Retiring early

That's a very brave plan assuming you don't intend to work. You need to cover 4 years before UK state pension and your wife 9 years. That will put a serious dent in your 'house proceeds' pot (rough guess'timate 80-100K). You will also need the pot to top up once you do reach retirement as the reality is your UK state pension alone will not be enough.

You will need to prove that you will not become a burden to the Spanish social system. From what I understand that includes having health insurance, again assuming you will not work, and as an EU resident €6,000 / person in the bank. After Brexit, who knows.

Well we do know, up to a point. Once the UK leaves the EU, we will revert to being non-EU citizens and at the present time, non-EU citizens have to pay a lot more and jump through a lot more hoops, to get residency in Spain, than EU citizens do. Here is part of an article recently published in "The Local"  publication.

“For Brits arriving in Spain after December 31st, no official announcement has been made as to the financial requirements so we can only assume they will be the same as for third country nationals - €25,816.32 per annum per person (€2,151.36 per month) and not quite double for a couple,” President of Brexpats in Spain   Anne Hernández told The Local. Eurocitizens' secretary Nigel Aston also told The Local Spain that “the amounts will rise steeply - around €27,000 per annum plus several thousand for each dependant.“The clear message is to ensure you are registered by the end of 2020.”

I'm not sure if I am allowed to put a link to the full article here but if not, please remove it (admin).

https://www.thelocal.es/20200916/how-much-money-do-i-need-to-have-to-register-in-spain-before-and-after-brexit

Thanks for replies I do need to add that my wife can get Irish nationality

Hi, with the new rules its works out you need roughly €32,500 per annum for a couple this is all based on the Spanish minimum wage. So 

basically 6500 x 400% for 1 person plus 1 year extra for every dependant. 

You'll both need private medical paid for up front €2000 - €3000 (per couple)depending on coverage (inc cost of drugs etc) 

   - note you also need to check about local GPs and services associated with company providing insurance to your place to cut travel

after the 1st year you can pay into the Spanish state scheme about 80 euro each - note this doubles when you reach the Spanish pensionable age.

regarding Irish passport - because even for an EU citizen after 3 months you have to register for residency may not make much difference apart from an Irish EHIC maybe?? and possibly lower requirements on income??

Jims guides give a good over view of a lot of topics in this area!!

Spain tips and guides

StuC

So how do people live on just UK basic state pension

Ah, this is basically the fallout from Brexit and we are now classed as a 3rd party country and loose a lot of the perks associated with EU membership. For example 

1) At pensionable age you could have applied for C1 exception and all Spanish NHS medical costs would be covered by the UK government as part of NHS which would save a lot of money etc - This has now been removed, 

2) EHIC (card) will be gone as from 1.1.2021 so all medical costs will need to be covered by travel insurance.

3) Before with EU membership travel in and out of Shengen area (the whole of Europe basically) isn't really monitored so you'll find many people are/were actually living illegally because they've never applied for residency after 3 months. 

4) original requirements for income as an EU member is lower (or rather it was - may have changed)

StuC

Ok looks like won't be doing it then but seems daft that 32000 per anum is a. more than I earn here and b.much !ore than 2pensions would come to,so how do people that have sold up and moved over been able to show that amount of income 

Because Brexit has made us all 3rd country citizens now and the lucky ones are the ones who were able to come in as EU citizens! This is what 3rd country citizens have had to do all along. We've been privileged until now and have had it easy and there are people out there who voted for this and were convinced that nothing would change because we're British and rule the world!

My wife could get Irish passport and still in eu