This is why Mexico is the top retirement destination for Americans
May 15, 2024
Jean G. Fowler
Latest Modification Date: 5/15/24
Mexico remains the number one choice for retirement among Americans, a status reaffirmed by an updated 2024 report from Investopedia.
In 2020, Mexico welcomed more American expatriates than any other nation, solidifying its reputation as a top retirement destination. By 2022, the U.S. The State Department recorded a remarkable 1.6 million American citizens residing south of the border.
The appeal of retiring in Mexico, as in many other countries, is primarily from its affordability. Many retirees seek a quality of life that has become increasingly complicated within the United States.
“While retirement abroad requires careful planning about visas and taxes, staying in the U.S. could mean managing higher costs of living and expensive health care”, observed Investopedia in a March report.
Whether its in a busy city or a calm town, Mexico stands out as the preferred place for American expats, as per data pointed out by the U.N. in 2020. Following Mexico, Canada ranks as the second most favored destination, hosting 273,226 American residents
The rest of the 10 destinations include:
The United Kingdom: 170,771
Germany: 152,639
Australia: 116,620
Israel: 76,794
South Korea: 68,050
France: 61,668
Japan: 58,340
Spain: 57,112
Affordable housing and healthcare emerge as primary motivators. The Organization for Economic Cooperation and Development (OECD) noted that average housing prices in these countries are generally lower than in the United States, with Canada being the exception.
Nevertheless, Mexico has significantly lower average housing costs, a striking 21% less than in the U.S., according to the OECD's latest findings.
Moreover, Mexico offers the most economical healthcare among the top 10 destinations. The OECD reports that healthcare in Mexico is a remarkable 60% cheaper than in the United States, fueling the country's burgeoning medical tourism industry. In 2023, Mexico secured its place as the world's second most sought-after destination for medical tourism.
American retirees with legal residency in Mexico have the option to enroll in public health insurance through the Mexican Social Security Institute (IMSS), which is substantially lower than those for American health insurance. Nonetheless, many opt for private insurance coverage, as private healthcare in Mexico often proves more financially beneficial than its American counterpart.
Are you looking into retiring or moving to Mexico? Do you have any questions regarding legal status? XPATS has got you covered! Discover our borderless services and become a part of our community!
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This is why Mexico is the top retirement destination for Americans
May 15, 2024
Jean G. Fowler
This is why Mexico is the top retirement destination for Americans
May 15, 2024
Jean G. Fowler
Mexico remains the number one choice for retirement among Americans, a status reaffirmed by an updated 2024 report from Investopedia.
In 2020, Mexico welcomed more American expatriates than any other nation, solidifying its reputation as a top retirement destination. By 2022, the U.S. The State Department recorded a remarkable 1.6 million American citizens residing south of the border.
The appeal of retiring in Mexico, as in many other countries, is primarily from its affordability. Many retirees seek a quality of life that has become increasingly complicated within the United States.
“While retirement abroad requires careful planning about visas and taxes, staying in the U.S. could mean managing higher costs of living and expensive health care”, observed Investopedia in a March report.
Whether its in a busy city or a calm town, Mexico stands out as the preferred place for American expats, as per data pointed out by the U.N. in 2020. Following Mexico, Canada ranks as the second most favored destination, hosting 273,226 American residents
Latest Modification Date: 5/15/24
The rest of the 10 destinations include:
The United Kingdom: 170,771
Germany: 152,639
Australia: 116,620
Israel: 76,794
South Korea: 68,050
France: 61,668
Japan: 58,340
Spain: 57,112
Affordable housing and healthcare emerge as primary motivators. The Organization for Economic Cooperation and Development (OECD) noted that average housing prices in these countries are generally lower than in the United States, with Canada being the exception.
Nevertheless, Mexico has significantly lower average housing costs, a striking 21% less than in the U.S., according to the OECD's latest findings.
Moreover, Mexico offers the most economical healthcare among the top 10 destinations. The OECD reports that healthcare in Mexico is a remarkable 60% cheaper than in the United States, fueling the country's burgeoning medical tourism industry. In 2023, Mexico secured its place as the world's second most sought-after destination for medical tourism.
American retirees with legal residency in Mexico have the option to enroll in public health insurance through the Mexican Social Security Institute (IMSS), which is substantially lower than those for American health insurance. Nonetheless, many opt for private insurance coverage, as private healthcare in Mexico often proves more financially beneficial than its American counterpart.
Are you looking into retiring or moving to Mexico? Do you have any questions regarding legal status? XPATS has got you covered! Discover our borderless services and become a part of our community!
