Early planning

The forum home for retired Caretakers. Share your thoughts about retirement and get advice...

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Drone
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Mar 2021 19 17:11

Re: Early planning

trout39843 wrote: Fri, 19th Mar 2021, 4:15pm Thanks all, I was stationed twice at Joint base Lewis/McCord so I know what living in rain is like so no problem there. Having lived in many different countries I can make myself at home almost anywhere. While I would like to go back to the land of the big PX, the cost of living is high. And Mrs T said someone told her I would lose my pension here if I moved overseas (not too sure about that, I know I'd lose my U.S. pension if I take citizenship here).
Just wanted to be sure it is a good plan to work for now as I've never been there.
Suggest you check that bit about the pension Trout. You get your pension paid into your bank account. Makes no difference where you live. What about Brits who retire to Spain?
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Skoolkeeper
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Mar 2021 20 18:01

Re: Early planning

Brits who have retired to Spain, I only have my LGPS and have that paid directly into my Spanish pension account, there are no bank fees or any currency exchange fees, my LGPS were really helpful in the setting up and I am not the only one, as there is plenty of us Brits out here, I have to send once a year to the LGPS a certificate of life when requested and this is done by sending a recent electric/water/council tax bill from here in Spain. As I have been told by other Brits here in Spain, when I am due for my UK state pension, I must inform the UK pensions that I am living and resident in Spain, this will also cover my health care, its called a S1, At the moment in my first year of residency and to gain residency here in Spain and under UK state retirement age = 66 in my case, I had to take out private health insurance = 900 euros a year, after the first year of residency here in Spain, I can apply to the Spanish state health system costing around 50 euros a month, on reaching my UK state retirement age = 66? I will receive free health care here in Spain. As for taxes here in Spain, I have to fill in a tax form of income each year, I feel this amount is anything over £50,000 is taxable and this includes savings/other property/any other income, also as registered in Spain you are no longer taxed in the UK, so you must inform each party! I think that's it as it has been a great learning curve before brexit, but now the UK are out of the EU I feel there is some changes since the 1st January 2021. -Cool.png-
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Dexter
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Mar 2021 22 09:40

Re: Early planning

Skoolkeeper wrote: Sat, 20th Mar 2021, 6:01pm Brits who have retired to Spain, I only have my LGPS and have that paid directly into my Spanish pension account, there are no bank fees or any currency exchange fees, my LGPS were really helpful in the setting up and I am not the only one, as there is plenty of us Brits out here, I have to send once a year to the LGPS a certificate of life when requested and this is done by sending a recent electric/water/council tax bill from here in Spain. As I have been told by other Brits here in Spain, when I am due for my UK state pension, I must inform the UK pensions that I am living and resident in Spain, this will also cover my health care, its called a S1, At the moment in my first year of residency and to gain residency here in Spain and under UK state retirement age = 66 in my case, I had to take out private health insurance = 900 euros a year, after the first year of residency here in Spain, I can apply to the Spanish state health system costing around 50 euros a month, on reaching my UK state retirement age = 66? I will receive free health care here in Spain. As for taxes here in Spain, I have to fill in a tax form of income each year, I feel this amount is anything over £50,000 is taxable and this includes savings/other property/any other income, also as registered in Spain you are no longer taxed in the UK, so you must inform each party! I think that's it as it has been a great learning curve before brexit, but now the UK are out of the EU I feel there is some changes since the 1st January 2021. -Cool.png-
Wow, always thought that it was the sun, cheap living and cheaper property that attracted Brits to retire to Spain. £50k before paying tax!! Not relevant for myself but you can understand the attraction for some higher earners.

PS Beautiful weather over here in the UK Skoolkeeper, not rained in hours.
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Skoolkeeper
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Mar 2021 22 12:13

Re: Early planning

Dexter wrote: Mon, 22nd Mar 2021, 9:40am Wow, always thought that it was the sun, cheap living and cheaper property that attracted Brits to retire to Spain. £50k before paying tax!! Not relevant for myself but you can understand the attraction for some higher earners.

PS Beautiful weather over here in the UK Skoolkeeper, not rained in hours.
There are a lot of other taxes, IVA = VAT is 21% but overall other taxes are less = council and car tax, but as for general everyday living, I would put it as the same as the UK, Although alcohol, tobacco, is cheap, as for property prices yes there are some real bargains, but they are not a built as well as UK properties, but building regs have improved for new builds, Spain has just become digital with, you can do a lot on-line, but generally there is a lot of paperwork for anything that's official and can take ages to complete! I have had a few headaches! Electricity is more expensive here than in the UK, As for the benefit system, its very hard to claim anything and I see a lot of Spanish people struggling. I will keep you all updated about taxation here in Spain, I am still learning and the language is very difficult, but I do get by. PS Beautiful weather over here in Spain Dexter, the sun has been out for hours. -Cool.png-
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