Today’s world is changing; travel is more accessible, and as a result more Canadians and Americans are going to foreign lands in order to retire. Mexico is one of the most popular destinations for retirees from the USA and Canada; this isn’t really a surprise, however, as Mexico has much to offer.
Advantage of being an Expat in Mexico
The laid-back lifestyle and good weather are just two of the factors that draw people to Mexico, but they are some of the really big ones. Of course, to name just a few of the others there is the high quality healthcare (at reasonable prices, too), and the lower cost of living; both of these things are becoming harder and harder to find in the USA and Canada.
Planning ahead in order to retire well is something that all individuals should do so that they can minimize stress and enjoy their golden years to the fullest. In this article we will take a quick look at how much money you would really need to become an expat in Mexico.
Permanent Vacation when you are an expat in Mexico
There really is so much on offer for foreigners who are looking to settle down for a comfortable retirement here in Mexico. There are plenty of well known vacation hotspots in Mexico which could make a paradisiacal home for retirees of all persuasions. One thing that goes in Mexico’s favor is the fact that it is so close to Canada and the USA, geographically speaking. If you wish to have family visit then Mexico is for you; direct flights are easy to find, fairly cheap, and regular. It’s close enough, for the most part, that the travel time is low enough to make a weekend visit worth your time. Living in Mexico could offer you a permanent vacation lifestyle to be envied; many people find they feel they are living the dream once they move to Mexico. There’s something wonderful about sipping a margarita by the beach after work on a Friday when you are an expat in Mexico.
Lower cost of living for an expat in Mexico
According to retirement website www.internationalliving.com, the average expat in Mexico would need a pooled income of around $2,175 USD/month pero couple in order to retire to Mexico and maintain a great quality of life. This estimate considers money for food, rent, utilities, healthcare, entertainment, and even an allocation for a housekeeper and gardener. Averages from the Social Security Administration (figures from 2017) estimate that the average American worker will earn $1,369USD/month when retired; this would give the retired expat in Mexico more than enough to live on. In fact, this would be enough to live comfortably on, and with healthcare costs soaring in the US this is most likely an attractive prospect for many.
Access to private doctors and hospitals alone could be counted as one of the biggest benefits of living as an expat in Mexico. A standard visit to the doctors will cost on 500 – 700 pesos, which is around 30 – 40 dollars since the pesos is at an almost all time low. In addition to this, prescription medicines are also well priced. A medication at 175 pesos per bottle will equate to around about 10 US dollars. When you buy the same prescription in a US pharmacy with no insurance the cost could be around about 125 USD.
Culture and Food in Mexico
As well as the savings you will make in housing, healthcare, and utilities, you will also find that the culture in Mexico makes it truly special. The amazing food, and the warm, hospitality and family centric culture makes it one of the best places in the world to live. Plus… who doesn’t love Tacos? If you’re a foodie you really will get a kick out of living in Mexico; as well as the delicious and filling street food on offer there are high-end dining options available in most areas if you wish to splurge. It really is nice to have access to both ends of the spectrum when you are an expat in Mexico.
In conclusion, it is wise, when starting to plan your retirement, to consider Mexico as an option; it could be a financially savvy, and very fulfilling, choice. If you love to experience culture and try new foods then Mexico is a truly wonderful place in which to settle.
So, based on what we’ve told you… do you think you would like to become an expat in Mexico?