The idea of retiring in Spain or another European country can be very attractive. These countries have warm weather along with a whole other culture.
Of course, for Brits, the culture in Spain isn’t too far away from what they are used to, as these locations often cater to British tourists.
If you do decide to retire in Spain, you will need to make sure that you are able to manage your money effectively. Will you be able to receive your pension?
Will you need to pay taxes? Here, we are going to give you some of our best money tips for your retirement in Spain. Keep reading to find out more.
#1 Buy Don’t Rent
When you first move out to Spain, it can be tempting to rent a stunning villa that you will live in for a few years.
While this can be nice, it might also be a good idea for you to buy a cheaper property that you can live in for your entire retirement.
You will find that property prices in Spain aren’t as bad as you think and you should be able to get a property that suits your budget.
With your own property, your monthly payments will be reduced and this can help you manage your money more effectively.
#2 Save Before You Go
Another tip that we have for those who want to retire in Spain is to save some money before you go.
If you are nearing your retirement date then it might be time to start putting some money aside for when you make your big move.
The move itself will be more expensive than you think and you don’t want to have to use too much of your pension for these costs. Try to live on a budget and save some money before you go.
#3 Get Advice On Your Pension
If you are going to be living in Spain, you will become what is known as an ex-pat. For this reason, there may be some questions over your pension and you might need to get some help to ensure that you don’t lose any money.
The team at Tailor Made Pensions can help you to get the advice that you need and the money that you deserve. Make sure that you have the right kind of pension before you commit to moving.
#4 Keep Some Money At Home
Finally, you should consider living on a budget when you are in your retirement in Spain. It can be tempting to spend a lot of money on food and drink while you relax but this can all eat into your pension in no time at all.
You don’t want to have to get another job so make sure to live on a budget as best you can and treat yourself every so often.
If you are planning on retiring in Spain in a few years, make sure to take on board all of the money tips that we have given you in this article.
