According to the Spanish Government, you need precisely €28,800 a year to retire in Spain. If you retire with your partner, you will need €36,000. That means a couple retiring in Spain would need €3,000 a month to live off. Let’s see how we reach these figures and whether it is a requirement for everyone.
Having clear your finances is fundamental for a relaxing retirement in Spain. Photo: Pexels
How is this amount calculated?
The Spanish government ascertains whether you have enough funds to live in Spain by applying the IPREM (Indicador Público de Renta de Efectos Múltiples) indicator. This indicator establishes the minimum income for an individual per year. However, this is the absolute minimum which is also used to calculate state benefits and amongst other things Visa eligibility.
What is the current IPREM?
The current IPREM value for 2026 is €600 a month. For those who are not EU citizens and wish to apply for a Non-Lucrative visa, this will be the indicator that measures your income eligibility. You will be required to provide proof of income for 400% of the IPREM value which equates to €28,800 a year plus €7,200 (100% IPREM) for each additional family member. Normally,if you are an EU citizen, you will only be required to provide proof of income for 100% of the IPREM value. However, this can change depending on the autonomous region you are living in.
Can you live off 100% IPREM - €7,200 a year (January 2026)?
The short answer is No. As much as it is a basic requirement for EU citizens, all cost-of-living assessments would show that it is not enough to live off. A much better guide would be the requirement for non-EU citizens: 400% IPREM or €2,400 a month per person, but then you will need to add an extra €600 for your partner. This falls much more in line with independent cost-of-living assessments.
What is the average spending of a household in Spain?
As a guideline, the National Institute of Statistics published that in 2024 the average household spent €2,837 on all costs each month (including accommodation). This is not far off the government requirement of €3,000 for a retired couple. However, this does contemplate housing costs. If you are a cash buyer and don’t need to contemplate property payments, you could realistically live on less than €2,100 a month. But it will depend on your spending habits.
Here are some average cost-of-living assessments created by Numbeo the world’s largest real-life cost-of-living database generated with crowdsourced data.
Read more at thinkSPAIN.com