We already gave you a general image of what to expect when moving to Mexico; megadiversity, fair weather, charming people, rich culture, and unequaled gastronomy were just some of the positive points when considering moving abroad for retirement.
But the economic factor is perhaps one of the main matters to start thinking about the Spanish-speaking country as our new residence home.
There is a mathematical formula for calculating the total amount of money that we will require for our retirement. It takes into consideration different values, such as life expectancy, retirement age, and the living costs of a particular country or state.
Costs of retirement in the U.S.
We hope to live a long and healthy life. The average life expectancy in the U.S. is about 78 years, and the established age for retirement is 64.
In the U.S. the costs of retirement vary considerably depending on each state. According to the U.S. Today, Hawaii is the most expensive state to live comfortably, since goods and services there are 19% more expensive than the average nationwide. In Hawaii, a person must expect to spend an estimated $1,481,336 USD throughout retirement.
Meanwhile, Mississippi is the state with the lower cost for goods and services. A person who lives there spends around $857,886 USD when retiring.
Costs of retirement in Mexico
It is possible to have a great quality of life for a very low price when living in Mexico. In our overview on retiring in Mexico, we mentioned some of the prices for activities of daily life, so you’re able to compare them with the ones of your hometown:
- A day at the salon for a whole makeover: from $10 USD.
- A single yoga class: $5 USD.
- Pamper yourself at a spa: from $25 USD.
- Dinner for two in a classy restaurant: from $25 USD.
Goods and services in Mexico are also cheap. Bills for water, gas, and electricity also vary from city to city, but the amount for those three basic expenses rarely goes higher than $70 USD a month for a single person.
An important Mexican newspaper calculated that according to the life expectancy and costs of living, retirement in Mexico costs about $15,000,000 Mexican pesos ($724,637 USD). On an intermediate living range, you’ll be spending the estimated amount of $50,000 Mexican pesos a month, ($2,415 USD).
Even on a high living range where you can spend up to $80,000 Mexican pesos a month ($3,864 USD) you’ll be spending much less than what you could be spending in Mississippi, the cheapest U.S state.
Healthcare for all their legal temporal and permanent residents.
It is important to mention that the Mexican government sponsors high-quality free healthcare for all their legal temporal and permanent residents. Private medical services are also quite affordable but have in mind that a senior living community can also provide you with 24/7 medical attention and so much more than that.
By joining a retirement community in Mexico you can expect to spend your days on a residence of your own with the price for all goods and services covered by your membership. You won’t have to worry about paying bills and you’ll even be able to save!
Retirement means reaching an age where we should stop worrying about being productive. Means living life at our own slow pace, taking care of ourselves, and enjoying the products of our work. Living in the U.S. might be quite expensive and moving to Mexico could be a great idea to save and have a great quality of life at the same time.