Are you a retiree in Europe? Take advantage of the recession

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Are you a retiree in Europe? Take advantage of the recession

Europe has taken a hammering over the past few years. The Eurozone debt crisis has toppled the economy of Greece and crippled those of Portugal, Italy, Ireland, Spain and now to a lesser extent France.

The wider region continues to suffer from record high unemployment levels and the effects of austerity. Following on from the Cypriot bailout many expats have grown concerned about the safety of their finances if they decide to retire abroad.

Spain and France have always been very popular for retirees because of their climates and close proximity to the rest of Europe but even these expat bastions are feeling the effects of the ongoing recession. Many expats have been forced to cut their losses and return home.

As a retiree however you are in a better situation to ride out the troubles than younger people that have to rely on the jobs market for their income. As long as you ensure that your income from your pension is secure you could be in the best position to take advantage of some of the damage caused by the record breaking long recession.

The property markets in Spain, France and most of the other crisis hit nations have taken a hit, meaning that property prices have dropped and are now at a much reduced rate to what they were before the crisis hit. As a result you can now take advantage of this. With the weakened economy property sellers in those countries will be a lot more likely to negotiate over price meaning you could buy your dream home for a bargain price.

Other advantages of a weakened Eurozone that you can benefit from include the fact that everyone – from service providers to shop keepers for example – will be keen for your business, so when it comes to big ticket purchases you can negotiate yourself a fair price. All these savings will add up leaving you with more cash in your bank.

Finally, the main benefits of retiring to nations like Spain and France haven’t changed because of the Eurozone’s position as both nations still offer retirees a peaceful haven for retirement where the weather, food and wine are all superior to those found in the UK or US.

The Expat Hub
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