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Would i be able to live on £20.000 plus my pension.

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Posted: Mon Feb 4, 2019 12:03pm
15 replies909 views8 members subscribed
jayne2012

Posts: 6

Location: Torrevieja

Hi, i lived and worked for a few years in Spain many years ago and am now thinking of retiring to Torrevieja from the UK. I would buy a little apartment outright and then would have roughly £20.000 and my pension to myself, would this be enough to live on?  My way of life is not extravegant, i would maybe go out at weekends for social drinks and catchup with friends and am no way a big spender on going out for meals or anything else. Any answers to my questions would be much obliged.

Many thanks.

John56

John56

Legendary helpful member

Mon Feb 4, 2019 12:19pm

Posts: 1799

Location: La Zenia

2031 helpful posts

Posted: Mon Feb 4, 2019 12:19pm

I am presuming that you only have your State Pension and no Private Pensions, in which case the 20k would gradually dwindle away probably over a period of years.

An alternative would be to get a long term rental, these are readily available and reasonably priced unlike Holiday Lets. If you went down this route you would free up the Capital that you have and would only be liable for your rent, water and electric bills. Any other expenses like maintenance, Community Fees etc are the responsibility of the owner.

jayne2012

jayne2012

Original Poster

Mon Feb 4, 2019 12:50pm

Posts: 6

Location: Torrevieja

Posted: Mon Feb 4, 2019 12:50pm

Hi John, many thanks for your help, i have sent a private message.

Regards.

jimtaylor

jimtaylor

Legendary helpful member

Mon Feb 4, 2019 4:20pm

Posts: 3678

Location: Almoradí

5052 helpful posts

Posted: Mon Feb 4, 2019 4:20pm

The big problem could be the amount of your pension, as it might not be enough to qualify you for residency.

Purple gran

Mon Feb 4, 2019 5:42pm

Posts: 40

Location: Torrevieja

23 helpful posts

Posted: Mon Feb 4, 2019 5:42pm

That's a good point Jim, but if Jayne 2012 were to transfer a proportion of the £20k to her Spanish bank in addition to having the pension paid into it, would that not satisfy the powers that be that she would be able to support herself without recourse to the state?

jimtaylor

jimtaylor

Legendary helpful member

Mon Feb 4, 2019 5:55pm

Posts: 3678

Location: Almoradí

5052 helpful posts

Posted: Mon Feb 4, 2019 5:55pm

It might very well do so, but as we all know it depends on what criteria individual national police offices apply.

I'm sure we all wish success to the OP, and look forward to welcoming her back to Spain.

jayne2012

jayne2012

Original Poster

Mon Feb 4, 2019 6:01pm

Posts: 6

Location: Torrevieja

Posted: Mon Feb 4, 2019 6:01pm

Hi, many thanks for your reply. It makes perfect sence and worth while looking into.

Regards.

beckies

Tue Feb 5, 2019 11:31pm

Posts: 91

Location: Orihuela Costa

15 helpful posts

Posted: Tue Feb 5, 2019 11:31pm

I came to Spain 6 years ago and only had my reduced state pension to live on. I also had enough to buy a 2 bed bungalow so no rent.I managed to live on £ 412 a month, very basic indeed,but for a year I survived on that.I now work in England for a few months a year too! This money means I can now enjoy my life in Spain.The Spainish government were fine with just my reduced pension going into my Spanish bank on a regular monthly basis.I only brought the rest of my money over a year later.So just set up a regular transfer weekly or monthly into your Spanish account and all will be well! 

beckies

Tue Feb 5, 2019 11:33pm

Posts: 91

Location: Orihuela Costa

15 helpful posts

Posted: Tue Feb 5, 2019 11:33pm

Yes it would! 

jayne2012

jayne2012

Original Poster

Wed Feb 6, 2019 10:34am

Posts: 6

Location: Torrevieja

Posted: Wed Feb 6, 2019 10:34am

Thank you so much Beckies for your reply, i feel a lot more at ease after reading your message.

Kind Regards.

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