How Much Money Do You Need To Retire In Sotogrande?
by Liz Seyi Digital marketing managerIf
your retirement years are fast approaching, you’ll probably be thinking
carefully right now about all of the options before you. And there’s no doubt
about it – at least some of the choices you make are likely to be greatly
guided by financial factors.
The
good news is that if you are contemplating buying property
in Sotogrande with a view to retiring to Spain, the dream may be much
more attainable than you realise.
A
recent analysis by Which?, for instance, has suggested that in the UK, an
after-tax income of £25,000 a year is enough for the typical couple to live
comfortably in retirement.
But
with statistics also indicating that the cost of living in Spain is
significantly lower than in the UK, you might find that relocating to
Sotogrande in your twilight years will even leave you with a decent amount of
money to spare for a slightly more luxurious lifestyle.
Is
Spain seriously that much more affordable for retirees?
There’s
plenty of evidence out there of how much cheaper living in Spain can be than
the equivalent lifestyle in other countries. The Numbeo website, for instance,
indicated as of April 2021 that the overall average cost of living in
Spain was 18.42% lower than in the UK.
As
for property, if you’re looking to rent, you could find yourself paying a
whopping 27.87% less per month in Spain than you would in the UK.
Alternatively,
you might prefer to buy property in Sotogrande – and again, there’s much for
those thinking of retiring in this part of the Costa del Sol to be encouraged
about. One-bedroom apartments in Sotogrande currently start at around the
€100,000 mark – that’s about £86,000 – and if it’s two bedrooms you desire, you
might see such flats being advertised for as little as approximately €130,000,
or £113,000.
But
there’s a lot more to think about when doing the sums
Various
other factors will inevitably impact on the ultimate affordability of a
Sotogrande retirement for you and any loved one interested in moving here with
you. While, for example, Spain has low property taxes and comprehensive public
healthcare, if you prefer the idea of having private healthcare to skip the
queues for some public services, this may set you back a few hundred euros a
month.
You’ll
also have to assess what kind of general lifestyle you will expect as a
resident of Sotogrande, and the financial implications of this. Bear in mind,
too, that Spain doesn’t lend itself as well as some other parts of the world to
‘taking a job on the side’ to supplement one’s retirement income. Having said
this, depending on your skills and connections, it’s not necessarily impossible
to find work here as an expatriate.
Would
you like to learn more about the latest deals available for property in
Sotogrande? In that case, there’s no need to look further than Property
Sotogrande’s constantly updated online listings. We bring together current sales and rental opportunities from multiple respected estate agents serving this area of
Andalucía, to help keep you informed about the current state of the market.
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Created on May 26th 2021 01:25. Viewed 235 times.