Saturday, June 22, 2019

Reasons Canadians Are Retiring To Mexico

From Canuck Abroad, “With more people reaching retirement age, many of the so-called “baby boomer” generations are looking south for their retirement homes. More and more Canadians (and U.S) retirees are seriously considering a move to Mexico. In fact, it is a big topic right now. A number of locations like Ajijic, San Miguel de Allende, Cuernavaca, and Chapala are bursting with expats—and these numbers are on the rise in more exotic Mexican locales.”

“Why are more expats choosing Mexico as their retirement destination? What is so appealing? Well, the reasons may vary as much as the retirees themselves do. For many, it comes down a desire to experience a new culture or something personal like more freedom or a desire for reinvention. Of course, one cannot ignore the obvious advantage of the weather.”

“Another reason cited by expats is money. The costs of living in Mexico are significantly lower than they are in Canada or the U.S. There are certain expenses or items that may require more money than most retirees are used to paying, but most items are cheaper. (Naturally, this will depend on what level of retirement income you expect.)”

“For those who have limited means but still desire to live in Mexico, the Mexican government has a program that is specifically geared for those over 60 years old that can help with monthly expenses. It is the Instituto Nacionál de las Personas Adultas Mayores or INAPAM program. Since October of 2007, the program has been offered to foreign expats who live either as permanent residents or with FM-2 or FM-3 visas.”

“It is the benefits of this program that may make the top of some Canadian expats’ lists. For instance, there are certain discounts available to seniors. YOu may receive reduced prices on buses, free admissions to museums, and discounts on other cultural events. Additional savings are available on utilities, in various shops, travel, accommodations, and other features.”

“Be advised though since the local administration of the INAPAM program is still trying to catch up with the new regulations concerning the eligibility of foreigners and expats.”

Sunday, June 16, 2019

Surge in Baby Boomers Retiring to Mexico

Sonu Wasu reports at ABC15 Arizona, “It's a different type of "surge" at the border, one that may not be as visible, but it's been happening for the last few years.”

“We are talking about a record number of U.S. citizens who are moving south of the border to retire.”

“This reverse migration trend is very real, and it's booming with more than one million American citizens estimated to be living in Mexico. Cost of living and climate are listed as the top two reasons for this migration. Mexico has a visa for such people, the "residente temporal," which targets people who do not work in Mexico and are economically self-sufficient.”

“Jamie and Paige Lopez are among these ex-pats who sold their home in Arizona and have now re-settled in Rosarito Beach, Mexico, just about 30 miles away from the San Diego border.”

"We live in a gated community. We bought a house that has three bedrooms, 2.5 baths, and an ocean view," said Lopez.

“Living on a retirement income, couples who have made this big move know they could never afford this lifestyle here in the United States.”

When you look at the number of baby boomers retiring; the cost of living in the US vs. Mexico; the wonderful weather, and the nearness of family and friends via the airplane, I’ve been surprised more United States citizens haven’t slipped the bonds and come down to Mexico to live and retire.

To read the rest of Wasu’s article, go to ABC15 Arizona.