When you’ve spent most of your life working hard, you want your retirement to be one of peace and tranquility. As the costs of living rise in the US, more and more retirees are choosing to move abroad to find a better life and improve their finances. Despite representations in the media of a country ravaged by gangs, Mexico is one of the number one choices for US retirees. Beautiful beaches, stunning scenery and a welcoming culture all dispel the media characterization of a country that could be an ideal place to spend your retirement.
Is Mexico the Right Choice for My Retirement?
If you like lying in the sun by the sea and value a culture which enjoys relaxation as much as work, Mexico might be the ideal place for retirement.
Another bonus is that Mexico is close to the US so it’s easy to go home for a trip and products you get back in the States are easy to come by.
Before you take the plunge and move, you can spend a few months seeing if it’s suitable for you; Mexico gives US passport holders 180 days of visa free entry.
Visas
If you do decide to move you will need the correct visa. Some expats cross the border every 180 days and re-enter to renew their visa, although there are reports that Mexican authorities are clamping down on this behavior. This method is highly inadvisable.
Temporary residency is obtainable if you have the right income ($4,350 a month or $73,200 in savings). You can send your documents off to the embassy and explain why you want to retire to Mexico. If your application is approved you will be granted temporary residency. Permanent residency is also available with higher income thresholds.
Safety
The media in recent years has portrayed Mexico as a war zone. You need to be aware that there are some areas which are unsafe to travel to, but for large parts of the country it is perfectly safe.
You will have to take the same precautions as you would in any other country such as not wandering around at night on your own. Most expats live in areas which are very safe and it is not in the interests of the locals for it to be dangerous as you are bringing an economic benefit.
Family and Dependents
Children and spouses can be included as dependents if you are granted temporary or permanent residency.
It is easy for your family to come and visit as they will be granted a 180 day visa free stay at the border. Given the low cost of living in Mexico, it would be the ideal place for your family to come and spend time with you while also having a holiday themselves.
Are There Other Retirees?
There are over 2 million US expats living and loving life in Mexico which makes for a vibrant community who will help you to settle in. When you move to a new country, no matter how welcoming the locals are, you’ll still want something to remind you of home. With so many other retirees around you’ll never feel lonely.
Property
Property in Mexico is considerably cheaper than the United States. The average house price in Mexico is $75,556 compared to an average house price of $347,000 in the States. There will be a difference depending on where you choose to live; some of the larger Pacific coast towns are more expensive but not prohibitively so.
Where Should I Move to?
Deciding on where to move is something you will have to research and perhaps spend a bit of time in Mexico before making the move. It’s a country which has a varying climate and different parts of the country are home to different communities of expats. If you’re retiring, you’ll be looking for something different than the big city hustle and bustle of somewhere like Mexico City. One of the more chilled expat enclaves will probably be more suitable.
Puerto Vallarta
Sitting on the coast Puerto Vallarta has a thriving expat community and is considered by residents as a home away from home. There are plenty of golf courses surrounding the area, and the town is full of cafes and restaurants where you can easily make new friends.
Lake Chapala
Lake Chapala has the highest number of expats in Mexico with a climate that doesn’t get too hot or too cold and the city of Guadalajara is not too far away. Every Wednesday there is a market and if you are into the arts, Lake Chapala has a thriving writing community.
San Miguel de Allende
A beautiful town with Spanish colonial architecture, San Miguel de Allende has a large expat community and you can usually get by without any Spanish. One drawback is that there is no nearby airport so a three hour bus to Mexico City is required.
Huatulco
Down in the south, Huatulco was originally a fishing village but was chosen by the government to be an area of investment. It has not taken off as much as other areas of Mexico but it still has all of the amenities you need and has the advantage of being by the coast.
Are Mexicans Welcoming?
Mexico ranks as one of the friendliest countries for expats. Mexicans are welcoming and willing to let you fit into their culture. While it is not always essential, it would help and be respectful if you learned some Spanish. The locals will appreciate it and you will find navigating life much easier.
Is It Easy to Fit Into Mexican Life?
Both the locals and expats are welcoming so you won’t have much problem fitting in. When moving to another country and culture there are always going to be small problems, so you will have to be prepared for a few hiccups. One advantage of Mexico is that the US is a short distance away and if you are really yearning for home, you can easily go back for a short trip.
What is the Cost of Living in Mexico?
Compared to the United States, Mexico is much cheaper. You can buy a kilo of tomatoes in the store for around $1.50 while in the US it will cost you almost $5.00. Aside from food, there are lower taxes, transportation is cheap and your utilities bills are not going to put you into financial difficulty.
Will I Have Things to Do?
No matter your interests, you will find something to do. Boredom in retirement is a fear many have, but in Mexico you’ll have the option to travel around the country or just stay local and enjoy the beaches and the golf courses.
If you are more artistically minded, you’ll find people with similar interests in local expat groups. You will have far more to do retiring in Mexico than you would back at home.
Food
Not all Mexican food is spicy but if that’s your thing then you will fall in love with the cuisine. From chili con carne to fresh tacos, you’ll end up having to watch the calories. The food isn’t for everyone, so even if you’re not a fan you’ll easily be able to find something to eat in the many restaurants in towns populated by expats for a cheap price. It’s also relatively easy to get ingredients from home at the supermarket so you can also cook yourself.
Healthcare
Public healthcare is available to all locals and permanent residents through a voluntary registration with the IMSS which is the Mexican social security system. The drawback is that wait times will be long and you won’t be guaranteed a doctor who speaks English.
Taking out private health insurance is affordable and a better option as the medical facilities available in the private sector are generally excellent and most doctors speak English. There are private hospitals located around most of the towns which have a high expat population. Do your research on taking out insurance as you won’t be treated unless you can show you can afford it.
Taxes
You will still have to file taxes with the United States government on any income earned. If you do not work for or you derive your income from outside of Mexico, you can claim a tax exemption from the Mexican government. In this instance it is best to consult with a qualified tax advisor who will be able to advise you on how best to negotiate your taxes.
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