What things can I do now to prepare for later retirement in Spain?

I could write a small book about moving to Spain and what you need to know. One thing I am currently working on. Do you have children to leave an inheritance to?

@ronjonesnc No it’s just me - no dependents, no spouse, so that makes things a little simpler.

@jbeckwith

Welcome to the expat.com forum and good luck with your potential retirement to Sunny Spain!

12 years is like an eternity, a lot of stuff can happen by then. So I would suggest you do absolutely nothing until you're ready to relocate. :-)

The NLV is a very popular option, and very easy for retirees to get. And I doubt that will change.

However, it would be good to stay out of trouble in the US, as the NLV application requires a criminal background check.

If you've got savings, and are really committed to the Spain idea, then you might consider a vacation/future retirement property. But, personally, I wouldn't bother, as owning an overseas property is a hassle, and it's a lot easier to spend your vacations nearby in Florida or Mexico.

As you write, the main issue when considering retirement is financial. Save your pennies, and make sure you maximize your pension, and your retirement nest egg.

And eat healthily and get your 10,000 daily steps so that you're sprightly enough to enjoy 40 years of retirement on a sunny Spanish beach. :-)

Separately, California is a rather expensive state, especially for property. I would expect your cost of living (and cost of home ownership) to be significantly lower in Spain. And your pension and nest egg to be quite generous by Spanish standards. So you might want to do a bit of research (e.g. Idealista for property) and crunch the numbers to see if a Spanish retirement could be feasible sooner.

@jbeckwith

Credit history is not tracked in Spain. Keep all the money you can in the US. Up to now Spanish banks do not really have savings accounts but are starting to offer what looks like CD's - fixed rate for a fixed time. Early withdrawal means no interest. Also if you do a wire transfer from your US bank to a local bank here in Valencia the local bank will charge you a maintenance fee to accept your money. I did a test - $5000 direct xfer from my US bank and a $5000 xfer using a money broker. The local bank charged 100 Euros to accept my money using the direct xfer. BTW checks are not normally used.

Maybe more later when I have time.

@jbeckwith

Hi

If you do not speak Spanish already I would suggest starting now. Verbling provides a great way to learn one-on-one online with native Spanish teachers. Spanish from Spain is very different from what you would learn in California. It would be a good to get familiar before you make the move.

Suerte!

@jbeckwith

buy some real estate,  preferably an apartment on an upper floor for security.  find an agency to manage the property and rent it either long term or short term.  Let the renters pay for it for 12 years, and in that time, it could double or triple in value, giving you many new options !

Good luck!

By the way, credit history isnt like in the USA.  as a foreigner in Spain, if you purchase a property, banks will normally ask you to pay 50% at the signature and finance the rest. 

Good luck!