Although the Mexican border has been taking heat for the large migration of undocumented immigrants entering the United States, there has been a large migration of Americans relocating and retiring in Mexico. The reason for this being the better weather, new experiences, and relaxed lifestyles that they will find as they head south into Mexican territory. These expats also enjoy access to affordable and quality healthcare and a lower cost of living. Mexico is a popular destination because it offers all this – plus its close proximity to the US makes it easily accessible and cheap to travel between to visit family and friends.
One of the first things to consider when deciding to live abroad is the cost of living in that country. Below, we take a quick look at how much money you might possibly need to retire comfortably in Mexico.
Lifestyle Determines the Amount of Money You Will Need
No matter where you retire, the way you retire greatly affects the amount of money you will need to do it. It is completely possible to retire on a fraction of a salary of what you would receive in the United States in Mexico. For instance, if you are willing to live modestly in a small apartment, eat at home, and sacrifice some of the comforts you may be used to back home you could save tons of money. Contrastingly, you could easily spend $15,000+ a month living in an exclusive beachside community while participating in expensive leisure activities, fine dining, and travel.
Most people who retire abroad fall somewhere in the middle between lavish living and budget consciousness. In order to achieve this in Mexico, a retired couple might be looking at the following monthly costs. Keep in mind that this level of budget in Mexico permits renting a house with three-times-a-week maid service and a weekly gardener:
These numbers are based on estimates on the website www.internationalliving.com.
For about $2,175 a month, or about $26,100 per year, a couple could retire comfortably in Mexico. With the peso hitting record lows, Americans can take advantage and stretch their retirement budget even further. Take for instance that the average monthly benefit for retired workers is $1,341. For a couple receiving that amount, this adds up to $32,184 each year – just enough to cover this budget.
Of course, retirement costs vary depending on each person, and your costs could be lower or higher than the estimates stated depending on your situation and lifestyle choices. Also remember these estimates don’t include expenses such as traveling to/from your retirement destination, moving costs, taxes, or emergencies.
More Ways to Save
Another way to save is through Mexico’s retirement benefits program. You are eligible for the Mexico’s Personas Adultas Mayores benefits program if you are 60 or older and have a Mexico resident visa. This program provides discounts of 10% to 50% off full price for a variety of services, including healthcare, cultural activities, transportation, and hotels.
Another important way to control costs is to shop at the local food market and learn where you can buy things at the “local” rate instead of the “tourist” rate. It is easy to forget that you’re not vacationing and you can easily burn a hole through your retirement funds if you are not careful.
Wrapping it Up in Mexico
Retiring in Mexico is a good option for those looking to adventure through new experiences and cultures, wanting access to affordable healthcare, or looking for a lower cost of living. Life outside the U.S. can create a culture shock so it is helpful to have an open mind and be adaptable to fully enjoy and appreciate the experience.
Also, visas, residency requirements, and taxes can be complicated as an expatriate so it makes sense to work with a qualified attorney and/or tax specialist when making plans to retire outside the United States.
Otherwise, we hope this has been informative enough for you to make the plunge into the crystal clear waters of Mexico!
Looking for a place to spend your retirement years in blissful relaxation? Mexico just might be the perfect place for you. For over a decade, this South American country has proven that it offers the easiest transition to expat life, consistently making it to the list of top retirement destinations in the world. It has bagged the number one spot for the fifth time this year, further cementing its title as the best place to retire. Here are some of the reasons why.
- Low cost of living. Expats can get by with as little as $1,200 a month. With the weakening of the peso against the dollar in the recent years, this amount is expected to go lower. Now, you can spend your money on other things, like putting up a business or buying properties.
- Quality healthcare. Every major city in Mexico has a first-rate hospital, staffed with medical personnel who has had some training in Europe or the United States. Also, you do not need to have insurance to get treatments; medical care is cheap in Mexico that you can pay it in cash.
- No language barriers. Many people think you need to learn Spanish to live in Mexico, but English is widely spoken throughout the country, particularly in popular tourist spots and expat communities. Thus, newcomers can easily communicate and fit right in.
- Close proximity to the US. Those who plan on living part-time in Mexico will love the fact that the US is just a few hours away. Driving or flying home is convenient and cheap, with airline tickets costing as low as $200. This makes it easy to escape the cold winters of the US and soak up some sun down south.
- Flexible weather. With the diverse selection of climates in the country, retirees will not have a hard time finding the perfect place with the right weather for them. Expats can choose to live practically anywhere, from spring in the highlands to summer on the beach.
- Numerous retiree benefits. Legal residents aged 60 and above can get discounts on bus and airline tickets, as well as medical care, museum entrance fees, and more. Permanent residents with an INAPAM Card are given additional discounts that can go up to 50 percent.
- Friendly locals. Naturally welcoming and friendly, tourists and expats will not have a hard time interacting and befriending the locals. They are warm and genuine, and would never hesitate to give you any kind of assistance, making your new life in Mexico a little easier.
Mexico might have had built itself a bad reputation over the years, but there are actually areas in the country that boast all the features and amenities a retiree is looking for. Whether you are looking to experience exotic culture or a first-class lifestyle, you will find it all here. Look for the perfect property for you in CaboCribs.com now and be a part of the 1 million Americans who now proudly call Mexico their home.
For many people, retirement means days of relaxation and slacking, and it is not something that you can do in your city. After rounds of research and surveys, International Living has compiled a list of the best places to retire this year and ranked them accordingly. Read on and take your pick.
10. Malta. Despite its compact size, this Mediterranean island offers a marvelous lifestyle. It offers 300 days of sunshine, reasonable cost of living, and excellent health care. Once you are done exploring the island, Sicily and Paris are just a few hours away.
9. Portugal. The low cost of living and real estate are just two of the many reasons why this country is getting more and more popular among retirees. Lisbon, and the seaside towns of Estoril and Cascais, are the more favorite places of expats.
8. Nicaragua. Over the past decade, this country has undergone several changes for the better. Progress is apparent everywhere and should many any expat’s lifestyle easier. Getting a resident’s card is easy, and so is opening and running a business.
7. Spain. Miles of beaches, warm coastal climate, affordable real estate, low cost of living and laidback lifestyle make it a top retirement destination. Aside from beach living, Spain’s historic cities is a great attraction for many retirees.
6. Malaysia. Clean and modern with unrivaled public transport, this exotic place is home to some of the friendliest people in Asia. This country is known for budget travels, but there are also world-class vacation spots that both tourists and expats can enjoy.
5. Colombia. Once overlooked as a great retirement place, the country is now getting attention for its closeness to home. Aside from its great sceneries, Colombia is also proud of its warm, welcoming people, as well as their food, music and festivals.
4. Costa Rica. This safe and stable country has been giving refuge to retirees for over three decades now, and it continues to do so today. One of its best features is its high-rate health care, with world-class doctors using the latest technologies.
3. Ecuador. To those who put excellent weather as their priority when looking for a retirement place, Ecuador is it. Real estate is also very affordable, so buying or renting a property will give any retiree incredible savings in the long run.
2. Panama. It may be popular for its canal, but Panama is also drawing retirees all over the world for its ease of living. Its famous Pensionado program makes it easy for foreign retirees to get residence, also granting them a wide range of discounts.
1. Mexico. There are many great places to retire in the country, perhaps one of the most popular is Los Cabos with its gorgeous beaches, laidback lifestyle and rich culture. Many websites like CaboCribs.com can help you pick a great place to stay in this paradise.
“Mexico has always offered arguably the easiest transition to expat life around: Low-cost, conveniently close, friendly locals and plenty of expats—Mexico offers an appealing balance of exotic foreign culture and familiar First-World lifestyle… Life here is easy and relaxed. And also rich and complex in sensations and experiences.” [Source]
Mexico is the Best Place to Retire
For the past 14 years, Mexico has consistently ranked in the top 10 retirement destinations in the world. And for the 5th time, International Living’s Annual Global Retirement Index has named Mexico again as the best place to retire. This is based on cost of living, retiree benefits, climate, healthcare, and more.
“Mexico has always offered arguably the easiest transition to expat life around: Low-cost, conveniently close, friendly locals and plenty of expats—Mexico offers an appealing balance of exotic foreign culture and familiar First-World lifestyle… Life here is easy and relaxed. And also rich and complex in sensations and experiences.”
Here are the reasons why many people are choosing Mexico for their retirement:
1. Low cost of living. May expats are reporting that they can live well for as little as $1,200 a month. “The cost of living in Mexico allows me to live a fun life on my Social Security check,” says San Francisco-native Jack Bramy.
2. Healthcare. You can find first-rate hospitals in every major city in Mexico. And plenty of good doctors too as most of them have received at least part of their training in the U.S. or Europe. You also don’t have to worry about not having medical insurance because paying cash at private facilities costs a fraction of what you would pay in the U.S.
3. Language. English is widely spoken especially in tourist spots and popular expat communities so it’s easy to communicate and fit right in.
4. Close proximity to the US. This proximity makes Mexico an ideal destination for part-time living. You can escape the worst of the winter weather in your home in a sunny region like Los Cabos. Going back home to the US is convenient and cheap. You can easily drive down or fly home —a round trip ticket sometimes costs as little as $200.
5. Flexible weather. Mexico has such a diverse selection of climates that you’re guaranteed to find the weather that’s right for you. You can choose to have summer on the beach or spring in the highlands.
6. Retiree benefits for legal and permanent residents. For legal residents over 60, they can get discounts on airline and bus tickets, medical care, museum entrance fees, and much more. If you become a permanent resident, you can get an INAPAM Card which will give you additional discounts that can range from 5% up to 50%.
7. Friendly locals. Mexicans are naturally friendly and welcoming, their warmth as genuine as the Mexican sun.
Now is the best time to buy a house and live in Los Cabos.
The weakening of the peso against the dollar in recent years means your dollars now buy nearly 50% more pesos than they did just a few short years ago. The weak peso also means you can pick up great-value real estate (to buy or rent) for even less than you could a few years ago—an apartment that cost $1,300 to rent in 2014 costs $980 now.
Call us at +1-310-860-6063 (US) or +52 1 624 688 6841 (Mexico) or email us at email@example.com to learn more about buying properties in Los Cabos.