How much money do I need to have to retire in Spain?

So, you’re thinking about retiring in Spain? That’s amazing! I’ve always dreamt of it myself, sipping something cold and strong under a sun-drenched sky… anyway, the big question – how much moolah do you need? Honestly, it’s tricky, right? It depends entirely on your lifestyle.

I read somewhere that aiming for €1,500 to €2,000 a month is a good starting point if you already own a place – no mortgage payments hanging over your head, you know? That should cover the basics – groceries, utilities, maybe a little something for tapas and sangria. But, that’s just a rough guess. My aunt Mary, bless her heart, lives quite happily on less, mainly because she grows her own vegetables and barters with her neighbours. She’s a total legend! On the other hand, my cousin John, well, he’s a bit more… extravagant… he’d probably need double that!

And something else to think about – taxes. If you’re officially a resident, you’ll be paying Spanish taxes on all your income, worldwide. That’s a biggie. It’s not just about your Spanish pension or savings, it’s everything. I remember reading an article about this, something about how it affected a couple who’d only thought about their Spanish income, and they got a nasty surprise at tax time. Who knew, eh? So make sure you do your research on that; getting professional advice is probably worth the money in the long run.

So, €1500-€2000 a month is a nice target to aim for, but honestly, it’s all about your specific needs and spending habits. Think carefully about how you live now, and maybe even add a little extra for those unexpected things that always crop up. You know, like needing a new washing machine, or a sudden trip back home to see family. Retirement should be relaxing, not stressful!

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