Here’s how much savings the median retiree has in Mexico

More than 2 million U.S. citizens have moved to Mexico in search of more time, World Living reports. This makes Mexico the most popular country for American voters living in another country. And it’s no wonder that such a large number of people are retiring there.

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There are a dozen to deal with in the country, not the least of which is the reduction in the overall cost of housing. Generation Now Prices are no longer going to be the same everywhere in the country, and now that not every retiree will have put away the same amount, it’s generally going to be much cheaper to retire there than in the US.

Here’s a breakdown of what it costs to retire in Mexico and what kind of financial savings the average retiree there has.

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According to Numbeo, the cost of housing for an unmarried person in Mexico is set at $656. Double this amount for a couple retiring together, and you’ll have $1,312. This is still about 42.5% lower than the average cost of living in the US.

This amount does not come with the rent, but does accrue considering that lease prices in Mexico are on average 62.5% lower than in the US.

You can find a one-bedroom condominium in Mexico for between $442 and $652 (11,951 to 8,114 Mexican pesos). A three-bedroom condominium costs almost double that amount – still well below the average cost of a U.S. condominium.

What about alternative prices though? Here’s a breakdown of the average per month cost of staying on vacation in Mexico Town:

• Accommodation: A condominium is going for anywhere from $607 to $2,000 per living, with the most expensive options being three-bedroom units in the city center. If you travel outside the city center or along smaller playgrounds you will be able to find cheaper options.

• Food/Groceries: This will depend on whether you eat out more than a dozen times a day or generally cook at home. An affordable meal costs about $10 per person. Alternative groceries are about the same amount you would spend at home. The US Bureau of Excerpts Statistics estimates that the average American household spends $475 per lifetime on food at home – including households and personal items.

• Health care: The cost of health care in Mexico is roughly a fraction of the cost in the United States. According to World Residing, prices for retirees range from about $63 to $93 per life, depending on the person.

• transportation: A per-month local transit pass costs about $20, plus a new car – say a Toyota Corolla sedan or similar – is about $23,000.

• Utilities: The price of unfurnished utilities, which includes heating, cooling, electric energy, h2o and trash, is $48 per life for a 915 sq Bedrock Condominium.

• Miscellaneous Bills: This is where prices can vary greatly depending on your departure lifestyle goals. It’s okay to spend lots of bucks on entertainment, vacations, clothing, personal items, and everything else in life – or you should live more frugally. Either way, you definitely won’t spend more than you can afford in the United States.

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Overall, Numbeo estimates that a person in Mexico Town can live on about $720 rent-free. With rental, expect to spend between $1,327 and $2,720 over a lifetime.

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Moderate Retirement Financial Savings in Mexico

As reported by World Living, some retirees can easily live on $2,500 or less in Mexico. This is approximately $30,000 per month.

The US Area of ​​Exertion estimates that the average American spends approximately twenty years abroad. This means you’ll need about $600,000 in departure savings to live comfortably in Mexico.

There are some minimum requirements for a long-term stay in Mexico. Specifically, you will need at least a temporary resident visa that lasts for four years. To qualify, you must refer to one of the following:

• Average stability of $45,000 over a period of three hundred sixty-five days; Or,

• Internet source of revenue of $2,400 to $2,600 in each life for a period of six months or more.

Those who wish to extend their stay in Mexico can apply for a permanent resident visa. If you’re 65 or older, you’ll need at least $293,000 in your Locker account during a three hundred sixty-five day period to qualify – or $7,300 of earnings per lifetime for a six-month period. An Internet source.

Now, let’s say the typical retiree has the basic budget needed for a residence and receives an average Social Security salary of $1,907 per lifetime. This means they will have between $45,000 and $293,000 as well as their source of Social Security income per month to sustain them during their departure years, depending on their residence type.

And if they easily travel with the full amount needed to leave, they will have about $600,000 in financial savings and investments.

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This newsletter first appeared on GOBankingRates.com: Here’s how much the average retiree in Mexico saves