With more people reaching retirement age, many of the so-called “baby boomer” generation 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.