Shocking news for retirees in uk - Page 10

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Posted: Mon Oct 19, 2020 2:28pm

Andy999

Original Poster

Posts: 144

42 helpful points

Location: San Juan De Los Terreros

Joined: 30 Sep 2018

Posted: Mon Oct 19, 2020 2:28pm

chrisso50 wrote on Mon Oct 19, 2020 2:23pm:
Indeed. Nothing is for free. Pay higher taxes and you are likely to have a better reward in retirement plus a safety net for those in society less fortunate. This is a basic political choice.

The UK has the sixth highest monthly minimum wage in Europe, Germany is top. On an hourly ba...

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...sis the UK pays the lowest bar one - Spain. Until now I had thought that the UK had set the highest minimum wage in Europe.

Chris

It’s supposed to be a “living wage” bet the politicians can’t live on it . They claim more in dodgy expenses for their duck houses !

Reply

Posted: Mon Oct 19, 2020 2:38pm

Louis

Posts: 15

23 helpful points

Location: Palomares

Joined: 6 Apr 2018

Posted: Mon Oct 19, 2020 2:38pm

chrisso50 wrote on Mon Oct 19, 2020 2:23pm:
Indeed. Nothing is for free. Pay higher taxes and you are likely to have a better reward in retirement plus a safety net for those in society less fortunate. This is a basic political choice.

The UK has the sixth highest monthly minimum wage in Europe, Germany is top. On an hourly ba...

Read more...

...sis the UK pays the lowest bar one - Spain. Until now I had thought that the UK had set the highest minimum wage in Europe.

Chris

Yes Chris..and another consideration when comparing is the proliferation of zero-hours contracts in UK - the vast majority of which pay national minimum wage. So - the hourly rate is probably a more appropriate comparison.

Reply

Posted: Mon Oct 19, 2020 5:30pm

Bess

Helpful member

Posts: 226

213 helpful points

Location: Huércal-Overa

Joined: 18 Mar 2018

Posted: Mon Oct 19, 2020 5:30pm

chrisso50 wrote on Mon Oct 19, 2020 2:23pm:
Indeed. Nothing is for free. Pay higher taxes and you are likely to have a better reward in retirement plus a safety net for those in society less fortunate. This is a basic political choice.

The UK has the sixth highest monthly minimum wage in Europe, Germany is top. On an hourly ba...

Read more...

...sis the UK pays the lowest bar one - Spain. Until now I had thought that the UK had set the highest minimum wage in Europe.

Chris

With a high minimum wage employers just cannot afford staff. Such high tax must be paid in Spain by employers to fund eventual generous pensions, small businesses ( ie bars, restaurants) can only survive when 'helped unofficially' by family members. Spain has a far higher unemployment rate than UK, miserably difficult for young people ever to get jobs, hence all the advice on this forum to hopeful arrivals, that scarce jobs go to Spanish family or friends not to a foreigner arriving in the sun.

Reply

Posted: Mon Oct 19, 2020 6:33pm

DarioMartin

Legendary helpful member

Posts: 5385

6423 helpful points

Location: Vera

Joined: 16 Aug 2017

Posted: Mon Oct 19, 2020 6:33pm

Bess wrote on Mon Oct 19, 2020 5:30pm:
With a high minimum wage employers just cannot afford staff. Such high tax must be paid in Spain by employers to fund eventual generous pensions, small businesses ( ie bars, restaurants) can only survive when 'helped unofficially' by family members. Spain has a far higher unemp...

Read more...

...loyment rate than UK, miserably difficult for young people ever to get jobs, hence all the advice on this forum to hopeful arrivals, that scarce jobs go to Spanish family or friends not to a foreigner arriving in the sun.

And such advice anyway becomes moot for anyone arriving after 31/12 on anything other than a work visa as that is the only visa class that permits work, and if they’ve got a work visa, there an excellent likelihood they’ve already got a job.

Reply

Posted: Mon Oct 19, 2020 9:00pm

maxchef

Helpful member

Posts: 156

113 helpful points

Location: Albox

Joined: 12 May 2020

Posted: Mon Oct 19, 2020 9:00pm

we are both self employed , have Spanish driving licences ( we are 59 ) paying approx 350 euros a month including accountant fees ,we pay our taxes in Spain and that gets us recedencia and full Spanish NHS it might be expensive but lets us stay here legally and get the health benefits

it is possible to push this through prior to 01.01.21

but i guess you need to want to follow the rules and pay your way if you cant make the 27K from 01.01.21

Posted: Sun Oct 25, 2020 3:24pm

ErnieR

Helpful member

Posts: 160

277 helpful points

Location: Arboleas

Joined: 25 Oct 2020

Posted: Sun Oct 25, 2020 3:24pm

Hi,

My wife and I are looking at retiring to this area toward the end of 2021 so well into the disaster of Brexit. I have done a bit of reading regarding the amount of monthly income that you need to have and I am happy to be corrected but I am of the opinion that the 27k can be amassed from lump sums in the bank and as a total income calculated over 5 years. Which might explain why Andy999 lawyer is saying that he is okay. However as I said I am new to this and happy to be corrected

Ernie

Reply

Posted: Sun Oct 25, 2020 3:34pm

Andy999

Original Poster

Posts: 144

42 helpful points

Location: San Juan De Los Terreros

Joined: 30 Sep 2018

Posted: Sun Oct 25, 2020 3:34pm

ErnieR wrote on Sun Oct 25, 2020 3:24pm:
Hi,
My wife and I are looking at retiring to this area toward the end of 2021 so well into the disaster of Brexit. I have done a bit of reading regarding the amount of monthly income that you need to have and I am happy to be corrected but I am of the opinion that the 27k can be amassed from lump sum...

Read more...

...s in the bank and as a total income calculated over 5 years. Which might explain why Andy999 lawyer is saying that he is okay. However as I said I am new to this and happy to be corrected
Ernie

Hi Ernie

Here’s hoping .

Reply

Posted: Sun Oct 25, 2020 4:11pm

DarioMartin

Legendary helpful member

Posts: 5385

6423 helpful points

Location: Vera

Joined: 16 Aug 2017

Posted: Sun Oct 25, 2020 4:11pm

ErnieR wrote on Sun Oct 25, 2020 3:24pm:
Hi,
My wife and I are looking at retiring to this area toward the end of 2021 so well into the disaster of Brexit. I have done a bit of reading regarding the amount of monthly income that you need to have and I am happy to be corrected but I am of the opinion that the 27k can be amassed from lump sum...

Read more...

...s in the bank and as a total income calculated over 5 years. Which might explain why Andy999 lawyer is saying that he is okay. However as I said I am new to this and happy to be corrected
Ernie

Thats 27k per YEAR; over 5 years it amounts to 5 x 27k that you have to be able to show.

If you have 54k that you can put into an account an leave alone, that should suffice - 54k because at the first renewal, you have to prove finance for the full 2 year renewal.... and this is only for primary applicant. You then need to show approx 6.400€ per year per dependent.

Posted: Sun Oct 25, 2020 4:57pm

chrisso50

Super helpful member

Posts: 1111

1342 helpful points

Location: Roquetas de Mar

Joined: 23 Jul 2018

Posted: Sun Oct 25, 2020 4:57pm

Bess wrote on Mon Oct 19, 2020 5:30pm:
With a high minimum wage employers just cannot afford staff. Such high tax must be paid in Spain by employers to fund eventual generous pensions, small businesses ( ie bars, restaurants) can only survive when 'helped unofficially' by family members. Spain has a far higher unemp...

Read more...

...loyment rate than UK, miserably difficult for young people ever to get jobs, hence all the advice on this forum to hopeful arrivals, that scarce jobs go to Spanish family or friends not to a foreigner arriving in the sun.

True. Except Spain does not have a high minimum wage, it’s apparently the lowest in Europe.

Chris

Posted: Sun Oct 25, 2020 6:39pm

ErnieR

Helpful member

Posts: 160

277 helpful points

Location: Arboleas

Joined: 25 Oct 2020

Posted: Sun Oct 25, 2020 6:39pm

DarioMartin wrote on Sun Oct 25, 2020 4:11pm:
Thats 27k per YEAR; over 5 years it amounts to 5 x 27k that you have to be able to show.
If you have 54k that you can put into an account an leave alone, that should suffice - 54k because at the first renewal, you have to prove finance for the full 2 year renewal.... and this is only for primary applicant. You then need to show approx 6.400€ per year per dependent....

Read more...

...

So lump sums and savings of over 80k + a pension of 16k per year would more than cover 5x27k and that doesn’t include the state pension. Now that looks more like the dream becomes a reality. With a bit of luck Scotland will become independent and be accepted back into Europe meaning crisis over for us north of the border 🥳