08 Feb How to retire in Mexico | What you need to know

Retirement is one of the most important things in the life of an elderly person, in fact many people in the U.S. start saving for retirement many years in advance, because in order to enjoy this stage fully and peacefully, it is extremely necessary to consider it years and months before it arrives, to be able to save and not have any worries in monetary matters. As well as medical insurance plans, which can sometimes be beneficial in these situations, if you choose a healthcare plan that has good coverage among the different medical plans. 

Although many persons save throughout their lives to be able to retire peacefully, many times this is more difficult than they thought, since average retirement savings are not enough, especially in places like the U.S and Canada, where the average cost are quite high and this ends up resulting in a concern for the large amounts of money that they have to spend at an age when they are supposed to be enjoying unique experiences and enjoying themselves, their dreams and their families, who most of the time are the ones who have the retirement income to make the payments . It is precisely for this reason that many individuals consider leaving the U.S. and choose Mexico to enjoy their old age, because the cost of living in Mexico is much cheaper and has the same services, amenities and healthcare quality as other places. In this way, the aspect of retirement income of the elderly will be better invested with a great status and will last longer, what would be enough for a few months in their country will be enough for their entire old age in Mexico.

However, making the decision to retire in a country different from the one you have lived in throughout your life and already know well, can generate some nervousness in adults and their families, that is why we have decided to help you with this article to answer a question that intrigues all those who see this country as an option: how to retire in Mexico? 

What you need to know :

Visas to retire in Mexico

Whether in Mexico or in any other country it is necessary to obtain a retirement visa to be able to reside in the country and not just visit as a tourist, the type varies according to the time the person plans to stay in the country, whether it is months, years or the rest of the life. The best option is to apply for a temporary resident visa, which has a duration of months to 4 years, this can be obtained at the nearest Mexican consulate. If a person plans to stay more than 4 years in the cities of Mexico, the best option is to apply for a permanent resident visa, people usually first obtain the temporary and once they have spent those 4 years and know that they enjoy their stay in the country, they decide to apply for the permanent. 

It is important to consider that in order to apply for these visas it is necessary to be able to prove monthly income and a retirement account balance in their retirement savings accounts to obtain a good resident visa status. Some individuals do this in order to make investments and obtain a property with a house with good real estate deals in the country and live there, which is a good option for people who do not need special care and who do not wish to be cared for personally, because they do not want to feel dependents and want to enjoy their lifestyle. However, it is important to consider that as the years go by, care may be necessary, so a retirement home should always be taken into consideration. 

What is the approximate cost of retiring in Mexico?

There are many factors that influence the cost of living in Mexico, however, there are options for all incomes in order to maintain a good monthly balance. One of them is the cities and the location, if the assisted living property is in a quiet place with warm weather and a nice view such as an ocean view or is near beaches, the cost can be higher than if it is in an urban area without great views and with the noise of the city. Another factor is the desired amenities, as regularly the private institutions have different options, such as shared bedrooms or private bedrooms, different options for food there are also luxury places with a great climate that have all the amenities and services and others that have the basics.

One advantage is that the places that offer retirement planning, being very popular with Americans, have their prices in dollars so that the person can maintain an average balance and will not have to worry about the exchange rates of the moment to change  USD to pesos and can have their accounts clearer knowing the exact costs, because the monthly requirement payment will not vary and know the exact figures for permanent status. 

The approximate price of retiring in Mexico is $2,000 dollars per month per retired couple. which is affordable for most seniors, especially those who have a pension.

Full-service senior living homes 

The ideal is to consult different options for American retirees and not choose the shortest option. It is better to check that they have everything the elderly person needs from food to entertainment and activities, to try it out maybe for a few days or a week, to avoid having to start the process of choosing a senior living house again, and to be sure that is an excellent option with great housing. What the elderly want in an assisted living home is to feel at home, to have friends and good health, because it is where they will spend their old age, so constantly changing places when they do not have what they want is something that should be avoided in order not to disturb their peace of mind and invest their savings for healthcare better. 

That is why consulting different house options and verifying with proof that each one of them has everything that is necessary and even more is better since we never know what may be needed in the future. It is also a benefit for the elderly to have all the possible comforts and luxuries for the last stage of his life, his only goal should be to enjoy and for that to be in a place where he can feel that he is on permanent vacation is the best option. 

CasaMar has managed to stand out among the many retirement homes in Mexico that exist, this is due to the quality of our services, our luxury facilities, the amenities we offer and our location close to Canada and only a few minutes from the U.S. border, so the senior citizens who decide to be residents of our retirement home and enjoy the Mexican culture will always be close to his family and his country. 

If you want more information about how to retire in the estate of Baja California Mexico with the warmer weather, contact us, and we will answer all your questions about your dream retirement.