Can I retire in Mexico on $1500 a month?
While living in Mexico on $1,500 a month will require some careful planning, it is absolutely doable on a budget and you can live comfortably as long as you make wise decisions in terms of lifestyle choices and where you choose to settle. This blog shares a bit of how you can make this dream a reality with detailed cost of living, lifestyle choices and things to consider for a successful retirement in Mexico.
What Is the Cost of Living?
Like those other locations, Mexico offers a lower cost of living than many western countries. For retirees, this decades long trend means huge savings on common expenses. A rough idea is that the average cost for living in Mexico is around $1,500 to $2,000 per month for a single person. This budget usually includes costs for housing, utilities, groceries, healthcare, and leisure activities.
Housing Costs
Rent, mortgage, or housing prices are perhaps the biggest drivers of monthly expense. A one-bedroom apartment may also cost you as little as $200 or as much as $700, depending on where you live. In smaller towns or rural areas, rents are typically less expensive, while cities like Mexico City or Cancún may still charge a premium. For example, a decent apartment can be found in popular expat areas for approximately 400 to600 dollars a month.
Healthcare Expenses
Healthcare in Mexico is affordable and accessible. Most retirees choose to purchase private health insurance for between $100 and $300 a month. On the other hand, making use of public health services can bring down expenses substantially. You can get basic medical consultations, for just $20 to $50. All of this means that retirees can focus on their health without worrying about the cost.
Everyday Living Costs
Basic costs of living like groceries and eating out are far less expensive in Mexico, too. For one person, a grocery bill can range from $150 to $250 per month and that depends on a lot of factors. Eating at local places is extremely inexpensive, with many meals costing under $101. Retirees also save money on public transportation (it is efficient and inexpensive).
Budgeting for Retirement
Well, to retire comfortably on $1,500 a month in Mexico, you really have to budget. Start with estimating your cost of living based on how the way you want to live. For example:
Housing: $400
Utilities: $100
Groceries: $200
Healthcare: $150
Transportation: $50
Leisure Activities: $200
Miscellaneous: $100
This sample budget comes out to around $1,250, leaving a little extra room for budget overages or savings.
Selecting an Appropriate Space
Your Mexico retirement experience will be heavily influenced by where you live. Popular expat destinations such as Lake Chapala and San Miguel de Allende have vibrant communities but are pricier than smaller towns. If you want to make your budget work even more, consider places like Mérida or Oaxaca which have a lower cost of living and culture.
Lifestyle Considerations
Living on a budget doesn’t mean an impaired quality of life. Many retirees enjoy local markets, community events, outdoor pursuits that are free to or fairly low-cost. Immersing yourself in local culture can make for an enriched retirement experience.
If you intend to take furniture or items from your home country to Mexico, consider using services like mudanzas (moving services). Such services can make your move go as smoothly as possible and will help you get settled into your new life.
With some planning and budgeting, it is not difficult to retire in Mexico on a $1,500 monthly budget. When people relocate to a new country they have to understand the cost of living involved, and when you opt to live in Mexico, you can live a comfortable lifestyle while enjoying the benefits of the rich Mexican culture through housing and healthcare choices.
And as you begin this exciting new chapter, keep in mind that moving to Mexico, like any new life adventure, presents opportunities for change and growth. With the help of local services like mudanzas, you will move and adjust to your new environment much easier.
In summary, retiring in Mexico on a budget can be enriching and enjoyable as long as you consider your requirements and lifestyle choices carefully. Accept the opportunities in this beautiful country!
