Retirement: a rest, or a challenge?
The life of a retiree is supposed to be a reward after years of work. Pensions should be in accordance with the person's effort in the last decades and enough for a happy life - all bills covered, a dignified property where to live, and spare for entertainment and personal development. In some cases, this happens, and retirees can enjoy the rest of their lives without economical concerns and exploring the new possibilities of the development of technology and medicine. However, in some scenarios, this isn't what happens.
Unlike work, retirement provides a steady monthly income that cannot be increased or adapted to a person's needs or interests, and not in all cases it is enough for what they want to do. Some retirees struggle in debt or feel frustrated because what they get isn't what they wish they got. Also, some external circumstances can challenge a retiree's financial balance, and today we might just be witnessing one of these challenges knocking at our door.
Will Brexit affect British retirees living in the EU?
With the United Kingdom no longer being a part of the Europan Union, just a few days after people voted there is a generalized sense of uncertainty and even fear among British expats. International relations with other European countries might be just about to be modified, and the situation of UK citizens living in a foreign country could be at a weaker state in many aspects, including of course their economical situation.
After Brexit, many UK expats in the EU feared that their situation as legal immigrants could be threatened due to chances in migration regulations. So far, danger of deportation seems to be out of the picture, yet some businesses may be facing new difficulties due to the loss of certain privileges, and even that isn't for sure. So, the question is still on the table. What will Brexit affect? Should Britons enjoying their retirement in the European Union be concerned about what is going to happen in the near future?
We shouldn't forget that some countries in the EU are very popular for retirement homes and thousands of UK retirees have decided to spend the rest of their lives there. France is a very famous example of this, and those who are lucky have managed to purchase a villa or even a property in a big city; Spain and Portugal are also very popular, with plenty of British expats each, and places like Italy are very opular as well. All these people might feel the effect of Brexit in economy, not because they are working or have any business that could be threatened, but mostly because of the exchange rate becoming less favorable for them. If the sterling pound drops in value after the United Kingdom leaves the Union behind, they could effectively see their pension decreasing. Even if the amount of money they get is always the same, it could be worth less in their environment. Their economical situation might change and perhaps their income will no longer be enough for them. So, is there a solution for this? What can retirees do to counteract the decrease in value of their pension?
Fighting Brexit effects with equity release
Since raises and promotions are no longer available for retirees, they need to find other ways to tackle economical hardships or challenges. Equity release appears as a very popular strategy to get more money and face expenses, and every year more and more people are boosting their retirements and wiping out debts with it.
Equitly release is a financial deal similar to a mortgages, but the great thing about it is that in most cases - depending on the arrangement - you won't have to pay back a single penny. Instead, you give up a portion or your whole property ownership after you pass away or you move on to long term care. What you get is a proportional of your house's value in cash, ready for any use you want to give it.
If you see you're falling short on your pension due to bad exchange rates, equity release can be a great option for you. Nobody, after long years of work, should face monetary hardships in their elder years. Learn more about equity release solutions and boost your retirement, clearing out all possible threats to your financial situation.
If you want to learn more about equity release, follow this link: equitysolutionsltd.co.uk. Equity Solutions is an excellent company that provides deals as well as useful information and guidance on this subject. Find about your options and start living your life at its best!