Required Income for Retiring in Mexico

Retiring in Mexico

Required Income for Retirement in Mexico

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.

 

 

 

Living in Mexico

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3 Comments

  • Your info regarding the financial requirements to reside in Mexico are months out of date. Why have you not corrected and/or updated your information? Do you understand how disappointing it is to read your newsletter and then find out the information is false???

  • my wife and i are interested in moving south.im a disabled veteran and need to find cheaper medical care as the VA dosent do a very good job.im 100% disabled but can walk and such.we are looking for info on places and a rough estamite on cost of living.
    thank you
    john & char

    • Hello and thanks for writing.
      The costs of living vary here in Mexico but the exchange rate is very favorable The more rural the area, the cheaper. However, if you are not fluent in Spanish, it will be difficult. The more popular areas are also the more expensive areas. There is a socialized type of medical you can get called IMSS. I understand the doctors are fairly good, but there are many people using this service and waiting periods for care are long. IMSS also covers your prescription meds. I believe the cost is around $350 per year per person. As for work, I think bi-lingual is almost a necessity, but if you are into technology, you may be able to work a U.S. job via your computer.
      Please tell me what type of climate you prefer. There is the Yucatan where you can probably live near the beach area on a low budget but it can be very hot during summer as it is tropical. The East part is the city of Merida / Progreso, Chelem, Chuburna and more are the beach area, but they are 30 – 40 minutes from hospitals. Usually your IMSS locations are in cities. I believe that the new required, combined income necessary has gone up to a little over $3000 per month. Proof of income is a must for immigration to be granted on a temporary or permanent basis. If you feel you can quality for that, let me know what type of climate is best for your health and thank you for your service to our country.

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