Last week according to SmartMoney.com, cost-conscious American retirees are increasingly looking at retirement options in other countries, and Mexico has become one of the most popular choices, thanks to its affordable medical care, fabulous climate and reasonable cost of living. In fact, the rising cost of private health insurance in the states, combined with the uncertain economy and higher cost of living has more Americans who are nearing retirement age than ever before searching for a better place to enjoy their golden years.
Interestingly, the exact number of Americans retiring outside of the US is not known, as they are not counted by the census and many have dual citizenship or reside overseas on a renewable tourist visa. However, the Social Security Administration estimates that the number of expats has risen by more than 30 percent since 2002, which is the largest jump in history. This figure is expected to continue to rise, but the actual numbers remain difficult to quantify.
Regardless, retirees on a budget can enjoy affordable luxury in places like Mexico, which offers the good life for much less. In fact,Mexico is even currently lobbying the US government to extend Medicare benefits to Americans living within its borders, and retirement nest eggs that were hard hit by the economic crisis will go much farther here than they would in the US.
Another factor that helps make retiring in Mexico so appealing for aging Americans is the fact that it is located close to the US and boasts fast, easy travel in and out of the country. Also,Mexico is a large country with much diversity and therefore offers a wide variety of real estate options to choose from, including small towns, big cities and quaint, beachside communities.