Retiring

With a friendly populace, an average temperature of 78.8 degrees, an increasing infrastructure and world class healthcare, Mexico is one of the world’s top retirement destinations. It just appeared number one on the International Living magazine’s 15th Annual Global Retirement Index recently.

The main factors to define “paradise for retirees” are real estate costs, special benefits for seniors, culture, safety, stability, healthcare, climate, infrastructure, and cost of living. According to Laura Sheridan, Managing Editor of International Living, retiring in Mexico means that "You can still have all of the amenities you grew accustomed to north of the border," while enjoying the sun and the exotic beauty of the south. The United States, ranked number 19 in the index, fell short in the area of special benefits for retirees.

In any respect, there are no boundaries to be dreaded. After five years of living in Mexico, permanent resident status including the majority of the rights of a Mexican National can be aquired. A medical insurance package with Dental and Vision can be obtained through the Medical IMSS plan for about $270 per year. Due to the examplary system of public transportation, in Mexico it is not necessary to have a car. Cost of living and taxes are a real bargain in relation to the United States, and great architecture and wonderful food make everyday life a permanent cultural and sensual pleasure. 

Professor David Warner of the University of Texas, who studies the integration of the U.S. and Mexican health care systems, says that the current number of 75,000 U.S. retirees living in Mexico, as more Americans retire and U.S. health care and nursing home costs along with the cost of living are skyrocketing, will continue to rise.

Syndicated finance columnist Scott Burns predicts thousands of boomers moving to Mexico in the years ahead to sustain a similar lifestyle on fixed incomes. Based on the estimation that the cost of living in Mexico can be up to 40% less than in the United States, he says that a retired couple living off $26,400 a year in Social Security benefits can raise their standard of living, without paying Medicare expenses, to an equal of $42,400 by moving to Mexico.

No wonder new retirement communities are sprouting up in Mexico, many of them in resort areas where there are many Mexico homes for sale with lower property values and taxes help U.S. seniors stretch their retirement funds.

Reprinted from the USA Today January 11, 2008