[quote=EconProf]Wise words from EarlyRetirement, a guy who has the experience to pass on his wisdom to us.
I agree that for the wealthy family with kids, parts of South America, including Mexico, have big problems with kidnapping, which is why many of them chose to vamoose to the U.S. In fact, many of the wealthy of Tijuana have homes in and around Coronado because of the fear of kidnapping.
But the original thread was regarding retiring in Mexico, presumably for the very non-wealthy American. Just as we can learn from ER’s experience with rich expatriates, we could learn from one of the many American retirees who do not regret their choice. Too bad one of them has not yet chimed in.[/quote]
Oh absolutely EconProf. That’s why I took the time to explain the background of what happened to my friend.
As you mentioned, I know MANY people that have retired to many places in Latin America including Mexico and they enjoy it. Typically the more low profile of a lifestyle you live the better.
However, I know several retirees that are NOT affluent or wealthy and had problems. Even if you are totally fluent in Spanish, most foreigners are still “marked” as “Yankees” and to an extent marked. There are many many many people that successfully retire in places like Mexico and happy with it.
A follow up comment I’d make is that typically life is never as glamorous as you might think. Or the cost of living isn’t nearly the same as what a “local” would spend. People throw out terms like “median” incomes in the area and try to compare themselves to that. However, the Americans are just totally accustomed to another lifestyle.
As well, healthcare isn’t nearly as good or cheap as what some try to portray. Even in countries where they provide “free” healthcare to all, including foreigners….if you really encounter an emergency or need an excellent facility or doctor you’re still going to pay. For example, although I had residency in several countries I was living with or owned homes, I still had private medical insurance that was quite pricey because sure you could get free medical care in a dingy public hospital where it was disgusting and maybe have to wait in line for hours.
So it’s good to think about that side of it as well. Other countries have huge currency risk swings or horrible inflation. So one year when you move it might be cheap, but then a few years of 30% inflation per YEAR it gets expensive rather quickly.
I agree certain parts of Mexico probably would be ideal but even some relatively safer destinations have been known to have problems with drug lords and even some innocent people have gotten swept up in the violence.
I do think if the government can get a handle on the crime it would be a GREAT place to retire. But I think we are a ways from that happening.
I’m not saying there are only negatives about retiring in Mexico or other countries. There are LOTS of benefits as well. Especially if you are older in age and need help.
For example, maids in most of these countries are dirt cheap. So you can have a full time maid or even a live in maid if you wanted. They will clean daily, cook ALL your meals, do ALL your laundry, iron all your shirts, go to the grocery store to get your groceries, take care of paying your bills, etc.
Heck, when I lived down South I not only had a full time maid but I had a chef as well that came in daily and made breakfast, lunch and dinner. That kind of thing even if you are fairly wealthy, you won’t see too much of here in the USA. Although we have maids that come to our house here in SD every week, we wouldn’t dream of having a maid come in every day to clean. It would cost a fortune! Or a chef, etc.
As well I talk about the corruption but sometimes it works to your advantage. For example, get a speeding ticket or run a red light…? NEVER get a ticket… you can always buy your way out of a ticket. I’m not saying I advocate that but it’s just common down south.
As well, I can’t tell you how many 60 or 70 year old friends I have down in Latin America with 20 something year old girlfriends. LOL. So there is that aspect as well that these guys will NEVER find here. And don’t think it’s just “dirty old men”. I’ve seen many older women too with younger “novios” too. LOL. I’ve seen it all down there!
There are good sides and there are negative sides but it’s good to keep both sides in mind.
