The Six Rules of a Golden and Profitable Retirement

As the years start rolling about faster and faster, boomers, who are now on the brink of retirement, start to wonder how they will retire and what they will do in their retirement. The truth is, there are no rules to this and each person decides what to do with their retirement time, money and plans. However, experts have panned out a retirement plan to make it truly golden and profitable. You may call them guidelines, rules, commandments, or whatever pleases you. But these rules have helped millions of soon-to-be-retirees understand what the golden years have in store for them.

Save, save and save some more

Piggy bank

The first rule to retirement is saving money for it. Putting money into your 401(k) and IRA retirement funds is a great way to ensure you will have money to do what you please in your retirement. In fact, many people even put their IRA retirement funds to work prior to retirement by investing in vacation rental homes overseas. Any income generated from that property is put back into your IRA account, helping you create a steady flow of income that will come in very handy in your retirement. In the meantime, you can also create automatic deductions from your paycheck and join investment plans, which help put away money before you are able to spend it. Many retirees often just rely on their Social Security, which is a safety net, to say the least. It does not guarantee that you will be able to afford any sort of comfortable lifestyle. So, if you save – and invest – your money wisely, you’re ahead of the game.

Move away and find an affordable retirement spot

 

The reason why thousands of Americans and Canadians move to Mexico for their retirement is cost of living. Don’t be afraid to get up and move elsewhere. In Playa del Carmen, you can comfortably live for 50% less of the cost than you would in Sarasota, FL or Scottsdale, AZ, for example. And you might even be able to purchase a home for a fraction of the cost it would cost you back home. Mexico is the perfect spot for retirement due to its proximity to the US for quick visits back home, and it is the most culturally familiar country for those in the United States and Canada. So, get ready for that adventure abroad that retirement often promises.

Wait the correct amount to retire

Retire

You might hear of early retirement cases that are a huge success. A young man of 53 and his similarly-aged wife investing abroad and getting ready to retire after years of work. But this is not the case for everyone. Retirement should come at the right time for you. Early retirement is good when you have a fortune saved up and are certain that you have enough to live comfortably for the rest of your life. However, you need to measure your individual case. It’s quite simple. You need to give your money time to accumulate and multiply. Your Social Security checks will become smaller if your retirement is longer. So, make sure you give yourself time to fully prepare for retirement.

Think of no one but yourself

 

Downsizing is often a scary thought for people. But the reality is that you no longer need to shelter a whole family – just you and your partner. Think of yourself first, and everyone else second. Sure, you might want a guest bedroom in your Mexico home for whenever your grown children and grandchildren visit. Or if you have friends who are enjoying their retirement by traveling and want to stay with you. But there is no need to look for a 4-bedroom home with a studio, a TV room, a laundry room and all the big, lavish spaces you enjoy as a family. Retirement often means going back to basic. And that means you should think of your savings and your needs. Get rid of that mini van and switch out for a small car, or no car at all!

Plan to stay active, motivated and busy

 

Retirees often find themselves bored, not knowing where to go and what to do. If you’re used to a busy lifestyle, where you work 9 to 5, go out for business meetings or are often traveling, make sure to keep a fast-paced retirement. Except this time, there are no responsibilities, commitments or people depending on you. Staying healthy, active and busy during retirement is great for both your physical and mental health. So, make sure you plan your retirement with enough motivating activities. You might want to move abroad and spend your time traveling to nearby places. You might want to travel the world. Maybe your retirement doesn’t really necessarily mean you’ll stop working altogether. Maybe you open up a shop you’ve always dreamed of or join a club. The point is to keep yourself going and don’t let yourself disappear into your couch in front of the TV.

Make new friends and try new things

Retirement in Mexico

Retirement is a treat. It’s a reward earned from years of studying, working, caring, learning, stumbling and starting over again. So, don’t be afraid to do all those things you couldn’t when your focus was elsewhere. Travel, learn new languages, make new friends. Thousands of Americans and Canadians relocate to Mexico for their retirement and enjoy living a simple, laid back life surrounded by friends they never thought they’d have. Enjoy your retirement. You’ve earned it!

And if you’re keen on making that retirement money work for you, don’t hesitate to invest in real estate in the Riviera Maya!

5 Reasons to Retire to Mexico

5 Reasons to Retire to Mexico is a contribution by Crystal Tost from Re/Max.

When trying to decide on the right country for retirement, you will find that there are many options available. Many countries can dispute the pros of retiring there. However, there are several reasons why many Canadians and Americans choose to retire to Mexico. In fact, here are five great reasons to call Mexico home after retiring.

Proximity

For those who currently reside in Canada and the United States, Mexico is a great retirement destination due to proximity. As part of North America, Mexico can easily be reached by car from any country. Moreover, flight routes are available between major destinations between the United States and Canada and Mexico, such as Cancun. Not only does this help to make the move easier, but it also makes it easier to travel back and forth to your home country to visit relatives and friends.

Cost of Living

Everything from real estate to groceries is cheaper in Mexico when compared to Canada and the United States. This means you can afford to purchase more luxurious accommodations while also enjoying the lifestyle you seek. Or, if you simply want to maintain your current lifestyle while making your dollars stretch further, living in Mexico can help make it happen. In addition, due to the country’s strong tourist economy, you can easily rent out your retirement property if you decide to head back to your home country for an extended stay.

Language and Culture

While Spanish and several native languages are the official languages of Mexico, many residents speak English, too. This is particularly true in the service industry and in those areas that are popular amongst tourist and expats such as Playa del Carmen. This can make the process of moving to the country, purchasing real estate and navigating through the country once becoming a resident a whole lot easier.

Of course, if you want to enjoy a wonderful cultural experience, you can also very easily choose a location that will allow you to submerge yourself entirely in the Mexican culture. The government system is similar to that in the United States and Canada, too. Couple that with the diversification of products and goods, the cultural experience is not too vastly different from what you are used to.

Healthcare

While the quality of healthcare provided will vary from one location to the next, healthcare standards are generally very high in Mexico. This is particularly true in the bigger towns and cities that are popular retirement locations. Here you can typically find doctors, dentists, hospitals and specialty medical providers. Not only do they offer high-quality services, they also do so at a fraction of the price you would pay back home. If that’s not enough to convince you, many of them also offer their services in English.

Lifestyle

With its wide range of topography and climates, you can very easily live whatever type of lifestyle you desire. Mexico is conductive to enjoying an active, outdoor lifestyle. But you can also enjoy living life at a leisurely pace. After all, the country has a laid-back vibe and warm and welcoming citizens. For those who want to retire in the Riviera Maya, they’re in for an amazing laidback lifestyle. Hit the beach every day and take a stroll amongst the lively coastal towns it offers.

Retire to Mexico Today

These are just five reasons to consider Mexico your retirement home. Spend those golden years in this wonderfully cultural country. Places such as the Riviera Maya are great expat retirement hubs. These are just a few of the many reasons almost 2 million Americans call Mexico home. If you want to spend your golden years sipping margaritas by the beach in a year-long warm climate, you should definitely retire to Mexico.