Mexico has been a popular retirement destination for years, mainly for North American and European citizens that want to escape the cold weather and live a good life, on a pension. The number of foreign nationals seeking retirement in Mexico has increased dramatically in the last few years, after the collapse of the American economy and with the high cost of living and medical expenses that retirees have to face. According to the Mexican census of 2010, there are a million U.S. retirees and 75, 000 Canadians living in Mexico full time.
Despite this remarkable growth, it is noteworthy that those who retire overseas are still a minority, compared to the retirees that decide to remain in their home country: only around 550,000 American retirees receive their pension checks in a foreign country. There is also a population of around 200, 000 snowbirds: people that choose to live part of the time in Mexico and part of the time in their home country.
Retirement in Mexico: Why Mexico?
Mexico is a popular retirement destination mainly because of the affordable cost of living, on average it is a whopping 40% cheaper; compared to the U.S. The low costs can help stretch shrinking pensions, a condo rental can run you between $400 to $ 2,000 depending on the quality and location, and a nice condo or home in a popular beach area can start in the low 100’s.
Some other reasons that keep retirees choosing Mexico is the high quality affordable health care, the relaxing lifestyle, culture and history that can be found throughout Mexico. Mexico also has easy access through direct flights from America and Canada.
It is also important to mention that there are some additional benefits offered to permanent residents, such as: the right to enroll in Social Security, senior citizen discount cards, free passes to museums and archaeological sites and lower property taxes; among others.
Retirement in Mexico: Safety
Despite the constant negative news on the television, most of the big cities in America such as
Miami, Philadelphia, Chicago, New Orleans, Washington DC and Atlanta have higher crime rates than Mexico. For example, New Orleans has a murder rate four times greater than all of Mexico and five times higher than Mexico City. Statistics say that places like Playa del Carmen are absolutely safe for expats and retirees.
Mexico City is four times safer than the US capital with records of 24 murders per 100,000 inhabitants, while the number of murders in Mexico City is only eight. Also, there are five times fewer assaults in Mexico than in United States.
Retirement in Mexico: Popular Areas for Retirees
The popular site International Living ranks Mexico in fourth place, among the top 10 places to retire; just behind Ecuador, Panama and Malaysia.
Within Mexico, according to the US site Top Retirements; the most popular areas for retirees are: Guadalajara, Lake Chapala and Puerto Vallarta. This list also includes San Miguel de Allende, Guanajuato, Mérida, Yucatán, Los Cabos, Baja California Sur, Mazatlan, Sinaloa, and Acapulco.
In many cases, a couple can live comfortably on a budget of a thousand or two a month, the cheapest areas to live are Lake Chapala, followed by Mazatlan. Another popular destination that cannot be missed is San Miguel de Allende, this city has been declared the “Best City in the World” by the travel magazine Condé Nast Traveler (2013 Edition), due to the combination of its mild climate, safety and close proximity to Mexico City.
Mérida is another good option for those who prefer hot weather, the city can reach 100F in the summer, and it’s close to the beach of Puerto Progreso. Forbes included Merida among the best Mexican cities to live, mostly because of its safety, cutting edge medical services and competitive prices of land and property’s.
In general we believe that Mexico is an excellent option to considering when retiring abroad. The low cost of living, close proximity to the United States and Canada, and beautiful destinations make it an ideal place to spend those golden years.
