How Much Do You Need To Retire In Portugal In 2024? | Practical Wisdom
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- เผยแพร่เมื่อ 12 มิ.ย. 2024
- Find out how much you need to retire in Portugal in 2024 with an in depth look at our monthly budget. We offer practical wisdom, from housing market trends to cost of living, to help you plan for your retirement in one of the best expat destinations.
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All the best! D & M 🌎❤️
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00:35 - Retire in Portugal
01:15 - Madeira Cost of Living
01:50 - Funchal Housing Market
03:45 - Portugal Real Estate Agent
04:15 - Monthly Budget
15:02 - Practical Wisdom
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#costofliving #retirementadvice #practicalwisdom #portugalrealestate #expatlifestyle
Great facial expression intro! And thanks for the info. Canada has become ridiculously expensive. I'm paying at least double or triple what you're paying on pretty much everything from groceries to car insurance to home electricity and heating. Pretty depressing. 😂 The main reason to leave though is three shootings in my neighborhood just last week and it's a supposed to be a safe, upscale suburb. There's too much crime in this country now. Was never an issue in the past where I live and it's gotten progressively worse over the last few years. See you soon!
Hello! We hear you! We felt the same about Canada. A lot of political division, violence and it just wasn’t going in the right direction. We are so happy that we made the decision to move here. It’s been amazing. Thanks for watching and we are so glad you find value in our content. Cheers! M&D
For most of my life, I could never think of moving and living somewhere other than Canada.... but now ?!?!?!
@@TrackUsDownInRetirementWhat direction do you want Canada to go in ?
Totally agree
😊An informative video. Did not realize that stray dogs and cats were a problem on the island. Thank goodness that there are kind-hearted people like you to donate.
Hello! Thanks for watching and for the kind feedback. There are dogs and cats without homes, or pets who have ran away. ( especially January during the fireworks- we are told) Some are chipped , others are not. The biggest problem is they are not neutered or spayed. Once found, the city or private charities do neuter them. The attitude towards animals is changing in the younger people so the at is great to see. Cheers! M&D
Thanks for rescuing the dogs!
Such a good thing to do. 🐕
Hello Patrick! That was absolutely our pleasure to help out in a small way. There are many people/groups here doing so much more including neutering and spaying , re homing dogs and educating people. It’s something we care about and hope to help out more in the future. Thanks for watching ! Cheers! M&D
Hello Guys. We loved the dramatic introduction. Yes, the prices are going up and up.
Hello Rui! Thanks for watching and for your fun 🤩 comment! We had a good time making the video! Cheers! M&D
Another great, informative video! Thank you!
Hello! Glad you enjoyed it! Thanks for watching! Cheers! M&D
Hello D&M. Thanks for sharing this information. We appreciate it very much. Blessings.
Hello Diana! Thanks as always for watching and for the kind words. Cheers! M&D
Love the year over year comparison. Well done! Obrigado!
Hello Chris! Thanks for watching and for the kind comment. Cheers! M&D
Thank you for bringing up the issue of stray dogs on Madeira. My wife and I were born in Portugal and living in Canada. I encourage animal lovers to visit the SPCA Animal shelters anywhere on Mainland Portugal or the islands and make a donation or consider adoption if possible. Hopefully we can make a more positive change for our 4 legged friends in Portugal.
Hello! Thank you for watching and for your amazing suggestion! It’s encouraging to see younger people’s attitudes towards animals changing here and there are organizations going into schools and rescuing and spaying and neutering animals. Many expats are helping as well and adopting! The two strays we found both were adopted and the new owners send me pictures and it makes my day. We will join you in encouraging visitors to make a donation and help an amazing cause. We appreciate your thoughts. Cheers! M&D
Hi Doug & Monique, thank you for this yearly update on the costs. We will definitely keep watching to make a decision about where to retire when we are ready - hopefully in a couple of years! Please post a video about the NHR program ending's effect on the costs, especially on the real estate.
Hello! Thanks for watching and we hope you’ll consider subscribing. The NHR tax scheme has ended ( maybe to be replaced by ???) and we are keeping an eye on real estate prices. We have heard not surprising that there is somewhat less demand from Americans, however Europeans are still coming, also others who didn’t care about NHR only purchasing Holiday homes… so we will keep watching. Cheers! M&D
I had to watch this video because (in addition to loving you and wanting to be supportive of course!) I was curious to see your cost of living comparison because it's such a hot topic! I know people are really interested in this. I have been meaning to do a similar video. It's so interesting to hear about your activities and social things. How fun to play tennis overlooking the ocean and pay only €1!
Great video! Very interesting and well done ... it's great to hear that the cost-of-living is so low! 👍 XX Dara
Hello Dara! Thank you so much for watching and supporting the channel. We appreciate it! Yes it’s always fun to see how other people spend their money and what the cost of living is in different location. Cheers! M&D 💕
Very helpful, thanks! Such an interesting option for retirement.
Hello! Glad you enjoyed the video! We appreciate you being here. Please consider subscribing! 😃 It was an unconventional option for us as a teacher and police officer but it’s truly been amazing! 🤩! Cheers! M&D
I subscribed a while back and have watched probably most of your videos. One of my favorites was the one where you drove all around the island. Madeira is still on my retirement radar. Appreciate all the insights!@@TrackUsDownInRetirement
Love your life ❤Thank you♥️Greetings from beautiful Seattle.
Hello Seattle! Thank you so much for watching and for your kind comment! 🩷Cheers! M&D
OH, YOU GUYS COULD NOT HAVE SHOSE A BETTER PLEASE ON EARTH. 🙏🌎♥️✨️😂🇵🇹
Hello! Thank you so much for watching and for your kind comment 💕 Cheers! M&D
Hi Doug and Monique!
You are a lovely couple.
Good information. Thanks for sharing ❤
Hello! Thank you so much for watching and for your kind words. Cheers! M&D ⭐️
@@TrackUsDownInRetirement ❤️
Doug, nice edit on the "cooking at home" comment 😂
Hi! Yeah Doug and his editing! Want to go halfsies on an editor? lol! 😂 M
@@TrackUsDownInRetirement haha he does a great job. The poop emoji when you said doodoo was funny too! I hate editing!! So I would love my husband to do it for me 🥹
very helpful
Hello ! Thanks so much for watching and we are glad you found value in the content! Cheers! M&D
Another great video!! What was left out though was income tax ... You need to factor that into your budget calculation; my two cents.
Hello! Thanks for watching and for the kind feedback. We don’t budget for monthly taxes. Our income tax is removed at source in North America. Cheers! M&D
Thank you for this video Doug and Monique. Do you pay municipal tax? If so what is the range? Is it paid monthly or yearly?
Hello! Yes we will pay council tax on our property. There is an exemption for the first 3 years of one’s principal residence. We call it property tax. It will be between 300-400 € per year for our home. 🏡
Nice video and also a nice YT channel. Congrats 🥳. Question: how are you dealing with portuguese language ? Thanks.
Hello! Thank you so much for watching our video and we hope you’ll consider subscribing! 😃Portuguese is tough. We have used apps like UTalk which we enjoyed and of course daily immersion! We will take formal classes in the fall. The motivator for us is citizenship! You can for sure get by with English! Cheers! M&D
Thank you for sharing your experiences! How much different would a 12 month avg cost of living look like vs just January? How much do you budget for travel to off-island destinations, hosting family & friends visits to Madeira, and tax preparation services?
Hello! Thank you for watching and for your comment. January is a regular month so it would be indicative of an average month. When our boys are here, or guests and we are doing more touristy things and more restaurants the cost would be higher. We have videos about travel to the mainland and Africa and costs. The flights are usually very affordable under 150£ return per person and usually much, much better than that. Flights to North America are of course more. We have explored home exchange and also we often get and Airbnb . Tax prep is very reasonable if your tax situation is straightforward. Cheers! M&D
Thank you
Hello! You’re welcome and thanks for watching! Cheers! M&D
You can cook for me while I'm there. 😋😁 Hope to see you in April.
Hello Rita!! Ha ha! Thanks for watching and for the fun comment! Cheers! M&D
Living winters in the Caribbean on the Island of Montserrat…. Thinking of retiring year round. No heating … good climate can grow things year round once you get over the learning curve. Can meet many people easily. Peaceful place. 4500 population.
Hello! Well that sounds interesting ! Thanks for watching and sharing your experience. Cheers! M&D
Valuable information as always. You didn't reference taxes, and I know some expats don't because might indication personal income and investment information best left private. And taxes paid in Portugal are variable as well depending upon country of origin, duplicate tax treaty status, NHR membership, etc, But property tax, auto tax costs for me in Algarve is just under $500/year. 🤑
Hello! Thanks for watching and for your comment. We are NHR and there is a dual tax treaty with Canada. We pay a withholding tax in Canada and no tax for now, in Portugal. We do pay auto and house insurance, which we mentioned in the video, as well eventually house/property tax (council tax) which is approximately 300 -400€ per year. Pretty great! Cheers! M&D
can you please cover tennis subject in more details? where to play ? where to live to reach tennis courts by foot or with minimal public transportation? where to find people to play with on Madeira? Thank you in advance!
🎾 Happy to help.. There are a few places to play tennis tucked around Funchal and the other towns on Madeira,, all very inexpensive to rent a court. My favorite place to play is Quinta Magnolia, centrally located and easy access in Funchal. The courts are stunning, from 2 main center courts, to 2 more stepped in the adjacent valley. Incredible environment to play in. My other favorite is right under the airport runway, in Machico. It's a big sporting complex, with 2 courts right along the gorgeous ocean, surrounded by massive concrete pillars holding up the remarkable concrete runway high overhead. During the week, it's only 2€ per hour. It's easy to find people to play, either via Facebook on "Madeira Expats" group, etc., or especially on WhatsApp - the "Tennis Madeira" chat group. You can mention your ranking/skill level, etc, and easily find compatible players. 🎾
Good luck!
This is great. We understand it's ideal for those of us in the Military with retirement benefits to move to Portugal. How much are home taxes?
Hello Edward! Yes Madeira is perfect to retire to with a pension! Our taxes on our home are 350€ per year. Pretty great! You can watch our home tour and the following video about all our costs. Thanks for watching! Cheers! M&D
What is your secret to retiring so young?
I love all your videos.
Thank you! ❤️🇵🇹
Hello! Thanks for watching and for the e kind comment. We will do a video answering your question. 🩷 We appreciate you being here. Cheers! M&D
The utilities costs are amazing, but perhaps not all that amazing given the mild climate. Does your electric bill possibly show how much you save via the solar panels? Here in Indiana near Chicago, we now pay $75-85 per month for water, sewer, and trash/recycling pickup. Is trash pickup free there? Thanks again for the great content!
Hello Stephen! Thanks for watching! We can’t tell how much we save having solar panels. We are thinking of installing another- then we can maybe see how much more we pay. ??? There is no cost ( probably paid within council taxes ( property tax)) for garbage/ recycling. Cheers! M&D
Great video and super informative! As someone who is currently working in high finance 80 hours/week, I am physically and mentally exhausted every single day and looking to retire early in Portugal. If you dont mind me asking, how much net wealth did you have before you pulled the trigger and what source of income that support you guys there? Thanks
Hello! Welcome to our channel! We are glad you’re here. We know how you feel! Doug as a homicide detective, worked long hours and crazy overtime. Retiring in Portugal is for sure worth considering. You can check out all our cost of living videos as well as our home tour and home purchase videos, that will give you some idea of the cost. We retired here to live on Doug’s pension alone. Approximately 4K USD. That provides us the lifestyle we show on our videos. We are not touching our savings and my pension doesn’t kick in until I’m 55. We did come also with a little over 300k Euros to purchase a home and then that took care of the biggest monthly cost. We go over all the numbers in detail in those videos. Hopefully that can help you as you plan your own Better Second Half of Life! Thanks for watching! Cheers! M&D
Thank you so much for all the details! I know what videos to watch while having my dinner tonight :) Cheers!@@TrackUsDownInRetirement
I have been binge watching your videos! great work! question... how much would be enough to retire in Portugal? Im 45 and Portugal is the place for us to retire but im worried I will keep moving the goal post... Ive been to portugal 3 times in the last three years but as you can imagine I lived "the tourist experience". Im curious if you know net worths of expats moving to Portugal.
Thanks!
Sal
Hello! It’s a pleasure to meet you! Thank you for watching our videos and we are glad that you find value in our content. As we reported we live a very comfortable lifestyle with 2000€ a month, owning our own home and being completely debt free. We could for sure spend more- more travel and toys- as well we could probably spend even less. It’s what works for us. We are living currently on one pension and not touching any of our investments or savings. We have no doubt that net worths among expats here vary. It all depends on your monthly cost of living and tax situation. Which we highly recommend you speak to a professional about. If your pension or investments or savings could cover 2k and you could purchase your own home here. You’d be fine. Hope that helps a little! Cheers! M&D
Wow $2k! That’s inspiring… now we need to wait for the boys to be out of college and then move! 7 more years! Sweet.
@ Hey Monique, Doug - The buzz is that there is a new program that is replacing the NHR. And so the anxieties everyone including your truly, was having about the NHR going away are not applicable anymore. Is that true ?.
Hello! That’s “the word on the street”, as they say! Have not heard it officially in any way yet. So at this point , nothing concrete to report. We are in touch with our tax lawyer often and when we know more - our followers will know more. 😊 We know it’s important and timely. It’s been tough on a lot of people. Fingers crossed! Thanks for watching and for the great comment. Cheers! M&D
@@TrackUsDownInRetirement Thanks.
Did I see a poop emoji on the laptop when Monique said they don't live a touristy lifestyle? 😂 Hidden Easter Egg?
Hello! Yes a hidden Easter Egg! There was 💩 on the laptop, but not for the reason you think! 🤔 we don’t live a touristy lifestyle at all! The 💩 was because I said “ We do do a lot of….” And that was Doug’s message to me for my choice in words! Lol 😂 Talking to the camera is tough and sometimes words come out funny! 😄 We get a good laugh at ourselves. Thanks for watching! Cheers! M&D
So how much is private health insurance even if not used please mention it. I heard in Spain is $40 per month for private health. How much is in Portugal? Planning retirement there in 4 years
Hello! Here is a link to a whole Health care video we did with all the costs.
th-cam.com/video/YEh2flR1wvE/w-d-xo.htmlsi=D-qph9g0xQDIbt65
Thanks for watching! Cheers! M&D
What is T2?
Hello Dara! A T2 is a 2 bedroom- no clue why? 😂 lol! That’s how it’s said! Ha ha! Hope all is well with you! Cheers! M&D
@@TrackUsDownInRetirement we are good! Currently having our master bathroom torn out and remodeled. We had to move out of our bedroom AND bath. Thankfully we have two other bedrooms ... a T3? 😉
So now with Portugal not allowing the Golden Visa's then guess those of us from the US aren't able to relocate here?
Hello Edward! Most expats here did not take advantage of the Golden Visa. The advantage of that visa is simply you don’t need to live in Portugal and the time you own a property still counts towards citizenship. Most of us are here on a D7 visa and with that visa we have to live in Portugal a specific amount of time. I think it’s something like 8/12 months . Sorry I can’t remember exactly. It’s definitely most of the time. Thanks for watching! Cheers! M&D
A more helpful number for eating out would be cost per person per meal.
Hello! Thanks for watching and for the comment. That’s a good idea! I’d say 7€ for a fast food lunch to 12€ for a dish of the day lunch with appetizer, main, wine and dessert. We can also share a pizza, salad and 2 beers under 20€. For dinner of course, depending on the restaurant- anywhere from 15€ - 25€ per person with all the courses , wine and coffee. ☕️ All depends! Hope that helps a little! Cheers! M&D
@@TrackUsDownInRetirement³⁴⁴
If you are portuguese you need to work till 66y with a miserable salary and hope to be able to live after that with 65%of that miserable salary called retirement pension. if you are american with salaries of 200000plus per year, its easy
Hello! Thank you for watching and sharing your knowledge. We do know from our Portuguese friends what you are talking about. Even though we are not Americans, we do know most do not make that amount of money, struggle to save for retirement and have huge health insurance/ health care cost. You are correct that if one makes a very large sum of money- really anywhere in the world- retirement is much easier. Thanks for your input. Cheers! M&D
We spend $1200CAD monthly as a family of 5 kids under 12; on groceries. It’s crazy! 😢
Saving on groceries alone is worth moving. So happy for you both. Lovely lovely family 🥰
Hello! Yes we remember spending the same or more with 2 teenage boys! When every week it’s $300 or more at Superstore…. You start thinking 🤔 this is crazy!! Thanks for watching and commenting. Cheers! M&D
Same. Groceries in Canada are insane... Hopefully we evolve to survive on dirt 😂
Well , we're not sure what's the trick , but my wife called my attention to you two
She asked me to ask you both what's the trick you guys know that we don't since both are looking younger than the last time we saw you on TH-cam
So , what's the trick?
Hello Raimundo! You and your wife are too kind. It must be the “ Blue zones” type lifestyle here on Madeira and happiness! Thanks so much for watching and for the kind comment. Cheers! M&D
You didn’t mention income taxes?
Hello! No we didn’t mention taxes as that is something we don’t calculate or account for monthly. Our pension is taxed at source ( taxes paid upfront) and so what we receive is after tax. As we are on the NHR program here in Portugal and our money is taxes 15% at source, therefore because of the dual tax treaty it is not taxed again here in Portugal. Thanks for watching and commenting. Cheers! M&D
Wonder what NHR in Portugal is???
ENJOY MADEIRA PARADISE. 🙏🌎♥️🇵🇹✨️😂😂😂
Hello! Thank you so much! 😊 Cheers! M&D
Whycdont any of these videod tell how much in u.s. dolors not everyone knows euros
Hello! We tell them in euros as the exchange rate fluctuates and it depends when you’re watching. We also think in euros now. As well, we are not American. Thanks for watching! Cheers! M&D
Centimes
Hello! Thanks for watching! Cheers! M&D
Hi, thank you for the informative video. Can you please share the real estate agents E-mail address? I would love to make contact about renting/buying. Thanks so much.
Hello David! Thank you for watching and please send us an email to trackusdown@icloud.com and we can share our contact with you! Cheers! M&D