Single Retiree Receiving a Pension of $1,900 USD Per Month
Realisticly, after paying for health insurance, rent for a studio or one bedroom apartment in a beach community (does not have to be right on the beach, but preferably within walking or bicycle distance). Would I be able to live in Mexico? As far as my lifestyle cost goes, I'm in good health, a non smoker, occassional social drinker and my meals are split 50/50 between cooking at home and eating out at food stands or restaurants. I live a simple life.
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You shouldn't have a problem with your income living in our area even with numerous restaurants.
The only thing you would have to look for is the cost of rental because to many owners are looking for US$ and then stuck with the exchange rate (CA vs US) but you can find a nice 1bdr apartment for less then $10000 pesos/month walking distance to all necessities (we don't own a house and vehicule). You don't have the right to work with a retirees permanent or temporary status.
Other points if looking at fulltime residency as being a Canadian:
1- ask immediately for the permanent status visa if you meet the financial requirements
The cost is more then double if you start as temporary residency status this is not the Visa fees ask by the consulate (temporary >$11000 pesos permanent =$5056 pesos)
2- check with Revenue Canada about becoming a "non resident" and pay taxes only based on the fiscal agreement between Canada and Mexico (15% of all pension revevues) or if your revenues are 90% from pensions then filed your tax return base on article 217 which reduces the %
3- check with OHIP for leaving permanently Ontario the best Mexican healthcare if your in good health would be IMSS cost based on age (50-59 = $7150 pesos/year)
4- call the Mexican embaasy in Ottawa or the Mexican consulate in Toronto they will help you in your project
5- your birth/marriage certificates have to be certified by the Mexican consulate or embassy and then translated in Spanish by an authorised translator in Mexico
Adios y suerte en su proyecto, GyC.
If you dont mind living near mosquitos I think you can squeak by. But any expectation of an American quality life. ....I dont think so.Â
There is always the odd situation.
I toured the Yucatan to check out exactly what you are describing....and for me it was not going to happen. Merida is lovely. ..a but far from a beach. Cancun? Very pricey! layaway? Very pricey. Chetumal? Better pricing' but would you want to be there? Tulum? If you can find a parking place you can be a hippie here.....no services. Better learn to cook or live off the menudo truck.
I found that prices today are very comparable to USA cost of living.
Good luck.
My very best wishes to you and yours!
Halfwaytree wrote:AlicatAZ, that is a sobering response you posted. Maybe I may need to keep working for a few more years to build up my pension in order to live my dream, or maybe I need to give up on a beach community and think more along the lines of central Mexico. In any event, thanks for your honesty!
Hi Halfway,
If you look at AlicatAZ ID info you will see she lives in Arizona and apparently didn't like Mexico. So take that into account. The others who responded actually live in Mexico so if I were you I would give their information more weight. As for mosquetos, those can be found in many countries including the U.S.
From my perspective, Mexico is much more affordable. I have lived here for over 7 years. Talk to the local Mexican counsel in your area regarding requirements and what you would qualify for.
But, you are subject to Federal income tax. Depending if you maintain a voting, banking residence in the US you may be subject to a state income tax; this will diminish disposible income. If your retirement is indexed you are "inflation proof". Also, are you eligible for SS when you reach 62?
Until you reach 65 (Medicare) you may have significant health insurance cost. You can forego a US health plan and purchase a policy in MX. Pricing and coverage is as varied as in the US. It does allow you to visit non ISST (MX public hospitals) doctors, private clinics and hospitals They are expensive by MX standards, but can be as low as 20% the cost of similar treatment in the US. The private sector hospitals/ clinics are usually located only in large population centers.
Actaually I am Canadian. When I leave Canada I will not be covered any longer by Canadian health insurance. I have the pre existing condition of sleep apnea but there seems to be some dispute whether or not that will disqualify me from being eligible for IMSS. If it does then I plan to get a private policy with a high deductible to just cover me incase of a potential catastrophic accident or medical event or a serious disease diagnosis.
Actually, you pay federal taxes where ever you live. And if you live in a tax state and earned any money in that state you owe taxes on that money. California is a classic example.
The transportation is also affordable ....taxis here are less than $100.00 and tip is not necessary.  Some restaurant are cheap and others are similar US prices, but the majority are affordable. This is in Queretaro, Queretaro.  I hope it helps!!!
Thanks for sharing your thoughts!
is in a valley , I just can not get use to all the homes on the side of the hills
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