Proof of Income Required for Retiring in Mexico
If you’re planning on retiring in Mexico, you will need to produce proof of income from Social Security, pensions or any worldwide income investments.
Presently, the Mexican government requires a minimum monthly income of $1500 U.S. dollars per month plus an additional $500 per month for additional dependents.
Retiring in Mexico can mean a good standard of living on $1500 – $2000 monthly income including rental, if you’re not a homeowner in Mexico. This includes the possibility of a weekly cleaning person, food for eating at home or dining out and all utilities.
Retiring in Mexico – Location is Key to Cost of Living
As with any place you decide to live, costs of living vary by location. Some of the more remote towns in Mexico are far less expensive than the larger, more popular cities. Which ever you choose when retiring in Mexico, you can afford to retire with much less income that it would take to live in Canada or the United States.
Retiring in Mexico Means Affordable Healthcare
Healthcare in Mexico is part of the equation in the cost of living when retiring in Mexico.
Many of the larger cities in Mexico have excellent quality hospitals for a fraction of the cost of hospital care in the United States and Canada. There are social medical plans available for senior expats as well as affordable major medical health care plans with insurance companies who’s names you will find familiar.
Remember that if you are retiring in Mexico, any health care insurance you carry from another country is of no value in Mexico.
Retiring in Mexico is A Real Option
If you are feeling the crunch of the economy, can’t find work and cannot sell your home you should realize that one very affordable option is retiring in Mexico.
With the present state of the economy and the fall out of the job market, many soon-to-be retired boomers are cashing out their 401K for early retirement and considering retiring in Mexico.
The fact that the housing market is weak causes many to rent out their existing homes and retire in Mexico renting a house or apartment until such time the housing market improves.
Getting Your Financials in Order Before Retiring in Mexico
Simply, before you make any move to Mexico, make certain your proof of income statements are in order. You’ll be required to show three months of bank statements and, possibly, two years of tax returns to prove income.
If you are not working, use your 401K or any other investment income for monthly withdrawals to meet the $1500 monthly income minimum for retiring in Mexico.
If you have any information relevant to this subject, we at MexicoLivingNow.com appreciate your feedback or contribution of information about retiring in Mexico.