Many people dream of retiring to a warm, peaceful location like Florida or Arizona, but perhaps you should consider moving abroad to Mexico. Mexico is an increasingly popular destination for American retirees, thanks to its wonderful weather and accessible living costs.
To live comfortably in Mexico, a couple should have a $30,000 income per year, which covers the cost of a house, maid service, utilities, groceries, entertainment, and health insurance, among other expenses.
Mexico is a large country with big cities, small towns, and resort areas, and the exact cost of living depends on where you choose to reside. To retire in Mexico, you need to follow these steps:
- Obtain a visa: To live in Mexico, you must obtain a resident’s visa. The type of visa depends on how long you plan to stay in the country. For example, are you splitting your time between Mexico and the U.S.? Are you spending a few years in Mexico? Or are you moving there permanently?
- Provide proof of income: To be eligible for a visa, you must demonstrate your ability to support yourself as a retiree with funds obtained outside of Mexico. The net income per person that you must demonstrate is a minimum of $1,620.
- Permanent residence: If you plan to stay in Mexico for more than four years, you may be eligible for a permanent resident visa, which authorizes the holder to work. To qualify, you must show investment statements with an average monthly balance over the last 12 months of $107,000 or a monthly net income (or pension) over the last six months of at least $1,620.
- Healthcare: While healthcare is more accessible in Mexico than in the United States, it is advisable to get medical insurance. Foreigners can purchase insurance with proof of legal residence.
- Plan: Most Americans can retire comfortably in Mexico, as the average retirement account balance is $65,000. The best advice is for you to think about what kind of retirement you want and plan accordingly.
Mexico could be your dream retirement destination.
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