The REAL cost to Retire in Spain vs Florida

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Many Americans think about retiring to Florida, but would would cost to retire overseas? If you are retired or getting close to retirement you need to make your money go as far as possible. So looking at lower cost of living areas is great way to do this. I will show you how much it costs me to live in Florida vs. how much it would cost me to live in Spain.
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What do y'all think of the look of my new YouTube studio? This is the second video I've done in here. I think I got the sound a little better in this one. My wife thinks its too dark, but I like it. What do you think?

TheRetirementality
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Comparing Florida to Spain - I moved to Spain for the weather, culture, high-speed trains, access to travel to the rest of Europe, olives, wine, cheese, . . . . .
But the reason I will likely stay forever is the amazingly inexpensive and very high-quality healthcare system.
Spain spends 1/3 per capita on healthcare compared to the U.S. with far better outcomes like a five-year longer average lifespan and one-NINTH the maternal mortality rate of the U.S. per 100, 000 live births. That is bordeline criminal to me.
We won't mention the prison population per 100, 000 residents . . . 113 in Spain - 531 in the USA.
Taxes are another area that should be addressed (Income and Wealth Taxes) as you've mentioned in other comments, but you get what you pay for. Public transit is excellent and inexpensive in Spain and the roads and bridges are in great condition.
Safety? Not a concern in Spain.

kmarch
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Appreciate the shout-out, Jeff! And thanks for sharing all the detail on your budget.
Cheers, Eric @2SidesofFI

TwoSidesOfFI
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Thank you for this information. Yes, I definitely would love to see a video on the cost of living in Puerto Rico! As soon as possible, please! 🇵🇷👍🏽

maribelletaveras
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Thank you 👍 love the comparison of cost of living. My husband and I are definitely thinking the same and have not decided where would be best. Appreciate your hard work in putting this and other videos together. Keep them coming 👏

loriwiedeman
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My wife and I moved to Spain's Mediterranean coast near Valencia when I retired in 2017. We have absolutely no regrets - life in Spain has been fantastic. Sure, it's not perfect here but what is? But regarding expenses our US SS benefits pretty much cover our basic cost of living. We did buy our home and vehicles here so we have no loans or mortgage.

But I will say that not everybody is a good candidate to move to another country. Those Americans who succeed here tend to have adventurous souls.

Eric-Marsh
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Thanks looking forward to seeing the retirement in Puerto Rico and thanks for sharing the Spain retirement plan as well

maggief
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Btw, i like the new studio, very cool layout!

mannyp
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Im very much interested in your retiring in Puerto Rico video, my GF and i look forward to it!

mannyp
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Some other taxes that you need to be aware of in Spain are the wealth tax and solidarity tax, which given the value of properties in the USA now, would be very easy to meet the threshold on. Any Roth IRAs are subjected to this calculation and taxed as regular investment accounts. They are not treated as pension plans and receive no special treatment towards Income, Wealth, or Solidarity calculation. So if you plan to live off of the rental income, you may run into a scenario where you owe more money annually in wealth tax than you generate. It's the typical, asset rich - cash poor scenario.

monicagummow
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Thanks for the info. I live in Florida and want to move to Spain.

prnps
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I’m interest in that mock you are gonna do with your taxes in Spain 🇪🇸, could you do a video about that? My wife and myself will be retiring in a couple of years with social security 401k and pension and love Spain (been there a couple of times), but high taxes could offset all the economic benefit.

CarlosGarcia-ljxs
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I don't think the comparison is fair on several things. Not everyone is in your situation for housing. It would be more helpful to say you could get x size house in urban vs rural in USA vs Spain. Living in NY, Chicago or LA is certainly much, much different in cost than living in non expensive MSAs. What is the monthly cost of an apartment would be a good comparison. Petrol is clearly more expensive anywhere in EU (4x litre price is not the same as gallon USA even in major metropolitan area). I hope you don't mind the comments. Just my $0.02. Love the channel!

mikesirvivor
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Don’t forget that as a US Citizen, no matter where you live in the planet you are still required to file US taxes. Just asked the former UK Prime Minister Boris Johnson, who was born in the US but never live here.

miguelcontreras
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Yes, if you and your wife have decent jobs. My father lives in Panama City Florida, He has to move out, he is 87 he has lived there 37 years. His wife passed away a few years ago so he has only one income. but when the hurricane hit that wiped out a few businesses the price of insurance shot up to the point he couldn't afford it. They are building 300K to 400K homes in the area good luck getting insurance.

mopar
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I moved from living in FL most of my life to living in Valencia, Spain - Helpful & Useful Video - I don't have a lot of argument with your numbers except for one small inaccuracy in your two lists - - You shouldn't have a zero number for housing in Spain compared to your mortgage in FL. It would be better to compare rental rates from Panama City to averages in Spain - or compare costs per sqare meter.
Zero Housing Costs skews the totals.
Also, in general, your square footage of a home or apartment will be on average smaller than in the USA.

kmarch
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I agree for most part. Leaving in Spain and Florida I can understand your scenario. Another thing to take in consideration before a move is the taxation. Some people make too much or have investments that Spain will love to have them in here.
And regarding Puerto Rico, you could live Good with a good retirement income, cost of living is higher than Florida, at least food and utilities, I know, I run my moms bills.

Karlostorres
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We were planning on move to Spain as well. We had to factor in travel back to US annually.to visit family. That wpuld be on top of our travel budget arpund Europe. Those trips back to US and lodging add up quickly

willnguyen
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Great info as always.👍👌
Taxes will vary no matter where you go( Spain, Costa Rica, Panama). It is true though, that Spain isn't tax friendly for income over $50k ( and I think other European countries either)

AnaRodriguez-pson
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I've been living in Spain for almost 4 years after living in the US for almost 30 and let me tell you, there's no burocracy like the one in Spain.

titimejias