When retirement kicks in, most people are ready to shake off the old work life and start living in the lap of luxury. The scope of what luxury means to different people depends on how much your fixed income amounts to, especially with the rising cost of living in the United States. There are so many questions surrounding whether or not you’ll be able to afford private health insurance, let alone your house.
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The following are just a few:
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Do you have a savings account?
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Did your company cash out a pension for you?
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What are you receiving (or planning to receive) from Social Security each month?
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How much will your long-term medical care cost and will you need supplemental insurance?
One way you can potentially make stretch your retirement fund is by moving to Mexico. There are some very affordable locations where you can retire like royalty. Outside of the beautiful warm weather and a delicious food scene, establishing a permanent residency in Mexico could have its financial perks as well in retirement.
GOBankingRates reached out to some travel experts to find nine cheap places to retire in Mexico where you can live like a millionaire. Here is what made the list to consider living out your golden years like you’re a millionaire.
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San Miguel de Allende
“San Miguel de Allende is a colonial town known for its vibrant arts scene and friendly expat community,” said Abhishek Jain from Diplomat VFS.
“I love San Miguel de Allende for its vibrant arts scene and colonial charm,” agreed Amanda Syrowatka, the director of Viceroy Bali. “The cost of living is relatively low, with affordable housing options and excellent healthcare facilities. You can enjoy gourmet dining, world-class cultural events, and a high quality of life without breaking the bank.”
“The affordability here comes from the lower cost of living, especially in terms of housing and daily expenses,” Jain continued. “Many retirees find they can rent a beautiful home, dine out regularly and engage in various social activities without straining their budget.”
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Playa del Carmen
Located on the Quintana Roo coast, Playa del Carmen provides beach living at its finest at a great value in the opinion of Hans Mast, a travel agent and advisor with Golden Rule Travel.
“Condos and houses can be half the price of similar properties in the States,” said Mast, citing how many waterfront homes rent for $1,000-$2,000 monthly, and dining out rarely costs more than $10-$15 per person.
“Healthcare is also very affordable through local clinics,” added Mast. “Playa’s lively atmosphere and proximity to Cancun airport make it very appealing.”
Guanajuato
Guanajuato, another colonial gem, offers stunning architecture and a rich cultural scene, according to Jain.
Syrowatka highly recommended Guanajuato for “… its picturesque landscapes and affordable living. The city’s colonial architecture and cultural festivals make it a delightful place to retire. The cost of living is low, and you can enjoy a high quality of life with access to excellent healthcare and amenities.”
“The town’s affordability is attributed to its competitive housing market and the inexpensive yet high-quality local cuisines,” Jain added. “Public transportation is also affordable, making it easy to explore without owning a car.”
Puerto Vallarta
Jain said that this coastal city offers breathtaking beaches and a laid-back lifestyle.
“I often recommend Puerto Vallarta for its stunning beaches and vibrant nightlife,” Syrowatka said. “Despite its popularity, it’s surprisingly affordable. Real estate prices are reasonable, and you can enjoy luxury beachfront living. The city offers excellent dining, shopping, and healthcare options, making it perfect for retirees.”
“Condos and houses near the beaches cost much less than comparable U.S. coastal properties,” Mast offered. “While some areas have become more gentrified, many affordable options remain. Outdoor activities and water sports are plentiful. Healthcare is also very affordable through local facilities and private clinics.”
“Despite its popularity, Puerto Vallarta remains affordable due to the lower cost of services and goods,” Jain remarked, also noting that groceries, healthcare and utilities are all reasonably priced, which attracts many retirees to settle here.
Merida
“Mérida, the capital of Yucatán, is known for its colonial history and bustling markets,” Jain said.
“I think it’s incredibly affordable, with low property prices and cost of living,” Syrowatka said. “The city boasts a warm climate, beautiful architecture, and a bustling expat community. You can easily live like a millionaire with access to upscale amenities and services.”
“Mérida on the Yucatán Peninsula feels like stepping back in time,” Mast echoed. “Housing is very affordable due to plentiful real estate options. Weather is hot but dry. Healthcare through local facilities is quite affordable and of good quality. Low crime adds to Mérida’s appeal.”
Furthermore, Jain highlighted that the city has a plethora of restaurants, which are excellent and reasonably priced.
Mazatlán
Jain said that Mazatlán combines the best of both worlds: a beautiful coastal city with affordable inland cost structures.
“Housing close to the beach can be quite reasonable, and the cost of dining and entertainment is very budget-friendly,” Jain added. “The local markets offer fresh produce at a fraction of the cost you would find in more tourist-heavy locations.”
“Mazatlán is perfect for beach lovers,” Syrowatka said. “It’s more affordable than other coastal cities, with low property prices and cost of living. You can enjoy a luxurious lifestyle with beautiful beaches, fresh seafood, and plenty of recreational activities.”
Lake Chapala
“Lake Chapala, Mexico’s largest freshwater lake, is surrounded by picturesque towns that offer a peaceful retirement vibe,” Jain said.
“I believe Lake Chapala is a hidden gem for retirees,” declared Syrowatka, citing how the climate is perfect year-round.
“The area is known for its large expat community, affordable healthcare, and beautiful lake views,” Syrowatka added. “You can find luxurious homes at a fraction of the cost compared to the U.S.”
“The cost of living is relatively low, especially for housing and healthcare,” Jain described. “The expat community here is robust, providing a supportive environment for newcomers.”
Ajijic
Ajijic, located on the shores of Lake Chapala, is another contender for an affordable retirement, in Jain’s professional opinion.
“Its popularity with expats keeps costs reasonable, and the town’s infrastructure is geared towards providing a comfortable lifestyle,” Jain said. “The lower cost of goods and services ensures that your retirement funds go further.”
Oaxaca
Oaxaca is another great option with its rich cultural heritage and low cost of living, in Syrowatka’s professional experience. Permanent residency visas may seem like the move when you see what this beautiful city has to offer, especially when you factor in how far your retirement dollars will go.
“The city offers affordable housing, delicious cuisine, and a warm climate,” Syrowatka said. “I think retirees can live comfortably while enjoying the vibrant local arts and crafts scene.”
Caitlyn Moorhead contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: 9 Cheap Places in Mexico Where You Can Retire Like a Millionaire
