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<\/p>\nI was recently scouring the web, when I came across this informative article about how much money you need to retire in Mexico. The article was written by Jean Folger in February, 2015 for www.investopedia.com. This website is a most comprehensive financial dictionary online, and it is devoted to investment education. Read ahead to see the article, and I hope you find it as interesting and informative as I did.<\/p>\n
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\u00e2\u20ac\u0153More and more Americans are retiring abroad to enjoy better weather, new experiences and relaxed lifestyles, as well as access to affordable healthcare and a lower cost of living. Mexico is a popular destination because it offers all this \u00e2\u20ac\u201c plus it\u00e2\u20ac\u2122s close enough to home that travel back and forth to visit friends and family (and for them to visit you) is relatively easy and reasonably priced.<\/em><\/p>\n A primary consideration when deciding on a retirement location is what it’s going to cost. Here, we take a quick look at how much money you might need to retire comfortably in Mexico. Lifestyle Matters<\/em><\/strong><\/p>\n No matter\u00c2\u00a0where\u00c2\u00a0you retire \u00e2\u20ac\u201c at home or abroad \u00e2\u20ac\u201c\u00c2\u00a0how\u00c2\u00a0you retire greatly affects the amount of money you\u00e2\u20ac\u2122ll need. It\u00e2\u20ac\u2122s possible to retire on $500 a month in Mexico, for example, if you are willing to live modestly in a small apartment, eat simple meals at home, and forgo some of the comforts and conveniences you may be used to back home. Alternatively, you could easily spend $10,000+ a month living large in an exclusive beachside community and taking full advantage of myriad fine dining, entertainment and travel opportunities.<\/em><\/p>\n Most people who retire abroad won\u00e2\u20ac\u2122t fall into either extreme, seeking a comfortable lifestyle that still keeps them on a reasonable budget.\u00c2\u00a0 To achieve this in Mexico, a retired couple might be looking at the following monthly costs. Note that this level of budget in Mexico permits renting a house with three-times-a-week maid service and a weekly gardener:<\/em><\/p>\n \u00c2\u00a0<\/em><\/p>\n *Based on\u00c2\u00a0estimates\u00c2\u00a0from retirement website\u00c2\u00a0www.internationalliving.com.<\/em><\/p>\n So for roughly $2,300 a month, or about $28,000 per year, a couple could retire comfortably in Mexico. That puts it well in reach of many Americans: The average monthly benefit for retired workers is $1,294, according to the most recent data from the Social Security Administration. For a couple who each get that amount, that adds up to $31,056 each year \u00e2\u20ac\u201c just enough to cover this budget.<\/em><\/p>\n Of course, retirement costs vary from person to person, and your costs could be lower or significantly higher than these estimates depending on your situation, lifestyle choices and any unforeseen expenses. And, keep in mind that these estimates don\u00e2\u20ac\u2122t include expenses such as traveling to\/from your retirement destination, moving your household, emergencies and taxes.<\/em><\/p>\n Ways to Save<\/em><\/strong><\/p>\n One way to save is through Mexico\u00e2\u20ac\u2122s retirement benefits program. If you are 60 or older and have a Mexico resident visa, you are eligible for Mexico\u00e2\u20ac\u2122s\u00c2\u00a0Personas Adultas Mayores\u00c2\u00a0benefits program. This program provides discounts of 10% to 50% off full price for a variety of services, including healthcare (dental work, doctor visits, hospitals, lab work, medical devices and pharmacies); cultural activities such as archeological sites, museums and the theater; transportation (including airfare, bus fare, car rentals and car purchases); and hotels.<\/em><\/p>\n Another important way to control costs is to find out where the locals shop \u00e2\u20ac\u201c and go there. Get to know the local vendors and farmers, and learn where you can buy things at the \u00e2\u20ac\u0153local\u00e2\u20ac\u009d rate instead of the \u00e2\u20ac\u0153tourist\u00e2\u20ac\u009d rate. Remember you\u00e2\u20ac\u2122re not on vacation. It might be O.K. to splurge while on a short vacation, but if you live like that every day, it\u00e2\u20ac\u2122s easy to burn through your entire retirement budget. \u00c2\u00a0<\/em><\/p>\n
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\n Housing (a two-bedroom house rental)<\/em><\/td>\n $900<\/em><\/td>\n<\/tr>\n \n Utilities (electric, gas, water, local phone, cable TV and Internet)<\/em><\/td>\n $200<\/em><\/td>\n<\/tr>\n \n Household help (maid service 3X\/week; gardener 1X\/week)<\/em><\/td>\n $290<\/em><\/td>\n<\/tr>\n \n Groceries<\/em><\/td>\n $400<\/em><\/td>\n<\/tr>\n \n Dining out & entertainment<\/em><\/td>\n $250<\/em><\/td>\n<\/tr>\n \n Healthcare (both people on Mexican IMSS insurance,\u00c2\u00a0plus incidentals)<\/em><\/td>\n $112<\/em><\/td>\n<\/tr>\n \n Other incidentals<\/em><\/td>\n $150<\/em><\/td>\n<\/tr>\n \n Monthly total<\/em><\/strong><\/td>\n $2,300<\/em><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n