Mexico Is One of the Best Places to Retire for a Single Person, and Here's Why
Are you a single retiree wondering where to spend your golden years? Mexico might just be the answer you’ve been looking for. It is one of the most popular retirement destinations for Americans and Canadians, and for good reason.
Here are the most common reasons that attract retirees to move to this beautiful country:
Lower Cost of Living and Healthcare
Living on a fixed retirement income can be challenging, but Mexico offers a significantly lower cost of living than the USA or Canada. Your hard-earned dollars can stretch further here, allowing you to enjoy a comfortable lifestyle without breaking the bank.
Housing costs, in particular, are notably affordable. Mexico has multiple accommodation options for any budget. The cost depends on your location and preference. You can rent a one-bedroom apartment in a lovely district in Mexico City for 700 USD, but there are also cheaper and more expensive options.
Even daily expenses such as groceries, dining out, and entertainment are budget-friendly, allowing retirees to maintain a high quality of life.
Moreover, healthcare costs in Mexico are generally much more affordable than in the United States. The quality of private medical care is often excellent, making it an attractive option for retirees looking to maintain their health without the high expenses. Many healthcare providers in Mexico have partnerships with U.S. and Canadian insurers, making accessing the care you need easier.
At the same time, I would like to point out that Mexico can also be a luxurious retirement destination. You can live on 1,500 USD per month, or you can easily spend this amount of money in a day by renting a villa for 5,000 USD per month and eating in a high-level restaurant’s superb seven-course dinners. Like anywhere else, you can spend as much money as you like to create your ideal lifestyle.
Amazing Food
The country’s diverse climate, with its sunny weather, is a blessing for agriculture, nurturing a rich bounty of tropical fruits and vegetables, like avocados, mangos, pineapples, limes, and coconuts, that are very cheap. And in coastal regions, freshly caught seafood is king.
Depending on your preferences, a monthly grocery will cost between 150 USD and 300 USD.
Mexican street food is fantastic but cheap. Also, you won’t pay more than 40 USD for a meal in a restaurant.
Familiar Retail and Services
Transitioning to a new country can be daunting, especially when the daily household essentials take more time to sort out how they work in a new country. But Mexico offers the comfort of the familiar.
International retail giants like Amazon, Walmart, Costco, Home Depot, and more operate seamlessly in Mexico. Whether you need to shop for groceries, home improvement supplies, or online goods, you’ll find that the same reliable companies you’ve used in your home country are readily available in Mexico. This not only makes daily life more convenient but also ensures that you can continue to enjoy the same brands and services you’ve grown accustomed to.
Diverse Climate and Lifestyles
Mexico is a big country with different climate zones and types of weather. Whether you prefer the beach, mountains, or a bustling city, you’ll find the perfect climate for your lifestyle.
Do you like a buzzing metropolis that never sleeps? Then why not retire in Mexico City or Guadalajara?
Are you seeking a quiet escape? Then Playa Del Carmen, Huatulco or San Cristobal de las Casas could be an excellent option with its premium penthouses on the coastline or amazing mountain landscape.
If you want to live in a magical city with a rich history and stunning colonial architecture, then Queretaro, Puebla, Guanajuato, Oaxaca, or San Miguel de Allende is waiting for you.
These are just a few examples of Mexico’s diverse offerings. Whether you’re drawn to the sun-kissed beaches, majestic mountain landscapes, or the vibrant pulse of a bustling city, Mexico has the perfect climate and lifestyle waiting for you.
Expat Communities and Locals’ Warmth
One of the most reassuring aspects of retiring in Mexico is the presence of a thriving expat community. There are over 2 million English-speaking expats living in Mexico from the US and Canada, in addition to the expats arriving from the countries in Europe, Asia, and Latin America and many of them are also English-speaking.
This means that you’ll be able to find friends and other English speakers to socialize with easily. These expat communities are not just a social network but also a valuable resource for navigating new life in Mexico.
There are more and more new love stories coming to my attention about single expats who found new romance, family, friendships, and social circles in Mexico and do not feel as lonely as it was for them back home. People spent more time outside, enjoying life, celebrating events, and socializing in Mexico vs. up North…
Thinking about later life years and possible health-related issues please, also note that there are several senior independent and assisted living projects now developing in Mexico for the needs of the English-speaking people.
Assimilating into the local mentality and culture one is one of the integral steps of relocation.
Thanks to the friendly and welcoming nature of the Mexican people, building a completely different environment cannot be that challenging. To nod or say hello as you pass someone on the street or get behind them in line at the bank is just a part of their culture.
Deeply supportive Mexican culture transforms relocation from a task to an opportunity for connection and growth.
Proximity to Home and Family
Moving to Mexico doesn’t mean you must say goodbye to your loved ones. Its proximity to the United States and Canada ensures that you can easily visit friends and family whenever you wish.
There are 45 airports in Mexico certified with the status of International, including airports in major cities like Mexico City, Cancún, and Guadalajara, which offer direct flights to numerous destinations in the United States and Canada. The prices start from 200 USD and depend on distance and season.
If you prefer road travel, Mexico’s extensive highway system allows easy access to border crossings and onward journeys.
Mexico’s well-developed transportation infrastructure includes modern airports and highways, comfortable buses, and bus terminals, making it easy to visit family and friends or to return home for medical care if needed.
Tax Benefits
If you eventually decide to reside in Mexico, you won’t be able to escape from taxes.
From July 1, 2022, all residents must also obtain a tax number in Mexico, even if their income is from abroad. With the rise of expats in recent years, the Mexican government decided to carry out this tax reform to have better control over money laundering in the country.
But to mitigate double taxation with Canada and the USA, Mexico agreed to allow foreign tax credits to be claimed. This helps avoid double taxation on the same income.
Hence, if you pay taxes in Mexico on your income, you can claim a credit for those taxes on your Canadian (or American) tax return. Similarly, if you pay taxes in your home country (Canada or the USA) on income earned in Mexico, you can claim a credit for those taxes on your Mexican tax return.
Another bonus is that you can arrange for your pension deposits to be made directly to Mexican banks. It means that your payments will already be converted into the local currency, and you should get a better exchange rate. However, it should be taken into account that Canadian banking institutions and Mexican banking institutions may charge additional fees for this.
Managing finances and taxes abroad can be a bit challenging especially when you have a successful business. I always recommend that my clients ask for expert assistance to ensure you take full advantage of these benefits, potentially reducing your tax burden and allowing you to make the most of your retirement income. And if you need one, I would be happy to help you.
Now, let’s be honest: isn’t Mexico the perfect country to retire in, especially for the singles and retirees? With its enticing combination of a lower cost of living, excellent healthcare options, proximity to home and family, vibrant expat communities, familiar brands, shopping options and services, diverse climates, efficient transportation networks, and tax-saving opportunities, it’s clear why Mexico consistently ranks among the top choices for retirees.
Before making your decision, book my consultation to get an expert to guide you through the process of making the best choice for your future life and retirement destination. I can provide personalized advice, answer your questions, and help you navigate the practical aspects of retiring in Mexico, from visa requirements to finding the city, living place, and perfect community to call home.
Ultimately, whether you choose to retire in Mexico or explore other options, remember that retirement is a time to savour life, learn something new, create new memories, and embark on exciting adventures. I wish you all the best in this exciting chapter of your life, wherever it may take you.
