Best Places To Retire In Mexico part 1 – that will be the topic of today’s article.
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The best time to consider your financial situation is when you are moving to a new country.
Introduction
Retirement in Mexico is a simple process if one puts some thought into it beforehand. Most people, when they meet the criteria for retirement, would move to Mexico and live there without putting any thought into it. However, living in another country brings up many new factors that are not present in your normal day-to-day life.
For many retirees, Mexico is a popular destination to spend their golden years. Warm weather, a low cost of living, and welcoming culture make it an attractive place to retire. There are several things to consider when planning to retire in Mexico. First, you need to decide if you want to retire in a city or the country.
Mexico’s major cities like Mexico City, Guadalajara, and Monterrey are lively places where you can find diverse nightlife, shopping, theatre, museums, restaurants, and more. If you prefer a peaceful life in the countryside, plenty of towns have the colonial architecture to explore.
Second, you need to choose any special needs you may have. Mexico is a diverse country with different climate zones and terrains. If you are looking for a place to retire with year-round warm weather, coastal areas like Mazatlán, Puerto Vallarta, or Cancún would be a good choice. If you want to experience Mexico’s many different climates, the central highlands like San Miguel de Allende or Cuernavaca are a good option.
And if you want to be close to the United States, Baja California is a great choice. Well, not to talk much, we’ve got you covered today by explaining some of the things needed to retire in Mexico. Not only is that, but we will walk you through the pros and cons of living in Mexico and many others, to mention a few.
5 Tips to Know Before Retiring in Mexico
The question of “What will expats do after they retire?” is a popular one. What does retirement look like for the average expat after leaving their home country? In Mexico, it can be difficult to find accurate information about what life as an active, retired expat looks like. This article aims to provide five tips that active retirees can prepare for a smooth transition into a new retirement. Check it out now!
The Cost of Living
One of the first things to consider when retiring in another country is the cost of living. In Mexico, your dollar will go a lot further than it would in the United States. This is great for those looking to stretch their retirement savings a little further.
However, it is important to remember that while the cost of living may be lower, the quality of life may not be. Make sure to do your research and find an area in Mexico that will fit your budget and lifestyle.
The Weather
Mexico is a large country with many different climates. You can find everything from tropical beaches to cold mountain towns. Make sure to research the weather in the area you are considering retiring in Mexico.
If you are not a fan of hot weather, stay away from the Yucatan Peninsula or Central Mexico. If you are looking for a more temperate climate, head to the states of Jalisco, Nayarit, or San Luis Potosi.
The Language
Mexico is a Spanish-speaking country. Unless you are fluent in Spanish, you will likely need to learn some basics before moving down. Many language schools in Mexico can help get you up to speed.
However, remember that most Mexicans are patient and willing to help those trying to learn the language. It will be helpful to have some basic knowledge of Spanish before moving down, but it is not necessary.
The Infrastructure
Mexico has come a long way in recent years regarding its infrastructure. However, there are still many places that are lacking in this department. If you are looking for an area with strong internet, cable, and telephone service, head to one of the larger cities like Mexico City or Guadalajara. If you are looking for a more rural area, be prepared for slower internet speeds and fewer amenities.
The People
Mexico is a diverse country with many different cultures. When retiring in Mexico, it is important to remember that not everyone will have the same values as you. Make sure to do your research on the area’s culture you are considering moving to.
If you are not comfortable with a more relaxed lifestyle, or if you are not used to being around people who do not speak English, then maybe Mexico is not the right place for you.
Did you know that the average life expectancy around the world is around 67 years of age, but in Mexico, it has been reported at 74 years? That’s a pretty big difference. Imagine living 5-7 more years just because you picked another place.
Interesting Facts about Retiring In Mexico
If you’re looking for somewhere new to live, somewhere closer to water, warmer weather, and a lower cost of living, Mexico may be the perfect place for you. In fact, there are many benefits to retiring in Mexico. Without further ado, here are five interesting facts about retiring in Mexico as an expat.
No Tax on Foreign Income
Mexico does not have a personal income tax, which means if you earn money outside of the country, you don’t pay taxes on it. This is distinct from other popular retirement countries like Panama and Costa Rica, both of which have a personal income tax. Besides, the tax regulations in Mexico benefit expats even if they don’t earn money outside of the country. If a foreigner is married to a Mexican citizen, any income earned by the non-Mexican citizen spouse will not be taxed in Mexico.
Mexican Property Ownership
Foreigners can purchase property in Mexico without any restriction. In 2005, the Mexican government approved the Ley de Regularizacion de la Tenencia de la Propiedad, which cancels out any restrictions on the property rights of foreigners. If you are married to a Mexican citizen, however, you must first seek permission from the Secretaria De Relaciones Exteriores (SRE) before purchasing property in Mexico.
Affordable Housing
Mexico is an affordable country to live in, with the cost of living being much lower than many other popular retirement destinations. You can purchase a home for a fraction of what you would pay in the United States or Europe. In Mexico, a new, three-bedroom house costs around $100,000.
Typically you will have to pay 20% of the purchase price as a down payment and take out a private mortgage with one of the many Savings and Loans institutions in Mexico. The remaining 80% of the purchase price is financed by your monthly payments on your new home
Healthcare Is Affordable and High Quality
Mexican healthcare is considered high quality, and it is also very affordable. The costs of healthcare services in Mexico are a fraction of the cost in the United States. For example, a visit to the doctor for a general check-up will only set you back at around $25. In fact, many retirees find that they can receive better quality healthcare in Mexico for a fraction of the cost than they could back home.
A Wide Range of Activities to Enjoy
Mexico has a diverse landscape and plenty of activities to enjoy. From the beaches of Cabo San Lucas to the mountains in Copper Canyon, there is something for everyone. You can also enjoy a wide range of activities such as golf, fishing, and hiking. Meanwhile, Mexico City offers places for cultural appreciation and dining out.
There Is No Language Barrier in Mexico
If you plan to retire to another country, the language barrier may be a concern for you. With English being widely spoken in Mexico, this isn’t an issue! This means you can enjoy living among the locals without having to worry about not being able to communicate with them.
Excellent Infrastructure
Mexico has an excellent infrastructure, with good roads, airports, and hospitals. This means that it is easy to get around the country, and you will have no trouble finding the services you need. However, Mexico does have a fairly high level of criminal activity, so you will need to be aware of your surroundings and take precautions when going out.
