It’s often thought that you need hundreds of thousands of dollars in order to retire comfortably. The most common guidelines state that you’ll need around 70% or 80% of your final pre-retirement salary to retire. In other words, if you’re making $100,000 a year, you’ll need a minimum of $80,000 per year to leave the workforce.
These margins are extremely large and if you expect to reach these retirement goals, you’ll need to start saving as soon as possible. You’ll need to cash out your social security as late as you can, and you may even find yourself working until you’re 67 years old. Retiring late may give you more money, but you’ll be a few years older, and you may have a worse quality of life due to medical reasons.
Many senior citizens don’t believe that retiring early is a possibility. Nevertheless, it all depends on what your retirement expectations, goals, and dreams are. If you’re open to the idea of sandy beaches, warm weather, and amazing food, look no further than this article. Here’s a comprehensive guide to retiring in Mexico…
Finding Your Haven
If you love the idea of moving to Mexico but you’ve never visited before, you may be conflicted about how to go about finding your haven. The first thing you should consider is your budget, as this will help you narrow down your options.
For example, Los Cabos, Mexico City, and Cancun are three of the most expensive cities in Mexico, so you’ll need to see whether you can afford a life there. San Miguel de Allende, Puerto Vallarta, and Playa del Carmen are more affordable options that are also popular amongst retirees.
Another impending factor that all retirees must consider is their general health and wellbeing. As we get older our health is one of the largest obstacles we encounter, therefore, if you know you’ll be needing a specific type of treatment or medical assistance, you’ll need to find a place that provides this service.
Regardless of your health or age, you’ll also need to find the best travel insurance for seniors that can cover you in case of an accident. You could travel back to the U.S for treatment, but if you slip and fall, you’ll need to seek immediate medical attention.
Many retirees aspire to have a busy social life filled with friends and fun activities. There are large communities of expats in Mexico from a wide range of countries. If you’re hoping to integrate with this kind of community, a remote coastal town in Mexico may not be the best option for you.
If you want to get some insider knowledge about the ins and outs of expat communities, your best bet is looking for groups on Facebook. Find some retirees that are already based in Mexico and ask them all your most important questions, we’re sure that you’ll find someone willing to help.
Learning The Language
Learning a new language at an older age can be very difficult for some, especially if you’re only well-versed in one language. When you get older, your neuroplasticity decreases which impairs your brain’s ability to alter in response to specific experiences. In simpler terms, learning a language when you’re older is much harder than when you’re younger.
Nevertheless, it’s extremely important to make an effort and try to learn the lingo. When you move to a foreign country you must respect their culture and traditions. Don’t expect everyone to speak English, make time to learn some of the basics and converse with locals.
Buying a Property
When you retire, you want to be as smart with your money as possible, which is why many people decide to buy a property when they move to Mexico. Renting is convenient but it’s also a waste of resources and you could be forced to move out unexpectedly, which is an unnecessary stress to deal with.
We recommend that you start off by renting a place, after all, rent is extremely cheap in Mexico. Once you’ve settled down and you’ve found your haven, start house hunting, and find the property you’ve always dreamt of.
Don’t be fooled into thinking that retiring early is out of your reach. You may not be able to retire at 60 and live in New York where prices are sky-high. However, you could settle for a relaxed and comfortable lifestyle on the coast of Mexico.
Life is worth living and, unless you have a job that you love, spending the best years of your life working for someone or something you don’t believe in isn’t worth it. If you’re eager to begin this journey, but you’ve never even visited this beautiful country, we recommend a long holiday in the sun before you settle on making the move.