A Detailed Look at Moving to Mexico on Social Security
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- เผยแพร่เมื่อ 22 พ.ค. 2024
- In this video, I answer several questions that American retirees have about moving to Mexico:
Can I live on social security in Mexico?
Can I collect Social Security living in Mexico?
Will Mexico tax my social security benefits?
What are the requirements to get Mexican residency?
....and many more
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0:00 Introduction
1:06 Income Study
4:21 Housing
7:50 SS Abroad
8:53 Taxes
9:48 Residency Requirements
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Walking across from san diego they still give FMM cards...so a flight to Tijuana does the trick
So I made $500,000 this year and I have $ $10,000 a month residual income…i could basically be a king????
My husband was approved in April 2023 for temporary residency with a social security payment of $2595. That was in Orlando.
I wasn’t on social security yet, and without selling our home in Florida we wouldn’t have meet the savings/investment requirements of $52,000.
So, I came into Mexico with him as a tourist and we paid an immigration lawyer to apply for me under the Family Unification program. It cost more than my husband’s residency did, but I didn’t have to show any proof of financial solvency.
So, now we’re happily living in Mexico with our 4 year temporary cards.
And, I’ve since started collecting social security!!!
We’ve rented out our Florida house and intend to sell it when the lease ends.
After that we have to decide whether to hold onto that cash and rent, or to buy a house in our area, that we totally have fallen in love with.
We unfortunately had a week long hospital stay within months of being here. The care was phenomenal!!
We would not have been able to retire if we stayed were we were. Probably would die before that happened.
So, life is good here in Mexico!!!
I wondered where you live in Mexico. My wife and I live in Manzanillo on the Pacific coast much of the time. We have seen costs increase substantially (we own though) in the past couple years. I guessing its easily 25% more in two years, given inflation and the rise of the Peso against USD.
wow... you people never heard of a IRA retirement or 401K?.. if you are in your 60s and don't have a small amount of 60K in a retirement account between a couple... then you broke...
@@ehawk30Plenty of people are broke or have gone broke while trying to stay living in the US. Many people never consider geographic arbitrage.
@@davidsebastianelli1326 _ Geographic arbitrage is the best thing to do. However, some people are so broke, that can't even qualify for legal residence in other countries. Case in point, Mexico requires foreigners to show support with statements. Most people who want to flee the US are renters and have an average SSA monthly of 1000-$1800 without IRA/401K funds...So they don't qualify. Thats flat-broke beyond hope: No, property, no 401K, no pension... with a monthly 1000-1800.... SAD indeed.
@ehawk30 or if it's a couple each receiving $1500 or more in SS than I assume they would qualify?
Best move My Mom and I ever made..she's 73 I'm 54..We moved just outside of Ajijic.
Who are you? I visit Ajijic very often. Marcella?
@4lugan Hey Bud... My name is fred..I live in San Antonio Tylacapan.. I do fo to luckybar and am friends with Craig and Kj. Yes the hawaiian screen name as I live in Hawaii for about 23 yrs. I stand out here like a sore thumb as im not over 70...lol and and about 6'2 ...lol
I retired in Central Mexico 4 months ago. Basic food…raw chicken/fruits/vegetables etc are dirt cheap. Prepared food…frozen pizza/chicken nuggets/dinty moore stew etc are much more expensive. People here either cook from scratch or eat out. Domestic (made in Mexico) products tend to be inexpensive. Imported things are more expensive. Non luxury imported items (blender, airfryer, flat screen tv etc) are equal or slightly more expensive than a US Walmart. “Luxury “ items like imported high end makeup, designer clothes, weight loss protein drinks are very expensive, like twice what you would pay in the US. So you can live cheaply here easily. But if you live off Scottish smoked salmon and have to wear brand new Dior and Jimmy Choos, and eat out in high end restaurants, it is going to get expensive. In is important to check prices before you throw something in your shopping cart. Somethings are crazy expensive. For instance: i was shopping for plain white towels at a Walmart in Mexico. 2 similar towels: one was $3.00 US, the other was $27.00! A simple dish drying rack that would have cost $12.00 US in the States was over $90.00 US! And prices vary considerably at different stores. So take a small note pad and keep track of who charges what. Overall, my standard of living is much, much higher here. You can remodel your house for a fraction of what it costs in the US. There is a saying here: “In Mexico, anything is possible.” I have found healthcare, especially dentistry, to be far, far superior to that in the United States. And I am a medical professional. Cuidate!
I moved to mexico 50 year's ago. I live on the edge of a little village oon the coast of gro no property taxes or insurance needed. I live like a poor mexican and love it.
Stay if your f country foreigner ........................not welcome in Mexico
Not many people are bold enough to do it! Not sure why… it’s real freedom.
How can you do it/make it
@kikim2592 first as a tourist. Little by little. Bought land 50 years ago. Very cheap. Lived in a palatable shack near the beach. It's really paradise. No stupid laws or permits needed. Just paid power bill. 35.00 $ for 2 months with aircondioner . No income tax. If you come to my village you can rent a small house for 40$ a month with all services available. Gravel streets with pigs chickens goats and barefoot kids running freely in the streets. Everybody is fat and very happy. Viva México.
@@bobfuhr4520what town?
My bubble just got busted when you said the required monthly income
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on the govt.
Especially with the current economic crisis around the word. This is still a good time to invest in Gold, silver and digital currencies ETH, XRP..).
What if you don't know how to trade any of these? I mean, see your point some people have the money and are willing to invest, the question is where to.
Yes, you’re right 👏
@@GreggVElrod it’s very important to have access to update info, in order to make a well informed decision on investment.
We went the longer route of getting temporary residency for a year, renewing it for three more years, and then we qualified for permanent residency in our fifth year. We barely qualified for the first year! But now we have our permanent resident status which opens up other opportunities for us here in Mexico. And yes, private health care is very good!
White retirees, digital nomads, and tourists are improveshing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
The main downside to PR is that you can no longer bring a U.S. plated vehicle into Mexico on a TIP if not remaining within the free zone. I am also on the TR due to convert to PR in 2025. I am currently spending all my time in Baja which is in the free zone, so the TIP issue does not apply.
So what are the benefits of Permanente residency that you didn't have with temporary residency?
@@SMoore-vj7btWe bought a brand new Volks Vento here. It's a great car and the price was so reasonable that we paid for it outright. It is safer, as well and we don't get noticed or hassled. We have nothing of material value in the U.S. Our move here was all-in.
@@p.c.h.6721 There is more security in your status, it's easier to find a long-term rental home. You can also work if you want, and at a certain age, you can collect a universal pension. We haven't yet, but it's enough to make a difference when the dollar is diving. . . like it is now.
I did, three years ago! It's been awesome. Don't care about living at the beach, or concerned about expat communities. I just love Mexico, because it's Mexico. My SS easily handles everything. My wife is a Mexican citizen and I'm from Reno, Nevada. She has no income due to her age. It's a beautiful existence...
Hey Russ! Have you been jamming with the locals? Hope you two are dong great! Desde Ensenada
@@davidsebastianelli1326I'm not sure what you mean by "jamming" but I've only met 2 or 3 expats, in the three years I've been here. Everyone I've met has been gracious, and welcoming to me. I've never been victimized or approached by any crime. Have never been ripped off. I know problems exist, but I haven't had any personally...
"Jamming" = Making music with people you may or may not have played with before. Have you never heard the term "Jam session"? You had mentioned that you like to sing and play guitar. I remotely beach camped and surfed throughout Baja for over forty years with never any problems. I fell in love with the people, food and family based culture and decided years ago that I would retire here. After retiring early a few years ago, I moved here last year from the LA/Ventura area in CA. I love living here and I'm happy you two are doing good and you are healthy so I just wanted to say " Hola and Howdy!" Buena suerte!
She gets Mexican ss? No?
@@davidsebastianelli1326Yes, I know what a jam session is. I've been playing guitar, and doing vocals in the US, for over 50 years. I suffered a stroke shortly after coming to Mexico, so I'm not able to play at this time...
Hola Paul! Thank you for bringing up the topic of "perpetual tourist". Many people cannot afford the Temp and Perm Residency requirements. But, they still come here to MX and spend money and help the economy. They are not taking advantage of anybody. I am a legal resident here, but I know several people that live here w/o residency.
The regularization program is still going on in Baja California Sur. I just got mine. 4 year temporary residency with no financial requirements and everything done in Mexico. Entire process only took 2 days!!! I also got my RFC and work permit.
Stay if your f country foreigner ...................not welcome in Mexico
Dual citizen here. It depends what city you live in and the SS benefit. Most Americans I know that live in Mexico pick tourist destinations. Big mistake. You won’t make it on SS alone. I already own a house there but rent where I live it’s $300 to $500 a month. On medical info, pharmacies now run MD’s that only charge $50 mexican pesos per consultation. I was pleasantly surprised to find out cause I got sick and I didn’t have to spend a fortune to take care of myself. Thanks for your info. It helps me keep up with latest laws and regulation changes.
Stay if your f country foreigner ........................not welcome in Mexico
0:18
I am from Fort Worth Texas. My grandfather was born in Jalisco Mexico. I am trying to get my dual citizenship so I can move to Mexico. But I am finding it very very difficult to complete some of the things. The Mexican consulate here in Dallas Texas is asking me to get for example, they are wanting proof of Verification from my grandpa living in Mexico. This is supposed to make it easier for me to complete my paperwork I don’t know how this is possible but my question is how are people who don’t have any connections to Mexico, completing their paperwork and getting their dual citizenship. I hope to get this done within the year, so I am saving all my pennies right now but it is seemingly very frustrating for some of the documents. They are asking for if somebody can give me some information on how to complete these documents it would be much appreciated. Thank you.
I am born and raised in Fort Worth, Texas, my grandfather was born in Jalisco Mexico. I am trying to get my dual citizenship, but it is getting ridiculous. They are wanting all kinds of documents, and I understand that but some of them I don’t even know if I can get to prove that my grandfather was from Mexico I was curious how do people who don’t have any connection to Mexico, accomplish getting their dual citizenship the Mexican consulate here in Texas near me is in Dallas, Texas, and I am unable to speak with any human being over there everything is through the computer. This would be a great segment on walking through the process of dual citizenship. Thank you guys once I get this done I will be moving to Playa Del Carmen.
I collect SSDI while living in Mexico City, and in terms of collecting Social Security disability benefits, it depends on what benefits you collect: in sum SSDI you can collect in Mexico, SSI as you mentioned is a no; and I assume the few state disability programs are a no as well.
My suggestion also regarding finding an apartment/home is to calculate 27% or less of your income as exchange rates fluctuate for the most bizarre reasons. As for my affording to live here on $1520 USD per month, I do so decently but I live in an average neighborhood and don’t have a car. It’s certainly possible to live here solely on Social Security benefits nicely, but you nonetheless have to be prudent
What city do you live in?
@@Grandpa_RLP Mexico City
White retirees, digital nomads, and tourists are improveshing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
A 2bed2bath apartment rent in a well maintained building and in a good Mexico City neighborhood goes for $18,000MXN / $17.55 Fx rate = $1k USD. Most foreigners think Mexico City is cheap, but it’s not, so living 100% on the average social security income in this city won’t work. My 2 cents.
@@sak_5 I’m just one person so I don’t need a $18,000 peso per month apartment, my $5700 MXN studio serves me well. I make it work with little effort
Raleigh, NC was the cheapest consulate I saw with regards to amount of income needed for residency.
The Consulate in Raleigh didn't or still haven't upgraded there info you see on their website. Once you email them they will send you their requirements. I went back and forth with them last year about honoring their website info and ended up emailing the Mexican Consulate in McAllen, Texas. They didn't have a website last year but a facilitator named Gabrielle stationed out of Mexico City was nice enough to email me a few months after I contacted her to let me know I would qualify there. I emailed them with a request for an appointment and they sent me some dates to choose from with their requirements and I got on a jet and flew there.
@@davidsebastianelli1326 David what were the dollar requirements in McAllen TX? Thanks
I lucked out when I got my residency stamp it was in June 2022 and they were still using numbers from 2021 when you only needed to show a monthly income of a minimum $1740 when most other Consulates it had gone up to close to $3000. Mexican Immigration Law Section 2, Article 54, Clause 3 basically says if you can show enough of a monthly income that shows you have enough money to live in Mexico you may get granted residency. Seeing as the minimum wage is around $21.00us per day and $1340 is considered middle class that wouldn't be a problem, it's just finding a lawyer who could petition this for you. You should come visit this year and get stamp in your passport and if they continue the RNE program you may still qualify. Buena suerte!
@@davidsebastianelli1326 At Mcallen consulate they use the correct calculation, which has been the law for many years, called UMA. McAllen is about $1800-$1900 monthly requirement as of 2/24. All the other consulate's use the old calculation which makes the income requirements much higher, right around $3500 as of 2/24. Each consulate makes their own rules.
@@kellyname5733 I'm very confident that no consulate in the US goes by the UMA valuation, otherwise it would be closer to $1500us. They have talked for years about changing the valuation requirements to align with the UMA and the existing immigration laws but they haven't implemented it yet. I thought they would change it last year. If it goes up another 20%, like it has for the last few years, in 2025 the economic solvency requirements would be close to an uninviting average of $5,160us and that's just for a Temporary Resident Visa. I should note that in June of 2022 the Consulate in Los Angeles required a minimum of around $3000us per month and in 2024 that figure is now $4,400us. BTW- I just googled it and Mariana from Mexico Relocation Guide stated that this year as of January 26 the requirements in McAllen are $3,450us They aren't the cheapest Consulate to go to anymore. That would be Raleigh at $3100us and the most expensive would be Nogales at $4670us. I have seen some comments from you on other videos about moving to or residing in Mexico. Have you gotten your residency visa yet? And if you have, why did you ask me if you thought you already knew??? Mucha suerte la hermosa Ensenada!
Expat here , there’s nothing better than La Paz Baja , awesome weather, food , beachfront house , and health care very affordable 🏖🇲🇽❤️
Expat? you mean illegal immigrant?
@@pedroggalaviz what you mean Ilegal , An expatriate, or expat, is an individual living and/or working in a country other than their country of citizenship, often temporarily and for work reasons. An expatriate can also be an individual who has relinquished citizenship in their home country to become a citizen of another, legally living there and paying taxes accordingly ,
Stay if your f country foreigner ........................not welcome in Mexico
@@jimydoolittle3129 AKA as an Immigrant....Call it what you like but legal or illegal you are still an immigrant if you are living here full time. Did you call Mexicans or other foreigners "Expats" while living in the US? I think not and Pedro was just pointing out that fact. Just saying, it's semantics-Expat has a connotation of being part time while working or just visiting.
@@pedroggalavizFirst of all Mexico does jail Americans who overstay, or without visa, and is a miserable, filthy experience. Second, as stated in the video, one must prove sufficient income to be granted residence in Mexico. Yes, the U.S. does jail, and deport illegal immigrants, but considering how many of them get away with not only living, but working in the U.S. doesn't even compare.
Thank you! Lots of specific and good information not covered in other videos.
Excellent video, you confirmed what I thought I already knew. Appreciated
This is such a comprehensive video. Thank you.
Glad it was helpful!
Very well organized. Thank you, for no chatter, just the facts ! Love it. I was subscribed 1' into this video. Enough said! Thank you , I look forward to other videos by you. Cheers, Dk.
Thanks for this information.
My pleasure. Thanks for watching.
Thank you for posting this information.
Thanks Paul, your information is priceless
I appreciate that!
THAT IS VERY HASSLE TO THE OLD RETIRED PEOPLE INTER AND EXIT EVERY 180 DAYS!!! WHAT ABOUT IF YOU BECOME ALREADY VERY OLD AND BED RIDDEN THAT 180 DAYS RULE IS VERY HASSHLES!!!!!!!
I agree when you do post it's high quality stuff
I appreciate your knowledge and reasoning.
Thank you for updates with your you tube been watching you for a long time and alwasy informative
Thank you for making this video. It is one of the most informative and straightforward videos that I have watched on moving to Mexico. Wishing you much continued success with the channel.
Such a great video Paul. Tons of easy to follow information.
Thanks! I'm glad you enjoyed it.
White retirees, digital nomads, and tourists are impovershing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
Great info, thanks!
Thank you as always for the helpful info! 🤠
I wish I could give many more than one like to your videos. Keep them coming!
Thank you!
White retirees, digital nomads, and tourists are imporveshing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
Amazing video on how to gauge affordability. I love the detail. Thanks again Paul for a winner!
Glad you enjoyed it!
Stay if your f country foreigner ........................not welcome in Mexico
Thank you for your video.
What a great video. And I agree - it's very quality stuff. Thanks a ton!!!
Very informative video. Thanks for this, especially the 6 month/ 180 days tourist card. Thanks again for a great video.
White retirees, digital nomads, and tourists are improveshing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
Stay if your f country foreigner ...................not welcome in Mexico
Hi Paul, great video as always! Just a quick note regarding number comparisons: when dealing with micro-economic calculations and comparisons, it's often more accurate to use the median instead of the average. This is particularly important for both the US and Mexico due to significant wealth distribution disparities, and also to avoid distortions caused by extreme outliers.
White retirees, digital nomads, and tourists are improveshing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
Agree!
Stay if your f country foreigner ........................not welcome in Mexico
Plus 14k (or whatever number) for a Mexican is not the same for a foreigner. Quantitatively, of course it is, but qualitatively is very different. Most foreigners will pay too much for everything and miss out on a lot of opportunities because they aren't plugged into the Mexican culture, and that is mainly because they don't, won't or can't learn the language.
Super informative. Thank you
Thanks Paul!
I lived and worked in Mexico on a 180-days tourist visa.. but I also pay off (Mordita) a local immigration officer every 180 days.
Stay if your f country foreigner ...................not welcome in Mexico
My mom makes less than $1200 a month living in MX 25 years. She couldn’t afford the USA. She hated living in the USA. She got partial citizenship. She doesn’t leave Mexico beyond very rare visits to USA. Like every 4 years.
Stay if your f country foreigner ........................not welcome in Mexico
"Partial" citizenship does not exist.
@@boink800 you do get the social security benefits of a citizen. Cannot vote. But there is partial citizenship.
@@djkenny1202 "Partial" citizenship does not exist. Either you're a citizen or not.
Bless you. Been looking for info on ss and Mexico taxes. Great vid!
Thanks!
I REALLY like your take…….well done video.
Hey Paul, thanks for the info. I can attest to the 180 day tourist card number. Last year my wife and I went to Cozumel. At that time we were still filling out the cards and specifying our length of stay. We ended up staying longer than what we had marked on the cards, and were concerned. When we later looked more closely at the tourist card, we noticed that the immigration officer had, thankfully, disregarded what we had written and marked in 180 days before he stamped it.
That's great to hear. I'm glad it worked out.
You were lucky! The Over Stay Fine can be large and you also would become elgible for jail!
@@macscotty9997 We looked into it several days before the supposed expiration date just in case we needed an extension. No worries about fines or jail time.
White retirees, digital nomads, and tourists are improveshing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
@@qroo I remember on Tangerine Travels, they reported that the immigration police were stopping buses in the Yucatan and throwing overstayed foreigners (with for example 30 days scribbled on their FMM) into detention prisons (at least by one purported account), with some implication that they couldn't get deported until some mordida was arranged. The info was murky so I do not want to accuse nor conclude. As you said, it seemed like some aberrant behavior as if Soros had infiltrated the immigration with the chaos he is allegedly successfully orchestrating in the West. Thankfully Mexico seems to have reverted to the system we admired during the pLandemic where it was perhaps the only country with no C19 entry restriction --- the entire reason I applied for TR in 2021. But now I like residing in Mexico much more than I thought I was going to.
Great information. Thanks. There is also the deduction for Medicare Part B, which will be $175 per month starting in 2024. Something to think about if a person’s budget is tight.
Great info! Thank you
Thank you, Paul, very much for such an important information.
Glad it was helpful!
My parents retired and moved to Mexico and love it
I’m leaving in 4 days for SE Asia exploring my options for an expat location. On this trip I’ll be staying in Bali for 10 days then to Cebu in the Philippines for 10 days. Next trip I’ll go to Thailand, Vietnam, and maybe one other. Then I’ll start my exploration of Mexico, Central America and South America. I had planned Panama for this trip but the recent protests had me rethink that. I have 5 to 7 years to make a decision and because I’ll be renting ONLY I can make a move easily if I don’t succeed on the 1st or 2nd try. Thanks for your video.
Very favorable exchange rate in Argentina right now. My VA disability and SSD there would trade for well over 55 million pesos on the blue dollar market. That is a quasi legal but very widespread dollar exchange system based in Florida Street in Buenos Aires, in these cambios you can trade dollars for pesos at well more than double the official exchange rate. Immigration rules are relaxed, if you overstay your visa there was what amounted to a $38 fine but with the collapse of the peso that is more like 38 cents. And enforcement is lax to say the least. The main reason for not using official exchange rates is that not only do you get only 350 to the dollar "officially" but there is also a 30% tourist tax on the transactions so in reality you will only get about 235 pesos to the dollar. The blue dollar rate quoted today is 925 to the dollar and no taxes are collected. Many stores and hotels will charge you at that blue dollar rate, though you get the best exchange on crisp new $100 bills. Or via wire transfers. This makes the cleaner and safer city of Buenos Aires with far more culture a good deal heaper than MDF.
@@markwalker3499 that’s good information. If your SSI and VA disability are direct deposit to your US bank as mine are how would you get the Blue exchange to happen?
Stay if your f country foreigner ...................not welcome in Mexico
Nobody cares !
Qroo, excellent video!!
Very good information
Thank you for your time.
Glad it was helpful!
Hola Pablo, great video as always, I know your lovely wife Linda is Colombian and I know Colombians are fiercely proud of their country and since Colombia is incredibly affordable I often wondered why you guys never chose it to live there, just wondering and also keep up the great work on super informative and entertaining content, you guys rock!!👍✌✊🙂
White retirees, digital nomads, and tourists are improveshing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
Colombia does not have the tax treaty with the US that Mexico has; I chose to retire in Mexico not to be taxed twice on my SS income.
Colombia does not tax your SS ....get it right next time !
My FMM expires January 26, 2024. I plan on leaving December 2023 to Costa Rice where they ow give 180 days. Then I may come back to Mexico for another 180 days and continue this loop for a while.
It's only 90 days for Costa Rica, not 180. 90 days is the norm. Mexico are Perú are both very generous with their 180 day tourist visa, while tolerating visa runs.
Just one question..where is Costa Rice ?
@@geoffspeed Costa Rica only gives visas for 90 days.
@@geoffspeed Costa Rica probably was meant.
Great Video like always!❤
Thank you 🤗
Thanks for an excellent video!
I'll always remember my great time in Mexico. It's a much more complex, culturally diverse, and dynamic country than I ever contemplated. In 2014 my monthly Soc. Sec. was under $1,400 but the MXN peso hovered around 20 to the dollar. I lived quite well on that amount for two years in San miguel de Allende; as a matter of fact I saved nearly two thousand bucks. But I noticed that the MXN is not a free floating market currency. Their economy is so big that they intervene in the buying and selling of dollars in order to set the exchange rate themselves. I moved to Medellin Colombia in 2016 having noticed that the COP peso floats freely at market rates. Since then my Soc. Sec. has risen, as of January 2024 to $1933 per month and the Colombian peso has gone from 2,700 (at which point I was living well) to as much as 5,000 per dollar. Because of this I've been able to live even better than in Mexico and have managed to save another USD 18,000.
White retirees, digital nomads, and tourists are improveshing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
Colombia is a reasonable option for a retiree, but the wealth tax on tax residents is a huge turnoff to digital nomads that contemplate generating significant wealth to come. Also maintaining the residency visas requires 6+ months physical presence at least for the first couple of years which means you must be tax resident, unlike the situation for the Mexican residency. I was in Medellin during April and May 2023. Really loved the eternal spring climate, the infrastructure and the avocados. Santa Fe mall was a nice hangout for eating. But I missed not having my own U.S. plated vehicle as I can in Baja. Peru was a huge disappointment unfortunately.
For anyone still working and generating income, taxes are an issue but that's an issue in Mexico too right? If you work there you gotta pay taxes or, at least you're supposed to pay taxes. There's so many loop holes and artful dodges that I don't know where to begin. The government in Bogota is not enforcing tax obligatons on retirees whose only source of income is Soc. Sec. Since I've been retired here long enough I have a permanent visa which allows me to stay out the country for up to two years. We're 3hrs. & 20 minutes from Miami which is where I lived for 33 years. I rent out my parking space to the insurance company next door because there's a taxi stand across the park and the fares are by far the lowest of any of the 19 countries I've been to. I was always a car guy but haven't driven in ten years. Gosh. Everybody's situation is different but since this thread delved into the retiree sphere I put my two cents worth in.@@SMoore-vj7bt
@@gnolan4281 as I alluded, Colombia is a reasonable choice for a retiree and especially someone who obtained their PR back when the process was instant and easy. Now there is no guarantee. You can go through the probationary year and end up being denied renewal. I first visited Cali, Colombia in 2001. Also a wealth tax means you must report worldwide assets to the tax authority, which is a huge violation of privacy. I do not want to have to report everything I own, every year to anyone. Perhaps there are loopholes and especially as you say for a retiree and below certain thresholds maybe no reporting needed (if not audited!) Lastly Mexico does not require you to visit every 2 years to maintain PR, nor do they automatically claim you as tax resident if stay 6+ months per year. For Mexico, the tax home is based on your primary residence, location of bank account and other vital interests. This matters because for example I think the U.S. income tax is unconstitutional and does not need to be paid if the proper procedure has been followed to renounce the corporate citizenship we are automatically issued at birth making us a property of the papal corporation United States Incorporated (which was previously a Scottish corporation after the Civil War, i.e. the current U.S. govt is in breach of the contract it was issued by the Constitution and is operating illegally on the U.S. territory, c.f. Anna von Reitz). I am a s/w dev and could possibly (not currently the case, so may not happen) still generate significant capital gains or income in the coming years (age 58) so taxation is still a major consideration for me. My other issue with Colombia is I love the climate in the highlands, but I don't being so far from the coastline. And I do not like the tropical climate at the beaches (27 years in Mindanao was enough already!). I am a California boy since age 15. Lima, Peru had too many issues for me to be serious about living there. Baja is my match. Also I can drive in my U.S. plated vehicle. I am not saying your choice is worse. I did really enjoy Medellin. Our situations are different. I am sad to see S. America turning socialist and possibly eventually communist. THE S.AMERICANS SEEM TO HAVE TOO LARGE PERCENTAGE OF THE POPULATION WHO LOVE THE IDEA THAT THE ENTIRE NATIONAL SOCIETY IS ONE GIANT COMMUNE (edijo in Mexico). It is cultural and thus ostensibly will metastasize. I read Eric Raymond's essay Fear and Loathing in Caracas. Yet the U.S. has turned socialist-fascist also. The world is about to be turned upside down with WWIII and the collapse of the West. Kudos on having your PR already ready when we need to flee the U.S. soon. Those who do not have their residency already better rush... the theater is on fire and exit doors of the West are closing... also I do not think anyone will be able to live outside the USA on Social Security as that will all be replaced a dystopian UBI digital currency stipend where they will centrally manage every purchase you are allowed to make. ETA ~2026. Mexican banks are ostensibly not trustworthy and Colombian perhaps are only slightly better as what I have heard? Yet soon all the U.S. banks will be shut down and folded into the looming 666 Fedcoin. It will happen very quickly something like a weekend bank holiday. Some recommend Wise for expat banking but I have not tried it yet.
@@gnolan4281 edited my prior comment.
Great video as always . I think the problem for some is the term perpetual tourist . Somehow it's the name they hate . My experience is that manpower is cheap but products are not in Mexico . So service people and health care are certainly less expensive but products may actually be more expensive . Not different from other third world vs first world locations .
FYI: there is only one world, on it, you have, developed* countries, developing* countries, and underdeveloped* countries.
The term you are using comes from the second world war, and has nothing to do with economics. So, basically, you are repeating Hollywood's alternative realities (propaganda) to make you feel, special*.
Facts matter.
White retirees, digital nomads, and tourists are improveshing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
THAT IS VERY HASSLE TO THE OLD RETIRED PEOPLE INTER AND EXIT EVERY 180 DAYS!!! WHAT ABOUT IF YOU BECOME ALREADY VERY OLD AND BED RIDDEN THAT 180 DAYS RULE IS VERY HASSHLES!!!!!!!
@@user-qt7ze5lo6w Perhaps Mexico should use the same rules as your country does to Mexicans 🤷♂️
Stay if your f country foreigner ........................not welcome in Mexico
Yours is the advice about Mexico I trust the most.
~ Wonderful info ~ We’ve purchased a condo in Playa 4 years ago ~
Me gusta esta canel!
Gracias. :)
I like cinnamon (canel) too! And Paul and Linda's canal (channel) is good too!
DRMott better check your spelling or stick to Polish !
I’ve actually been thinking of doing the snow bird thing, but instead of spending my winters in Florida, I’d spend them in Mexico. I think that would work well for me. I could spend 6 months in Mexico, and 6 months in the USA!
If you are still working a high paying job (it sounds to me like you aren't working) you could work in the US for six months and easily fully fund with what you save and move here and not work for six months.
Ive been thinking about doing that as well. I can keep my Canadian health care as long as I’m not out of the country for more than 6 months.
I really like the way you set your video up.
I appreciate that!
Thaks for your information.
Nice job, just because some people don't like something doesn't mean it is illegal. As long as you obey the rules it is all good.
I have been living in Baja since 2016 I built a home here in 2010 it took me 5 years to get my permanent residency I am 63 started collecting ss at 62 1997 a month I live on 12 to 15 hundred a month very well have covered California ins. go back for my annual check up at 65 i will get Medicare which I deserve for working 40 years mostly as a machinist will receive a small pension at 65 this part of Baja is more expensive than other parts of Mexico it is easy to live here if you plan.
You don't qualify for Covered California as a Mexican resident. Fraud. They will get you.
@2213rtx what part of Baja? I am planning a trip to LA Oaz.
Have a wonderful October ! Na à great New Year's ! / / thanks
Thanks Paul for another great, informative video.
I’m so frustrated as I’m right on the bubble for temp residency. My SS Survivor (widowers) benefits are right at $2.9K/month, which I believe that I could easily live on in MX, but I’m just under the financial solvency cut-off.
I’m currently 62, planning on collecting the survivor benefit until age 72, when I can collect my own SS retirement, which will be well over $3.5K by then.
With these annual increases in the financial solvency cut-off, I worry that I will PERPETUALLY fall just under their limit (even with COLA increases).
Looks like I’m going to have to go with the “perpetual tourist” strategy and hope that they continue to award 180-day stays. 😏
I wonder… do you know if they would allow a “retiree/pensioner” to supplement their SS income in a digital nomad fashion? I think that that might be the only other option for me.
Thanks again for the great info!
I'm no expert on this, but since you may be able to apply for your residency visa at different Mexican consulates around the US, you could "consulate shop" to get the best (lowest) minimum income threshold. Also, you do not need to re-qualify each time you renew your RT, nor when you finally receive your RP. Qualification is only required as part of your first RT/RP application. I would definitely retain an experienced residency facilitator who can do the leg work for you and accompany you to the consulates (and get a facilitator for your visit to Mexican immigration when you present yourself in Mexico).
My SSD is $1,300 and change so I fall below the taxable income threshold, but still get by because I am a disabled vet but that income is tax exempt. Still you are looking at an income that is above the threshold and should remember that the US tax all incomes (other than exempt like my VA comp) no matter where it is earned in the world, so supplementing your income as a digital nomad or any other way will mean you have to report that to the SS and IRS and will be docked how much is it? 50%? Or is it dollar for dollar? I do not look at those factors because as I said I do not have to file. Found it: As a single filer, you need to include up to 50% of your benefits in your taxable income if your income falls between $25,000 and $34,000. Up to 85% gets included on your tax return if your income exceeds $34,000. So what is the point of trying to earn? Especially if you only get to keep 15 cents of every additional dollar you make?
Get married to a local. No Financials required.
As someone else noted, you might be able to find a consulate that’ll approve you with that income alone. Otherwise, would a part-time job for more than six months that’ll take you over the top be a possibility?
You could live easily on $2900 USD a month in Mexico, as I do OK in Mexico City on $1520 a month (though in a small efficiency, taking public transit instead of driving)
THAT IS VERY HASSLE TO THE OLD RETIRED PEOPLE INTER AND EXIT EVERY 180 DAYS!!! WHAT ABOUT IF YOU BECOME ALREADY VERY OLD AND BED RIDDEN THAT 180 DAYS RULE IS VERY HASSHLES!!!!!!!
Would love to know what a Notary makes per year...the closing costs on buying a home have really went up, it used to be you could plan on spending 7-8% of your purchase price now most realtors are telling me to plan on 10% now
You are more than welcome to move overhere sweetie!! Do not ever hesisate to try Mexico. We're here for you Kat.😊
Great video Paul 👏👏
Thanks 👍
Good quality stuff!
Right out of the gate your SS number is a problem. An average of $1900/mo is skewed high based on a minority of high earners. A more realistic “average” SS check is more like $1200-1500/ mo. based on the median. Most people looking to move out of country for economic reasons will be making closer to that. Not almost $2k/mo. Having said that you can still likely have a better standard of living in MX on that smaller number.
In 2023, the average (not median) monthly non-disability SS benefit (before deductions) is $1,842.27 for 49.8 million retired workers (this is just for the worker and does not include eligible spousal amounts). For workers who reach Full Retirement Age (FRA) and then retire it averages $1,771, so in terms of averages, it is skewed upward some to account for 15% or so who work beyond FRA to a maximum age 70.
Currently only about 42% of eligible workers retire at FRA (Full Retirement age: 66-67). Most retire younger and earn less than the full benefit-in fact currently 29% retire at 62 and accept a permanent 30% reduction in their FRA benefit. It really isn't skewed very high as the benefit is capped at $3,627 at the FRA point, and 58% of retired workers never reach FRA or beyond (up to age 70).
Income does play a role in how much you receive at any age at retirement, so in one sense it is skewed upward as your earnings rise during employment (but the benefit slope bends or diminishes as income rises). Instead, the real problem is a benefit skewed (actuarially) DOWNWARD by the majority of workers collecting SS benefits before their full benefit kicks in (FRA 66-67). Here's three sources to help explain what's going on;
www.ssa.gov/policy/docs/quickfacts/stat_snapshot/
faq.ssa.gov/en-us/Topic/article/KA-01897
crsreports.congress.gov/product/pdf/IF/IF12323
If your only source is a $2k SS benefit, I expect it will be difficult but not impossible to live reasonably well in Mexico, if you live in non-resort cities and communities and shop/eat where local Mexicans do. Even the most modest rental will take a third of your benefit, so maybe room with someone. Don't expect a 20:1 peso:usd anytime soon. 16.5 to 18.5 is a likely range for the next year or two.
Wrong again Buster..the video is correct
@@danh-or5nt Thanks for the clarification and the links to the facts.
MEXICO is very generous!
White retirees, digital nomads, and tourists are imporveshing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
@@salimboudjema6018we know, you’ve said this SEVERAL times already!
Truth!
Especially for Karens
@@luisdaa No..Karens need to stay in the USA. No Karens allowed in Mexico. They stress everybody out. lol
Great video! Just subscribed.
AAA Quality stuff, Paul. Thank you. 😁
Thanks!
Viva Mexico 🇲🇽
Thanks so much Qroo for this valuable and authoritative information. I am pleased to see you referenced the US-Mexico Tax Treaty wherein it explicitly states that the country from which the SS benefit originates (US in my case) has the sole right to tax this benefit, and as you note this also applies to US government pensions. Moreover, US SS benefit and US government pension income is exempt from Mexican tax even if you are deemed a resident of Mexico for tax purposes. There is a lot of confusion surrounding this, but the Treaty language is quite clear.
I think most people on these expat boards understand that the US taxes your world-wide income, regardless of where you live-hence the need for tax treaties to avoid double taxation (via tax credit against your US obligation). If you are deemed a resident of Mexico for tax purposes, Mexico taxes your "worldwide income" (US SS benefits and US gov. pensions excepted), so any income earned inside AND outside of Mexico is subject to Mexican tax (subject to terms of US-Mex tax treaty). I can only speak to the US (as you did), so Canadians and others need to refer to their respective tax treaties or other agreements with Mexico.
I'm also glad you clarified the standard six month term for visiting Mexico as a tourist (FMM). I also was aware of aberrations from this six month standard last year, but it seems Mexico has reverted to its traditional practice for US citizens (and I expect other countries like Canada). But if you want to spend most of your time in Mexico like you said, it might be best to apply for temporary and then permanent residency.
Stay if your f country foreigner ........................not welcome in Mexico
great video thanks
Excellent info
Thanks!
I am in Mexico and got 8 days. They asked when we were leaving, we said 8 days. They gave us 8 days. This was at the border in Mexicali (Baja del Norte)
Thanks for the update. Border crossings are still an issue. Airports are the way to go.
@@qroo he could try crossing at the much less trafficked Tecate crossing, for a more laid-back vibe. The agent who handled my TR visa entry in 2021 seemed quite amicable and probably would have issued 180 if asked, "hey I might be here only 8 days, but if you could give me the maximum just in case, I would appreciate it." The commenter doesn't even state if he tried to request 180. If you are literally telling the immigration officer that you want only 8 days, then maybe they will grant you what you asked for.
@@SMoore-vj7bt I wasn't looking for a "laid back vibe" They gave me all the days I needed, and no, I didn't ask for more. She specifically asked me not just how many days I was going to be there but the specific dates I was coming and going. I was merely pointing out that they don't just automatically give you 180 days at all border crossings. Like everything in Mexico, the rule is, whatever the person you are talking to says it is. It varies by the person, the day, and for all I know, the position of the moon. Another thing about crossing over a land border crossing is that when you return to the US, you are dealing with US Border Patrol; they don't want to see, or care about the FMM. So it doesn't matter what it says anyway.
@@kengilcrest8670 as I expected. Considerate of you to confirm my points. Ty. Our host's implied point is that people were no longer being REFUSED 180 days, not they are given less than 180 days when they ask for less. Actually I happenstancd on another channel in the intervening time since my prior comment, that specifically stated the new 180 always allowed policy is being propagated out to the border agents and should become the policy soon although nothing is ever perfect in this regard. I can go digging in my view history if anyone wants to request a link to that?
As for there being no record of exit from Mexico (and ditto the U.S. also does not have exit clearance unlike most other butt fcked countries of the world), this was not the problem. Maybe you were not privy to the implied context? The origin of the problem (at least as far as what I know) that Tangerine Travels raised was of tourists being dragged off the street down in the Yucatan and thrown in immigration detention because their FMM had expired and they had not even noticed that 180 days was not scribbled on their FMM.
Interesting. I have been asked for an FMM when leaving from an airport (not everytime) . But, never on the street. But I do always have my documents on me every time I am outdoors. FWIW: I was in Yucatan in July. I got in a lot of Spanish practice just striking up conversations with random people. Fun Stuff
Moved to Merida, Yucatan, Mexico in 2018. Yes, you can afford to live here on SS if you can qualify for permanent residency and own a property. After you get past those hurdles, then yes, you can afford to live in Mexico on SS, especially if you have a partner. No, Mexico does NOT tax you on your SS as it is not earned income.
Qq: do you feel Merida is expensive? Places like Las Americas seem to be pretty expensive.
It has been so expensive I feel like the cost of living is same as US Midwest and started us to think outside of Merida.
Be curious on your thoughts?
@@Mr-lw7gy Just read an article stating that Merida is now the most $$$$ city in Mexico. Personally I would not live in Las Americas but it's relatively less expensive compared to Centro for example. There's a huge migration of Mexicans moving here which is driving the prices way up among other factors.
Understand, just a lot of stuff is expensive and I have to scratch my head. Cost of Living just feels like Midwest USA.
I can believe it as being most expensive. Building here is crazy and there must be demand to meet it. We’ll prob end up looking elsewhere to live.
@@williamb8479 We opted to not have a Mexican bank account. Our SS is deposited in our US bank and we found a good way to get cash in pesos here when the exchange rate is most favorable.
I wouldn’t count on it. That is something they don’t like playing with each other as it becomes an international deposit. Just a guess though.
I’m of the Charles Schwab checking and ATM to get cash
Qroo Paul, your information and delivery on these videos are spot on without any extra unnecessary fluff. I’m a 65 year old male about 4 months from retirement. I hear a lot about Mexico becoming the new china as far as manufacturing. I think the well kept secret about Mexico is out. I’m looking for any tips I can get. Thank you!
Thanks. I'm glad you like the channel. You're right about Mexico's manufacturing industry growing as a result of anti-China sentiment. The auto industry there has been big for a long time. You'll find that primarily in Puebla, which by coincidence, is my favorite big city in Mexico.
@@qroo, ooh, so curious about why Puebla is your favorite big city in Mexico. Did you do a video on Puebla by any chance? My husband just mentioned it this week-haven’t visited since the early 90’s and not remembering much. Cheers!
Excellent
Hi Paul, what about Roth IRAs? any idea if those are taxed in Mexico? Thanks!
No tax's on ANY money earned outside of Mexico. Only taxed on money earned IN MEXICO.
Mexico is poised to take over for China. Hence the amazing gain of the MX peso over the USD. I think this trend will continue and a SS check will be way too little.
There are plenty of other countries in Latin America to choose from.
Mexico also raised their interest rates very high to fight inflation, thus mass capital inflows to buy Mexican govt bonds. This effect has recently waned some and dollar recently strengthened. As WWIII turns into a true global conflagration, the dollar will become very strong and that will be the last best chance to cash out of dollars before it collapses when the USA loses its status as our aircraft carriers are sunk and several of our cities are nuked. The end is nigh.
@@SMoore-vj7bt Are we suffering from depression today? How about switching off your computer and going outside for a walk?
Research this for yourself. Even the Chinese are starting locate factories in MX. MX has really improved their ports for high load throughput in recent years. The DXY is rising while the MX peso is killing the USD. This is hugely bullish for the peso. Gotta ask yourself ...why?
Forecasting the Mex-USD exchange rate is complex to say the least. Most of us don't want to deal with the currency risk and just retire and enjoy life in Mexico. I expect many of us miss the days of 20 pesos to $1 USD. I've been a keen observer of Mex-USD currency fluctuations, and I've seen it move as much as 4% inside of two weeks. My best estimate is that the Mex-USD conversion rate will range between 16.5 to 18.5 over the next 12 months or so. A severe economic shock could disrupt this range of course, but I would use the 16.5-18.5 as a reasonable range going forward.
Currency exchange fluctuation, with an upward bias in favor of the Mex Peso appreciation is driven by-relative to the US-Mexico's robust economy and restrained monetary policy to dampen inflation. There are a lot of variables at play here, and many interact to complicate forecasts further. Suffice it to say over the next 12-18 months the interplay favors a strong Mex Peso.
If you're really concerned about exchange rate volatility, you can work with your financial advisor to buy/sell currency exchange futures contracts. I wouldn't do this to make money (like a trader), but instead to preserve wealth or as a hedge against a steep decline/rise in a currency.
Tomorrow (Thurs. 11-9) the Bank of Mexico will announce its forthcoming monetary policies, including its benchmark rate, currently 11.25% (vs. 5.25% US). There's no indication the Bank will change this rate, as it has indicated on prior occasions it intends to maintain this rate throughout 2023 and possibly well into 2024.
Private Hospitals.
I just recently was seen at CMQ premier in PV. My bill was $450 usd. Two nebs, a shot.
No hand washing. Didn’t feel this was near “top-notch” care. Also- noticed they planned to Re-used NEB equipment by hand washing for next patient.
Hi Paul, excellent info as always. I'm sure you're aware that they're are lots of non us citizens watching your great content. Cheers!
White retirees, digital nomads, and tourists are improveshing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
What surprised me is the fact that there are haters everywhere!!
🍀🙏🏻🍀
@@resparza6855 When they invade your land you will know
I know Mexico is a choice to live on social security but why not look more at Colombia since the USD goes much further there. Just curious why perhaps you have not ever mentioned Colombia as a good contender for retirement. Colombia doesnt seem that far if the mode of travel is by air not by land. Can you do a video or comment on Colombia. You have mentioned that Linda is from Colombia so just curious about it as a retiremnet destination
I’m Mexico you will not be required to pay taxes on your income. In Colombia you will be taxed on your income.
I think taxes might be an issue which may throw a wrench in the gears. Colombia does also consider assets held worldwide for taxable purposes. Best to consult with a Colombia tax accountant.
Try again daniel..it is retirement...
Mexico and many other countries will become expensive for people relying on the declining US dollar. Best to convert most of your savings out of USD, into other currencies now, while the dollar is still relatively strong against many currencies.
Absolutely correct. Just during that big "bottom out," as the peso went from $22 to $1 (weak) to $16 to $1 (strong), it was, exactly, that $20,000 pesos per month were taken from my monthly retirement pension on the Mexico end.
We don't live beyond our means, but it did impact us, and we had to make a lot of spending decisions.
I even decided to go to the USA to legalize and ship my truck for Mexico (instead of spending $400 USD per month for storage and insurance, just so i have a vehicle to drive for the 2 weeks per year that I spend in the USA. I can rent a car in the USA, and we need the truck here. I spent as much on legalization and shipping as I did on the price of the truck. But... my extremely gifted mechanic said that he and I knew this truck, and it was better than any he'd seen like it, and that it would last me a million miles if I'm careful. So here it is in Mexico.
We don't eat out in restaurants as much, and winter is coming, so cooling costs are down.
Living simply simple is the simple answer to inflation. The USA and Mexico governments are saying for the past year now that the peso will actually raise to $12 to $1 by mid-2025.
I believe it, having been part of thr China Import Export Fair *IN GUANGZHOU, SHANGHAI AND BEIJING,* and watching Mexico come up to the #10 strongest economy in the world because of the Mexico/China alliances.
Mexican reliance on the US dollar is waning, following suit with the rest of the world.
As far as CURRENCY STRENGTH, the Kuwaiti dinar is the strongest currency in the world right now, and the US dollar is not even in the top 10. I've invested in Bitcoin (when it dropped to $14,000 earlier this year), the Mexican peso, and the Chinese Yuan. It's the only way American expats are going to make it as the dollar dies. People are not prepared for what's coming.
White retirees, digital nomads, and tourists are imporveshing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
Agree!
@MexicoAdventurer I put my thumb in the air and prevailing winds tell me the US:Peso exchange will hover between 16.5 to 18.5 over the next 12-18 months. Like the US, the election for President of Mexico comes up in 2024 (June). Claudia Sheinbaum, former head of Mexico City government seems to have the lead. If she gets in for the six year term, I wouldn't expect a major shift in economic policies that would change the path of the Peso. A super strong Peso (12:1 USD?) is a scary thought for many US and Canadian expats and could halt or even reverse the trend in immigration to Mexico. This could also obliterate the tourism industry in Mexico and severely affect Peso flows back to Mexico by US immigrants to support their families.
The Bank of Mexico's benchmark rate is 11.25%. At the start of the 2020 pandemic, this rate was 8% and it plunged to 4% by Fall 2021; then, inflation took off in 2022 and the Bank relentlessly raised the benchmark rate to 11.25% where it now stands for the past few months (vs 5.25 to 5.5% current US rate). No surprise, the Mex Peso appreciated 15-20% vs USD over those ensuing months.
At the same time, the surge in near-shoring and other investments (esp. from China) has dramatically increased demand for Pesos and forced the Bank of Mex to maintain a restrictive, high interest rate policy. Of course US policy toward China, to include tariff measures, has prompted China to relocate its manufacturing elsewhere, notably to Mexico to sidestep tariffs by relocating to Mexico under the USMCA trade agreement. Result: big demand for Pesos.
The Bank of Mex repeatedly states its main (only only?) mandate is to control inflation, so as long as it sees excessive inflation, it will continue its restrictive monetary policy. The trickle down effect is to make imports into Mexico very expensive and drive consumer loans near 20%. Mexico's formal and informal economies are booming at present, with unemployment below 4%, in spite of high interest rates and a very expensive Peso.
Smart person
thanks
I am excited to retire in Mexico! Thanks for the video. Me and my wife are both 36 and we are already planning on this.
We make decent money and are both investing in our roths and 401k. We plan on buying in San Luis. We have family there. Most likely a loft after speaking with them.
First, you must deduct your federal income tax from your monthly social security payment. That's $800-900/month for me. Now you have a better idea of what you have to work with.
White retirees, digital nomads, and tourists are imporveshing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
There is no tax on the SS check..what planet have you been living on ?
@@geoffspeed ssa dot gov under Income Taxes And Your Social Security Benefit.
@@geoffspeed Ummm, what planet are you from not to know that Federal tax's are paid by the SS recipient. Yep...25k to 34k 50% Fed tax is paid and 34k and up is 85% to be paid in Fed tax's. YOU can learn for yourself at ssa.gov
Hola, Paul. Nice to see you back.
Regarding the money that is required by the Mexican government for residency, is to prevent a big wave of people coming to Mexico and the impact that this would create; just think of the different things that can happen, because you are focused on the US and Canada, but there are a bunch of more countries out there. It might be hard to believe, but Mexico is attractive to people from other countries as well, including, people from Europe.
So, one has to think about infrastructure, and how this would impact Mexicans in there daily lives. 🤷♂️
So, in my opinion, it is not ridiculous ✌️
Nice to see you too.
White retirees, digital nomads, and tourists are improveshing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
Seems reasonable actually. In comparison, it is sad our own birth country (the United Socialist States of AmeriKa) no longer has such a sane migration policy. Mexico offered amnesty to perpetual tourists from the prior decade, so no financial requirements were required. Who knows maybe they will do it again? My fervent expectation though is that as WWIII gets underway by 2024 or 2025, there will be a mass exodus out of the Western countries and Mexico will raise the requirements and slam the entry door to nearly shut. I expect this for all expat destinations. The 2010 Rockefeller Foundation document Scenarios for the Future (c.f. Wikispooks for a copy) predicted both the pandemic (Lockstep section) and they predict after the pandemic most countries will refuse non-wealthy expats going forward.
Good to see you
Luz you have it ALL WRONG! The income requirements are based on minimum wage of a Mexican Citizen. Sadly the calculation that is used is not even legal. The law for immigration was changed many years ago but the Consulates dont follow the law..they can do what ever they want and charge the immigrant what ever they want. It is a weird system for sure.
Vrlo važne informacije za ljude koji vole Meksiko! 🎉🎉🎉🎉🎉
Great video
I am in my 80s and have lived in both Mexico and The Philippines. A person needs a minimum of $2,500. per month to have a middle class existence in The Philippines. A person needs $3,000. per month for the same in Mexico. This may or may not include health insurance! The US Dollar has lost 30% Buying Power in Mexico over the last 18 months!
99% of people in Mexico don't make that much. You're telling me 99% of them are low class citizens? You're delusional, buddy.
Yeah, you're overspending. Are you living in Eastwood City, or downtown Makati? The average Filipinos make 5,000 to 10,000 pesos a month. Mexicans make a bit more than that but not by much, between 5,000 to 12,000 Mexican pesos. It's quite a coincidence because I happened to live in both countries for a long period of time and speak both languages fluently. But I also have the advantage of being French-Thai, meaning I can blend in. With that kind of income, you can put your money in a CD to generate a 5% interest every 6 months to a year and you can buy a house and live very comfortably in both countries.
Incorrect!
Not everyone needs massive luxury.
I am only writing about basc middle class living. Luxury living in CA reqiures $175.K -$250.K per month. Luxury living in Puerto Vallarta requires $25.K.-$30.K.per month. @@boink800 In case you have not noticed, the USD has lost 30% of it's buying power in Mexico over the last year!
My wife and I are retired and live/own in a resort community on the Pacific coast, with beautiful ocean views right off the beach. That said, our grocery bills are very high-about $800/mo USD (so far in 2023) when we are here. By my estimate, that's about 25% higher than last year. We shop at a high end supermarket (Comer) primarily, and almost always cook at home, with most meals prepared from scratch. We buy very little in prepackaged foods, but we do buy a lot of fresh poultry, seafood, pork and some beef (in that order), and a lot of fresh vegetables, and both fresh and frozen fruits.
I suppose we could save some on groceries by shopping in local markets which we do on occasion, but the variety of items in our supermarket justify it we think. We don't spend much on alcohol, as my wife rarely drinks and I'm a moderate drinker, but I'm guessing it's still 10% of our grocery bills.
We have a very well equipped kitchen and a spacious terrace, so we occasionally invite our Mexican and expat neighbors over for meals, and cook for my mother-in-law who lives nearby. I suppose that adds to the grocery expense some, but I don't think it's significant.
I'm well aware of the Peso increasing about 15% (vs USD) in the past year, and Mexico's groceries inflation adds another 10% so I suppose I should expect a roughly 25% increase in our USD grocery bills. I admit we could save by eating much more at local tacos stands and the like, but its not our style. I'd rather spend the time and expense making chili relleno de queso (a favorite) or Moroccan fish tagine or just a plain French 3 egg omelet, as examples.
Lastly, I appreciate the work that Qroo Paul and Linda put into their videos. We find them authentic, professional and well-researched. .
Thanks Qroo!
Just breathe.
How boring ! Your grocery bills...and your eating habits.....NEWSFLASH...nobody cares !
Great video dood 👍👍👍👍👍👍👍👍👍👍
Thanks 👍
That is dude..not dood !
I appreicaite your straighforward and well reserached video. I am right at that average amount for benefits so I think I'm just going to work the time it takes to meet the minumum requirements for TR.
Stay if your f country foreigner ...................not welcome in Mexico
I wouldn't even think of visiting Mexico (100 miles from my house) let alone living there. If Chump gets reelected, I'm off to France.
Bingo...no way Jose living in Mexico. As for chump, I totally despise that lunatic and think no way he has a chance from prison. But, if i am wrong, it's Hawaii again, or if can't do that , then down under.
Promise ?
@@geoffspeed Ole geoff, trolling me huh?
No need worry. The CON don is toast, and so is his cult.
C ya sucker....🤙
Qroo, another very well done vid. I've been a subscribe for some months now and you advice is solid man! I have a longtime GF in Tijuana which as you probably know is a shit city with tons of crime. She finally, finally did the legal think to track down her long ago husband that was cheating on her, when she had he 2nd girl, 2 months early.
My GF visited the hospital for hours daily, he not once and as mentioned, she knew he was cheating so kicked him out. I could live in Mexico easily, just not TJ.
Keep your experiences going as they are more than helpful for those that may be considering Mexico.
White retirees, digital nomads, and tourists are improveshing the rest of the mexican population, driving prices up of real estate, of restaurants, and other things. Our sacred native soil is being deforested year after year to build their opulent new houses. They walk our streets like its their land, speaking english obnoxiously everywhere, demanding people to speak it and if they are not they are seen as xenophobes and ignorants. They only hangout with each other, living in a bubble thinking mexico is a paradise but it is only for them. The white settle colonial project started in 1492 is not done yet. The USA took have of our land already, they are coming for more. They also celebrate the americanization of the rest of mexican society.
I would never get involved in a situation like that in Mexico. A friend on mine who owned the TruValue in Del Rio said one of his workers had gf who was apparently also the wife or gf of a cartel member. They found in burned to a crisp in his bullet riddled truck.
Random stay less than 180 days still happening; nienteenth of last month, (March 2024) My wife and I entered Mexico via the international airport in Chiauauah City. The guy gave us 12 days. I did not ask for more because that was adequate for my needs. Other family had same experience. (Your videos rock dude)
08:30. Wow! Where did you get that?
SSI stands for Supplemental Security Income and is NOT part of the Social Security benefit system. It is a means-tested WELFARE program that is administered by the Social Security Administration.
This is so basic that I don't think people should listen to you. Fool me once . . .
He clearly identified the differences between SSI and SSDI. You cannot collect SSI but you can collect SSDI while living abroad. It's not just me but I can't help but question your comprehension skills.
@@davidsebastianelli1326 Question away.
And while you're doing that, ask your great-granddaughter to use the google machine to look up "NELF CELA"