advise on retiring at 57, Winter living in Mallorca

Bullrush11

Hi there,

I am 57 and am currently on sick leave from my toxic work environment. My paid sick leave (6 months) ends very soon and I will be on unpaid sick leave thereafter. During sick leave I have been entirely glad to be out of my work situation/environment...I am totally not missing it and I am keeping myself fully occupied doing simple things I like such as swimming, cycling and fishing, cooking/baking and stuff around the house etc. Also, during sick leave, I have ditched my drinking problem of 2 or maybe more wine bottles daily and never want to go back there. Currently after detoxification, I feel much better mentally and physically but don't want to go back to my toxic work environment. However, I don't think I could get a new job at my age if I resigned from my job.

I have 295K in savings in a bank paying 10 cents p.a. My mortgage is done, I am single and have no dependants. I have been working continuously paying PRSI since mid 1992. I am paying into a defined benefit pension for about 29 years. I used to spend say 9-10K p.a. on booze and lived by spending approx 18K p.a on stuff in total. My take home pay after tax was about 38K p.a so about half of that went on booze and living. The booze spend is now gone thank god unless I relapse. Could I afford to retire now or should I work for longer? I was thinking of learning Spanish and living on the Balleiric islands (Mallorca perhaps) for approx 6 months each winter? Any advise.

Thanks

iniscealtra

You have seven years until the pension age. I think you made a good decision regarding your health. Could you do some part-time work doing something that you enjoy rather than spending all your savings?

Going abroad in the winter/ off season is a great idea especially when the days are short.

My advice would be to work part-time in something you enjoy and have a nice holiday in the winter.

suvigirl

Yeah OP, life's too short, get a part time job, everything is easier without a mortgage. You could even rent out a room for up to 14,000 euro a year.

Good plan on spending time elsewhere too, few months abroad getting more daylight in winter months would be good for anyone.

Mrs OBumble

Do you have a passport that allows you to live in Mallorca?

If you have an Irish one, then freedom of labour movement allows you to work there or retire there: I don't know the criteria for retirement, but suspect they're linked to state pension.

granturismo

After your 6 months sick leave will you have to see a medic every month to receive any reduced sick leave payment? Travelling back to Ireland every 4 weeks will add to your costs

Do you have to wait til 65 to receive your pension?

Do you still pay pension contributions for the next few years in order to receive your full pension? If not, can you live on a reduced pension when you receive it.

What additional answers do you need that you didnt get last year and in 2020?

https://www.boards.ie/discussion/2058226476/thinking-of-early-retirement-at-56-or-is-it-too-early

https://www.boards.ie/discussion/2058088450/early-retirment-at-54-can-i-thrive-and-survive-till-pension-arrives

Why move to Mallorca? Is there a strong drink culture where you plan to move to? Well done on cutting out your drinking.

Jim2007

https://www.boards.ie/discussion/comment/121029365#Comment_121029365

To retire to an EU state, you need to meet the retirement criteria in one of the states in which you have first pillar pension (in Ireland that means state pension) rights and meet the financial requirements from none economic activity => savings, pensions, investment income and royalties. Failing that one is restricted to the usual three months, of course you'd probably get away with it provided you did not crash into officialdom! But with the scanning passports on the way that is going to get more difficult.

dublin49

If you were suited to the work driving a taxi would give you the flexibility you need to take off whenever you want.Not everybody can hack that industry but it does suit part time working .

At your age I exited a very toxic working environment after getting seriously unwell because of it. Had no mortgage, and had been working in public service since age 17. I didn’t go abroad to live, though I live travel.

If you feel you can best keep sober by living abroad in the winter, sure why not try it out?

May I recommend where I am on holiday now, a part of Spain that enjoys perfect winters and is very unspoilt and friendly. They don’t get many foreign tourists as there’s no very handy international airport, but it can be reached by a couple of hours journey from either Seville or Faro airports. The Costa de la Luz is beloved of the Spanish themselves.

it’s like a home from home, people get to know you, and lots of people greet you as you pass by. There are wonderful walks and and there is not a big drinking culture. Most people visiting a bar are having a lemonade or coffee, & some tapas. Food is delicious too.

Some nice inland towns to live in are Cartaya, Lepe and Almonte. Directly on the coast are El Rompido (where I am), Islantilla, Isla Canela, Isla Cristina, El Portil, Punta Umbria. There’s the city of Huelva too, admin capital of the area, with short bus journey to the coast. Sailing and boating are popular, wildlife & nature, cycling, golf.

Re getting early retirement t in public service as I did, there had been a seriously toxic environment, somebody was later found to have framed another staff member for missing cash. I was trying to deal with a very serious issue or two and ended up with an episode of temporarily cardiac failure and was hospitalised. I was 57, they had no issue allowing me to retire on full pension under the circumstances. Management had failed to deal with serious issues arising with one or two local manager.

cute geoge

https://www.boards.ie/discussion/comment/121030048#Comment_121030048

Do you need to be able to speek spanish for these places off the beaten track

https://www.boards.ie/discussion/comment/121032736#Comment_121032736

I don’t speak Spanish, but if I were spending significant time here I would learn it. So many people try to enter into conversation you’d get immersed in no time. There’s a strong variety of regional accents hereabouts, very easy to pick up the equivalent of a Kerry accent.