If you have been in Spain for 6 months of a year and then decide to sell your UK house, it will be taxed in Spain on the profit you will have made from it. It won't count as a primary home (and therefore miss the tax) as your primary home will be Spain once you go past half a year.

But, as I was hinting in my first (albeit brief) response, it's 6 years off so see if you love the area you find and want to settle here, and then you have some values to compare... lifestyle vs. cost implications.

Please note, I am not saying the tax system will be heavy on you. If you make the right decisions re disposal of property etc. the Spanish system isn't much different to the UK overall. And then it costs you less to live here.

chipsandsausages

That's interesting to know. Thanks for that. Indeed food for thought x

Moses2013

Well, at least you have plenty of time. So much can change in 6-8 years and good value for money can be found anywhere, but also the opposite. Unless you are really stuck on "Southern Spain" I would suggest to consider other places and you might be surprised what you can get for your money.

bolton wanderer

Hi chipsandsausages,

We're part way through a similar plan. We've now taken early retirement and are looking for a home in Spain.
One thing to be aware of is that your children may not leave home at 18 ....I know our's hasn't He's now 23 and although he's working he can't afford a deposit, or even the rental on anything half decent. For the time being we rent when we're in Spain and our son looks after our house, pays the bills and a small peppercorn rent while we're away.

I would also advise looking into the Spanish tax for your situation. Depending on your income & investments you might not want to be classed as tax resident. If you do, it may be worthwhile looking into a way of signing your UK house over to your children and collecting some form of rent from them while you're in Spain.

good luck

EsuriJohn

When the time came at the end of the planning phase two of our children were well settled with their own homes. The youngest was still at home but we did not want to have two large houses in both countries. We reached an agreement with the one at home to fund his deposit for a flat but it had to have two bedroom (one for us). So we have somewhere to go to when we go to UK he has all the bills and we have a lovely home here in Spain and a place to lay our heads in UK.

Horlics

And the problem with letting the kids stay in the UK home is that the Spanish tax authorities will assume that you are making a profit from rent whether you are or not.