In today’s changing world, more Americans and Canadians are deciding to retire in Mexico than ever before. The laid back lifestyle and great weather are major factors in choosing to live abroad as opposed to retiring in the states. Plus, the access to high-quality healthcare at a reasonable price is something that is becoming very difficult to attain in the US or in Canada. Also, the lower cost of living makes Mexico a great option for those wanting to have a good quality of life at an affordable cost.
Planning ahead for retirement is something that all individuals should do so they can enjoy a stress-free retirement. Here we will take a quick look at how much money you would likely need to become an expat in Mexico and retire in style.
There is so much to offer foreigners looking to settle down and enjoy their retirement as an expat in Mexico. Well known as a popular vacation destination thanks to its beautiful beaches and warm weather, retirement in Mexico offers chance to live in paradise as you make fond memories with your loved ones. Mexico is also geographically close enough to have friends and family visit regularly as opposed to retiring in another country that is farther away. Travel to and from the states to Mexico is usually affordable and it is relatively easy to find good deals on flights, especially if you plan ahead or take advantage of last minute travel deals. Many individuals that become an expat in Mexico feel as if they are living out a dream as they sip cocktails and watch stunning sunsets on the beach as part of their daily routine.
Lower cost of living
According to the retirement website www.internationalliving.com, it would take around $2,175 USD/month for a couple to retire in Mexico and maintain a great quality of life.
This estimate takes into consideration money for rent, food, entertainment, utilities, healthcare and even an allocation for a housecleaner and gardener. Based on averages from the Social Security Administration in 2017, the average monthly amount retired American workers earn is $1,369USD/month which would give a retired expat in Mexico more than enough to live comfortably if they decide to retire as a couple. With healthcare costs alone soaring in the US to records highs, this makes Mexico an extremely attractive option.
Access to private hospitals and doctors is one of the top benefits for an expat in Mexico. A standard doctor visit generally only costs between $500-$700 pesos which translates to only around $30-40 dollars since the peso is near all time lows. In addition to the reasonable cost of a doctor visit, prescriptions and over the counter medicines are also very well priced. For example, the cost of a specific medicine in Mexico costs $175 pesos per bottle which is only around $10 USD. When buying the same medication with no insurance in a US pharmacy, the cost is around $125USD. What a huge difference for the same exact medicine!
Culture and Food
In addition to the savings you will find in housing and healthcare, there truly is so much more about Mexico that makes it special. The amazing food and family centered culture are some of the best in the world. In general, the local people are very friendly and welcoming to an expat in Mexico, and let’s be honest, who doesn’t love tacos? Besides delicious and cheap street fare, there are many high end shopping and dining options available as well if you decide to splurge. It is nice to be able to have access to both lower priced options that are so tasty, as well as fancier restaurants and bars for special outings for an expat in Mexico.
In conclusion, when starting to plan for your future, consider that retirement in Mexico might be a viable and financially smart choice. If you love experiencing different cultures and find a sense of enjoyment in the adventure that comes with moving to a new country, becoming an expat in Mexico might just be right for you. From the affordable healthcare, lower cost of living to the amazing food and culture, Mexico is truly a wonderful place to retire. Do you see yourself becoming an expat in Mexico? If so, we will see you on the beach!
Take a look at your next home in Mexico.