Why do so many fail?
Jun 10th 2007, 3:02 pm
#16
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Re: Why do so many fail?
I'd be really interested to see some "return home" stats on retirees v workers that come here. Bet the latter is a huge figure compared to the retirees
Jun 10th 2007, 3:24 pm
#17
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Posts: 171
Re: Why do so many fail?
Hillybilly, in my experience there´s a fifth reason too. A lot of people are running away from UK rather than coming to Spain. They might feel unfulfilled in their work in UK, unfulfilled in their relationship or just generally dissatisfied with their life. I don´t think "starting a new life" is at all easy especially when the same problems you had in UK just start happening all over again. The problems are often internal and a change of scenery just papers over the cracks. Generally I think retired people out here learnt to have lower expectations from life so are happier!
Jun 10th 2007, 3:27 pm
#18
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Location: Sevilla/Cordoba border
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Re: Why do so many fail?
Yes, you're quite right. I've seen many relationships break up over here (mine included, though not really as a result of being in Spain!), leaving lots of singletons having to make a go of things on their own or having to return.
I don't, and never have had low expectations.
Jun 10th 2007, 3:54 pm
#20
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Jun 10th 2007, 3:56 pm
#22
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Jun 10th 2007, 3:59 pm
#24
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Re: Why do so many fail?
I agree with the previous poster. Many of the people coming to Spain aren't really prepared or plan either for the language or cultural differences.
Employment isn't easy in Spain particularly if you don't speak the language, you limit yourself to serving the expat market. Some people who came to Spain with what they considered sufficient funds, relaxed, and lived what many expats consider the Spanish life then after a few months found they started to run out of money.
I think that for the non-retirees it's the shortfall of funds that drives them back to the UK. Retired people or those with a pension can clearly survive with their incomes.
Employment isn't easy in Spain particularly if you don't speak the language, you limit yourself to serving the expat market. Some people who came to Spain with what they considered sufficient funds, relaxed, and lived what many expats consider the Spanish life then after a few months found they started to run out of money.
I think that for the non-retirees it's the shortfall of funds that drives them back to the UK. Retired people or those with a pension can clearly survive with their incomes.
Jun 10th 2007, 4:00 pm
#25
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Jun 10th 2007, 4:00 pm
#26
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Re: Why do so many fail?
I agree with the previous poster. Many of the people coming to Spain aren't really prepared or plan either for the language or cultural differences.
Employment isn't easy in Spain particularly if you don't speak the language, you limit yourself to serving the expat market. Some people who came to Spain with what they considered sufficient funds, relaxed, and lived what many expats consider the Spanish life then after a few months found they started to run out of money.
I think that for the non-retirees it's the shortfall of funds that drives them back to the UK. Retired people or those with a pension can clearly survive with their incomes.
Employment isn't easy in Spain particularly if you don't speak the language, you limit yourself to serving the expat market. Some people who came to Spain with what they considered sufficient funds, relaxed, and lived what many expats consider the Spanish life then after a few months found they started to run out of money.
I think that for the non-retirees it's the shortfall of funds that drives them back to the UK. Retired people or those with a pension can clearly survive with their incomes.
Spot on David
Jun 10th 2007, 4:05 pm
#27
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Re: Why do so many fail?
Think replies from Hillybilly and Lis48 are spot on.
Jun 10th 2007, 4:29 pm
#28
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Location: West Midlands, ex Granada province
Posts: 2,140
Re: Why do so many fail?
Some people (early retirement but not of State Retirement age) just do not plan correctly.
I know several couples in this category who have come out here to live on capital. They have rapidly run out. The one couple have sold up in the UK, haven't bothered paying NI to the UK towards their State Pension (although if this 30-year rule comes in they may be OK), don't pay into the Spanish system either and are now having to drastically downsize to release more capital. They have recently found out that thye have to pay towards medicql care (hospital bill); however a gestor is registering them as self-employed (they are not, really) and they can pay into the system that way.
Another couple in a similar situation have sold up and are running out of money, but they ARE paying into the UK State Pension and are covered on Spanish healthcare. Luckily they now have several months' work a year from their previous employers in the UK.
We are also in the category of early-retirement-but-not-retirement-age, but we still have a property in the UK, we have my husband's teachers' pension to live on, we pay into UK State Pension and are covered for Spanish Healthcare.
It amazes me how many people come with no clear idea of what they are going to live on. We would not have come if we had not got my husband's pension, nor if we'd have had to have sold up completely in the UK (although I understand that keeping a property is not possible for everyone).
So, my answer to the question is, incomplete and unrealistic financial planning.
I know several couples in this category who have come out here to live on capital. They have rapidly run out. The one couple have sold up in the UK, haven't bothered paying NI to the UK towards their State Pension (although if this 30-year rule comes in they may be OK), don't pay into the Spanish system either and are now having to drastically downsize to release more capital. They have recently found out that thye have to pay towards medicql care (hospital bill); however a gestor is registering them as self-employed (they are not, really) and they can pay into the system that way.
Another couple in a similar situation have sold up and are running out of money, but they ARE paying into the UK State Pension and are covered on Spanish healthcare. Luckily they now have several months' work a year from their previous employers in the UK.
We are also in the category of early-retirement-but-not-retirement-age, but we still have a property in the UK, we have my husband's teachers' pension to live on, we pay into UK State Pension and are covered for Spanish Healthcare.
It amazes me how many people come with no clear idea of what they are going to live on. We would not have come if we had not got my husband's pension, nor if we'd have had to have sold up completely in the UK (although I understand that keeping a property is not possible for everyone).
So, my answer to the question is, incomplete and unrealistic financial planning.
Last edited by scampicat; Jun 10th 2007 at 4:33 pm.
Jun 10th 2007, 4:53 pm
#29
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Joined: Sep 2005
Posts: 274
Re: Why do so many fail?
Some people (early retirement but not of State Retirement age) just do not plan correctly.
I know several couples in this category who have come out here to live on capital. They have rapidly run out. The one couple have sold up in the UK, haven't bothered paying NI to the UK towards their State Pension (although if this 30-year rule comes in they may be OK), don't pay into the Spanish system either and are now having to drastically downsize to release more capital. They have recently found out that thye have to pay towards medicql care (hospital bill); however a gestor is registering them as self-employed (they are not, really) and they can pay into the system that way.
Another couple in a similar situation have sold up and are running out of money, but they ARE paying into the UK State Pension and are covered on Spanish healthcare. Luckily they now have several months' work a year from their previous employers in the UK.
We are also in the category of early-retirement-but-not-retirement-age, but we still have a property in the UK, we have my husband's teachers' pension to live on, we pay into UK State Pension and are covered for Spanish Healthcare.
It amazes me how many people come with no clear idea of what they are going to live on. We would not have come if we had not got my husband's pension, nor if we'd have had to have sold up completely in the UK (although I understand that keeping a property is not possible for everyone).
So, my answer to the question is, incomplete and unrealistic financial planning.
I know several couples in this category who have come out here to live on capital. They have rapidly run out. The one couple have sold up in the UK, haven't bothered paying NI to the UK towards their State Pension (although if this 30-year rule comes in they may be OK), don't pay into the Spanish system either and are now having to drastically downsize to release more capital. They have recently found out that thye have to pay towards medicql care (hospital bill); however a gestor is registering them as self-employed (they are not, really) and they can pay into the system that way.
Another couple in a similar situation have sold up and are running out of money, but they ARE paying into the UK State Pension and are covered on Spanish healthcare. Luckily they now have several months' work a year from their previous employers in the UK.
We are also in the category of early-retirement-but-not-retirement-age, but we still have a property in the UK, we have my husband's teachers' pension to live on, we pay into UK State Pension and are covered for Spanish Healthcare.
It amazes me how many people come with no clear idea of what they are going to live on. We would not have come if we had not got my husband's pension, nor if we'd have had to have sold up completely in the UK (although I understand that keeping a property is not possible for everyone).
So, my answer to the question is, incomplete and unrealistic financial planning.
Jun 10th 2007, 4:54 pm
#30
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Location: Valdovino, Galicia
Posts: 489
Re: Why do so many fail?
Some people (early retirement but not of State Retirement age) just do not plan correctly.
I know several couples in this category who have come out here to live on capital. They have rapidly run out. The one couple have sold up in the UK, haven't bothered paying NI to the UK towards their State Pension (although if this 30-year rule comes in they may be OK), don't pay into the Spanish system either and are now having to drastically downsize to release more capital. They have recently found out that thye have to pay towards medicql care (hospital bill); however a gestor is registering them as self-employed (they are not, really) and they can pay into the system that way.
Another couple in a similar situation have sold up and are running out of money, but they ARE paying into the UK State Pension and are covered on Spanish healthcare. Luckily they now have several months' work a year from their previous employers in the UK.
We are also in the category of early-retirement-but-not-retirement-age, but we still have a property in the UK, we have my husband's teachers' pension to live on, we pay into UK State Pension and are covered for Spanish Healthcare.
It amazes me how many people come with no clear idea of what they are going to live on. We would not have come if we had not got my husband's pension, nor if we'd have had to have sold up completely in the UK (although I understand that keeping a property is not possible for everyone).
So, my answer to the question is, incomplete and unrealistic financial planning.
I know several couples in this category who have come out here to live on capital. They have rapidly run out. The one couple have sold up in the UK, haven't bothered paying NI to the UK towards their State Pension (although if this 30-year rule comes in they may be OK), don't pay into the Spanish system either and are now having to drastically downsize to release more capital. They have recently found out that thye have to pay towards medicql care (hospital bill); however a gestor is registering them as self-employed (they are not, really) and they can pay into the system that way.
Another couple in a similar situation have sold up and are running out of money, but they ARE paying into the UK State Pension and are covered on Spanish healthcare. Luckily they now have several months' work a year from their previous employers in the UK.
We are also in the category of early-retirement-but-not-retirement-age, but we still have a property in the UK, we have my husband's teachers' pension to live on, we pay into UK State Pension and are covered for Spanish Healthcare.
It amazes me how many people come with no clear idea of what they are going to live on. We would not have come if we had not got my husband's pension, nor if we'd have had to have sold up completely in the UK (although I understand that keeping a property is not possible for everyone).
So, my answer to the question is, incomplete and unrealistic financial planning.
Sorry if my reply sounds stupid, still getting to grips with these laws and such.
I was under the impression that you could not pay into a UK state pension(national insurance) and be registered as a resident in Spain. I was also under the impression this kind of arrangement would only cover you for the first three months of being out there (can only receive free spanish health care for your initial 3 months of living there)