Retiring in Mexico: Everything You Need to Know

💰Approximately 40% of American retirees live solely on their social security income, making affordability a key factor in retirement decisions.

🌞Mexico's great weather and low cost of living make it an attractive retirement destination for American retirees.

🏥Access to affordable healthcare is a significant advantage for retirees living in Mexico.

🏠Housing options in Mexico vary, and it is essential to consider factors such as cost, location, and lifestyle when choosing a place to live.

🇲🇽Residency requirements in Mexico can be complex, and retirees need to understand the different pathways to obtain legal permission to live in the country.

Can I afford to live on Social Security in Mexico?

—The affordability of living on Social Security in Mexico depends on your monthly income. While the average benefit for retired workers is $1,197, it's important to compare your income to the cost of living and consider factors such as housing, healthcare, and daily expenses.

Can I still receive Social Security living in Mexico?

—Yes, as a US citizen, you can continue to receive Social Security payments while living in Mexico. Mexico is one of the countries where the Social Security Administration can send payments.

Will my social security income be taxed by Mexico?

—No, Mexico does not tax Social Security income thanks to a tax agreement with the United States. However, it's essential to note that tax codes can be complex, and it's always a good idea to consult with a tax professional for personalized advice.

What will my standard of living be like in Mexico?

—Mexico offers a diverse range of living standards depending on the location and lifestyle you choose. It is possible to find affordable housing, access to quality healthcare, and enjoy a comfortable retirement in Mexico, but it's essential to research and plan accordingly.

Do I need to obtain Mexican residency or citizenship to live in Mexico legally?

—While obtaining Mexican residency is one way to live in Mexico legally, it is not the only option. Retirees who do not meet the economic solvency requirements for residency can choose to become Perpetual Tourists, which allows them to stay in Mexico for up to 180 days at a time.

00:00Introduction to retiring in Mexico and its popularity among American retirees.

01:09Discussion on the affordability of living on Social Security in Mexico and the importance of considering factors such as housing and healthcare costs.

02:06Explanation of the ability to continue receiving Social Security payments while living in Mexico as a US citizen.

03:34Clarification that Mexico does not tax Social Security income thanks to a tax agreement with the United States.

06:02Exploration of the different housing options in Mexico and the importance of finding a place that fits your budget and lifestyle.

09:59Overview of the complex residency requirements in Mexico and the alternative option of becoming a Perpetual Tourist for those who do not meet the economic solvency criteria.