The average Social Security retirement check is $1,371 every month, according to the August 2017 data released by the Social Security Administration. It’s very common to seek professional counsel to plan out your retirement, but if you find yourself relying on just your Social Security benefit, there are several options as to where to retire just below the U.S. border. Believe it or not, you can live comfortably in retirement on Social Security benefit alone in these three beautiful Latin American destinations.
Since it’s so close to us, let’s start with the home of several stunning beaches and sunny weather. Mexico is an excellent choice for many people retiring because it’s close to home, making trips back to the United States for the holidays or seeing family a breeze financially. And there’s so much more to Mexico than just our close neighbor. To become a resident in Mexico, you must provide evidence that you’re received a consistent monthly income, including Social Security benefit, of $1,300 for the past 6 months, you’ll need more for a permanent residency.
Once your residency is accepted, you can enroll in the Instituto Nacional para las Personas Adultas Mayores (INAPAM) program or the National Institute for the Older Adults. Taking this tiny plastic card with you gives you discounts on a variety of goods and services such as healthcare, leisure activities, public transport, restaurants, and plane tickets. Property taxes and water bills in some areas can also be subject to discounts.
Chapala, a lakeside town, has a huge expat community, wonderful weather, and a low cost of living. A one bedroom apartment in the citer center is only $148 a month, while utilities, Internet, and cell service total a mere $75. Groceries also are affordable, with a standard monthly grocery bill costing just $135. This includes bread, cheese, meat, produce, and a little room for treats. Overall, an average monthly budget in this beautiful and sunny lakeside town including dates, a gym membership, and public transportation calculates to be $675 a month.
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