Live or Retire in Mexico: The Pros, Cons, Good, and Bad Deborah Dian - Baby Boomer Retirement
go to original February 23, 2022

Living or Retiring in Mexico (Snail Travelers’)

Retiring in another country can be an exciting adventure, but it can also present some unique challenges. Americans have been retiring in other countries for decades, and hundreds of thousands of Social Security checks are currently deposited monthly in foreign bank accounts.

Millions of Americans live in foreign countries for a few months of the year, while keeping their money and accounts in the United States. There are numerous reasons people live all or part of the year outside the United States. They might do it for the novelty, for the opportunity to experience new things, as part of a charitable organization, to teach, or in order to save money, especially if they are retiring on a tight budget.

While the cost of living may be lower in other countries, and the idea of living in a tropical climate sounds appealing, there are risks which everyone needs to consider. Of course, you will want to investigate the healthcare system, the cost of obtaining medical care in a foreign country, and the actual cost of living, especially if you want to live the equivalent of an American lifestyle in another country. You also need to take into consideration expenses such as traveling back to the United States to visit or get specialized medical care.

If there are certain products you feel are necessities, you may discover that they are more expensive than you expect, and it may be difficult to get your favorite foods or brand name items. For example, planning a traditional Thanksgiving dinner with turkey, yams, cranberry sauce and pumpkin pie may be next to impossible in some countries. You will need to adapt and eat at least some of the local cuisine.

However, if you are the adventurous type, all these issues will probably be minor problems which you are happy to deal with. In fact, they may not be a problem at all if you choose a location which is conveniently located near a major international airport or near the U.S. border, so you can quickly hop back to the U.S. whenever you want. You could also discover that shopping in local markets and eating locally grown foods is part of the fun and adventure!

You may be able to find solutions to many minor problems by researching your move before you go. Try reading a book such as "Retirement Without Borders," which is highly recommend. It has practical advice for retiring to a number of different countries including Mexico, France, Italy, Spain, Costa Rica and several others. It could help you decide which country might be a good choice for you!

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Related: How to Collect Social Security and Retire Overseas (Baby Boomer Retirement)

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