Mexico Is a Great Place to Retire, Just Do Your Research First
Greg Garrison - GoBankingRates
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January 26, 2024

Want to Retire in Mexico? Important Things to Consider in 2024 (Dream Retirement in Mexico)

Picture this: You’re imagining your retirement years spent on the sun-kissed beaches of Mexico, margarita in hand, and without a financial worry in the world.

It’s a dream many harbor, but when it comes to retiring in Mexico, there are a few common myths that can lead you astray.

You want to make sure your retirement plan is based on facts, not fiction. To help, here are a few misconceptions people may have about retiring south of the border, and what you should actually expect.

Myth: Living in Mexico Is Always Cheap

Sure, the cost of living in Mexico can be lower than in many parts of the United States or Canada, but don’t be fooled into thinking it’s cheap across the board. Places like Cancun, Puerto Vallarta, and other tourist hotspots have seen a surge in living costs. Housing, in particular, can vary drastically depending on the location and type of accommodation you choose.

Research is key. Look beyond the tourist areas and consider the cost of healthcare, utilities, groceries, and other living expenses. Mexico offers a range of living standards, and your costs will reflect your chosen lifestyle.

Myth: Healthcare Is Always Inexpensive and High Quality

Mexico is known for its affordable and quality healthcare, but this is not a uniform standard. The quality of healthcare can vary significantly between urban and rural areas, and private healthcare, which is preferred by many expatriates, can be costly.

Consider health insurance options that cover services in Mexico. Research hospitals and clinics in the area you plan to live in and be prepared for potential out-of-pocket expenses for private care.

Myth: Your US Dollars Will Always Go Far

The value of your dollar in Mexico can fluctuate based on the exchange rate. Relying solely on the strength of the U.S. dollar can be risky, as economic conditions can change.

Diversify your income sources and savings. Consider keeping a portion of your savings in Mexican pesos to mitigate the risk of currency fluctuation.

Read the rest at GoBankingRates

Related: Puerto Vallarta Ranks 2nd Safest City in Mexico (Vallarta Lifestyles)

Related: I Retired to Mexico: Here’s How Much I Spend in a Month — And What It Cost to Get Here (GoBankingRates)

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