Are you one of those individuals born between 1946 and 1964? Then you are a “Baby Boomer”, the nickname well-known in North America for people like you. You might be at the life stage where your children are all grown-up and have their own family to tender. Making good use of your pension and thinking of the best possible lifestyle decisions is now more accessible than decades before. Have you considered moving to Mexico for good or as a part-time resident?
Problems faced by baby boomer retirees these days
Unless you are one of the top earners with investments and limited companies delivering you returns, most retirees experience a much smaller disposable income than when they were working. Most of those who are heading into retirement or are already in their retirement years have to deal with fixed incomes that can only afford low-cost living. Although there are some Baby Boomers who are enjoying comfortable financial situations at present, taxes like property taxes are becoming more and more burdensome. It is understandable that many Baby Boomers look to Mexico for a simpler but more comfortable lifestyle.
Why Mexico is great for Baby Boomers
Mexico has great options for Baby Boomers. Here your retirement budget can be stretched without scrimping on luxuries as fewer expenses are required. At the same time, Mexico’s property taxes are low and cost of living is relatively cheap, including house maintenance and other household needs. Overall, Mexico’s financial demands are lower compared to those in Europe, Canada, and in the U.S. so you will be able to live more comfortably.
Many Baby Boomers are also considering of “downsizing” their big houses to smaller ones to afford a more convenient smaller home in their home country or to buy a new home abroad. Oftentimes, you won’t need to down-”size” in Mexico as you will get more for your money and expect to find a bigger property for less. Retired baby boomers who want to retain a foothold in their home country usually buy a second home in warmer countries to have a recreation house to spend the winter months. During summer, they can have additional income through the rental of their property. Others are happy to make the move permanently to Mexico.
Aside from these mentioned, most Canadians and Americans migrate to Mexico for retirement because of other attractive reasons like modern healthcare facilities, good climate, improved infrastructure and amenities, excellent road and air transport, and nearness to both the US and Canada.