Can UK O.A.P'S Survive in Spain On Basic Pensions.?

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anyroads
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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby anyroads » Wed Oct 30, 2013 3:07 pm

Lavanda said...

" buying a house that turns out to be a pile of aggravation "

Like the pun !

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby anyroads » Sun Dec 15, 2013 8:36 pm

And it seems, the pension is going up something like 3.5 euros per week, according to the Autumn Statement !

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby El Cid » Sun Dec 15, 2013 10:29 pm

By law it has to go up every year in line with inflation.

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Equity release in spain

Postby baggies1968 » Wed Apr 03, 2019 9:00 pm

Is it possible to release equity from property in spain

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby El Cid » Wed Apr 03, 2019 10:41 pm

Yes, but very difficult and any scheme that does is likely to be a scam. Many people have lost money in the past over this.

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby Manchesteral » Fri Apr 05, 2019 10:42 pm

My own experience is that I live on approximately twice the average basic U K pension, I'm not reliant on that as I have other sources of income. I believe that a couple living very carefully could do it but it would be dependent on things like property rental costs plus expenditure, for example if you drink and smoke it would make a big hole in your budget.
If you own a property in Spain it would be pretty easy !

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby Lavanda » Sat Apr 06, 2019 7:58 am

At the moment it's possible, yes. However, post-events-not-to-be-named if the exchange rates become less favourable things might get tight.

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby Pamela1 » Sat Apr 06, 2019 8:27 am

I'd say that if you own your own property then a couple could certainly survive on their Basic state pension in Spain and probably more so than they could in the Uk...however as Manchesteral says if you both smoke, drink etc then it will blow a hole in the budget.

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby elusive » Sat Apr 06, 2019 9:50 am

With the cost of cigs and drink in spain?

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby peteroldracer » Sat Apr 06, 2019 11:48 am

There are so many variables that I don’t believe anyone can say yes or no with any certainty. Some will own the property, some rent, some have high community charges some none, some want to eat out a lot others live on home-grown veg and no meat....is a car essential to their lifestyle, do they want to play golf or have a powerboat?
The arithmetic is simple, more difficult if you try and do comparisons with the UK, when free prescriptions, housing benefit, bus passes and so on start to come into account. The smokers and heavy drinkers will have less years to worry about finance, or anything else!
I used to cough to disguise a [email protected] I f@rt to disguise a cough.

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby BENIDORM » Sat Apr 06, 2019 1:08 pm

Well, 6 years on from when I started this post I still believe that it's possible to have a good realistic life with just basic UK pensions to rely on.

Of course I agree with POR 's comments about individual requirements, but as long as a balanced lifestyle is maintained it's do-able.

Last year my wife and I did keep to a 'plan' and lived very well out of our pensions, including running a modest car and regular entertainment including eating out regularly etc.
However what would be difficult is when a major 'problem' occurs , such as replacing domestic appliances, new car, major repairs,etc., so really it would be wise to have a contingency fund for such eventualities.

We own our house which was new when we moved in , no mortgage, and live in a small town that has all amenities in walking distance, we have more than ample living space, build size approx. 230 sq. metres, 3 bedrooms, 2 bathrooms, 2 kitchens, a very large 'man cave'...my bunker , a reasonable sized patio, small garden, garage, we are 'all electric' and we heat only the rooms that we are using in the winter.
It's a very Spanish town and 85 % of our friends and contacts are Spanish and they treat us like 'family', integration is important, in my opinion, however it takes time.!
Regards,
Gordon

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby katy » Sat Apr 06, 2019 4:10 pm

peteroldracer wrote:There are so many variables that I don’t believe anyone can say yes or no with any certainty. Some will own the property, some rent, some have high community charges some none, some want to eat out a lot others live on home-grown veg and no meat....is a car essential to their lifestyle, do they want to play golf or have a powerboat?
The arithmetic is simple, more difficult if you try and do comparisons with the UK, when free prescriptions, housing benefit, bus passes and so on start to come into account. The smokers and heavy drinkers will have less years to worry about finance, or anything else!
Absolutely. Especially if renting as they wouldn't pay much in UK. Then if people fall ill long term there are attendance allowances and other "perks". You could survive but people in Africa "survive".

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby katy » Sat Apr 06, 2019 4:27 pm

El Cid wrote:Yes, but very difficult and any scheme that does is likely to be a scam. Many people have lost money in the past over this.

Sid
Agree. Someone we knew in Spain, now back in the UK lost their home. They have been involved in a class action case for years. Not great in UK either, more regulation but none of the schemes seem great, high commissions for financial advisers. Read one in the news recently (UK) where a couple had an expensive house and instead of downsizing went to equity release. Long story but some years later they decided to go in sheltered living only to find out that they had to pay £17000+ to get out of it and thousands in other expenses plus the original sum they borrowed. Because it was in the small print they were powerless.

I imagine the best thing would be to approach your bank and say e.g.. my house is valued at 800,000 can I borrow 250,000 and pay interest only...then go off on a world cruise :thumbup:

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby elusive » Sun Apr 07, 2019 8:26 am

Considering over half the people living in poverty in the uk are working good luck living off only a basic pension.even with the top ups its hardly anything considering the cost of living.

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby Pamela1 » Mon Apr 08, 2019 9:54 am

Yes and the worst off are those who have a very small pension which takes them just a mere couple of £'s over being unable to receive top ups. They do not qualify for free glasses or other help when they do not receive pension credits...True what some in that boat say "you are better off having nowt " :lol: :lol:

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby BENIDORM » Mon Apr 08, 2019 1:01 pm

Ineresting input by some who don't actually live in Spain.

My own feelings are that there is much more to life than being wealthy or pretending to be .

Living in Spain with just basic pensions as income cetainly isn't living 'on the breadline', however it does require careful management and it really depends on individual lifestyles, having enough money is very important but if you plan and 'live within your means' it is very possible to have a good and fullfilling life in Spain..or anywhere.

Regards,
Gordon

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby Lavanda » Mon Apr 08, 2019 1:36 pm

This question reminds me about the advice I was asked to give someone who was thinking of buying a finca house run on solar power. The wife wanted a fridge, freezer, washing machine, dishwasher, fan-assisted oven, hob, air conditioning and a full range of electro-domesticals including an ice cream maker. I told her campo life would not be for her and they bought a house in the village instead.

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby Evelyn » Mon Apr 08, 2019 1:44 pm

I think it is perfectly possible to live, very nicely, providing you have your own house, no mortgage. No dishwasher, no car, no tumble drier, definately No swimming pool. The question asked if it was possible and eliminating the aforementioned makes it perfectly possible!

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby katy » Mon Apr 08, 2019 1:58 pm

If people are on the breadline on basic pension in the UK as someone said then how would they get the money to make the move. I imagine those pensioners with a house to sell would have a supplementary pension anyway. True Evelyn but they would have to think carefully about where they chose to live as they grow older.

BTW Beni I noticed your little dig. I may not live in Spain now but have a lot of experience of it and am aware of the cost of living. I remember we had a lot of these threads (peaing contests) when I actually did live there.

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Re: Can UK O.A.P'S Survive in Spain On Basic Pensions.?

Postby katy » Mon Apr 08, 2019 2:03 pm

Pamela1 wrote:Yes and the worst off are those who have a very small pension which takes them just a mere couple of £'s over being unable to receive top ups. They do not qualify for free glasses or other help when they do not receive pension credits...True what some in that boat say "you are better off having nowt " :lol: :lol:
Exactly. Pay into a pension scheme all your life and then get taxed and the pleasure of having to pay for your elderly care...and glasses etc. :mrgreen:

A neighbour had a drinks party last week. He was 80. Showed us a letter he had had from the DWP. Said now that he is 80 he is entitled to another 25p per week. Wonder when that was set, about 1920 :lol:


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