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You might plan to start pulling from your Social Security benefits soon. And if you’re considering retiring in Mexico, you might wonder how you can afford to retire with social security alone.
To help you determine if this is possible, I’ll highlight how you can join the thousands of retired ex-pats living in Mexico on social security alone. I will cover what type of lifestyle you can expect, how to qualify for residency, planning for healthcare, and some watch-outs that can eat into your fixed income.
Because there are many different social security benefit amounts, I think it’s important to establish an average. According to US News, AARP, and many other publications, the average social security check is USD $1,800 in 2023 You might never be able to retire on that in the U.S. However, considering Mexico’s lower cost of living, retiring in Mexico is absolutely doable!
Let me explain…
Lifestyle
Yes, you can absolutely live in Mexico for $1800/month. Many people already do it. The trick is having and sticking to a budget.
You’ll have to set a realistic budget for a rental, health insurance, groceries, eating out, transportation, and entertainment. You’ll probably have to shop at mercados or farmer’s markets instead of big-box grocery stores to buy fresh produce.
You should also expect to take public transportation instead of buying or owning a vehicle. In Mexico, gasoline costs $4-$5 a gallon or $83-$95 pesos a gallon. However, most people do fine getting around on public transportation or foot, especially in smaller cities like Ajijic or San Miguel de Allende.
I’d also like to point out that some cities like Ajijic, Puerto Vallarta, and San Miguel de Allende tend to be more expensive than other very similar cities.
But if you look at rentals from word of mouth or by exploring the city and finding “se renta” signs, you are more likely to find the best rentals in Mexico. Another advantage of living in SMA or Ajijic is the weather and the savings on your electric bill. Hardly anyone in these cities has air conditioning or heating. That alone can save you 100 dollars or more monthly on heating or cooling costs than coastal towns.
What’s even better is that not only will you be able to afford to retire in Mexico, but in most cases, you can even hire some services that seem almost like a luxury back home. In Mexico, we hire a housecleaner who comes 2x/a week for less than $15/a day and a gardener who comes once a month for less than $20.
Our cleaning lady helps us clean, wash clothes, fold and put away clothes and also cooks on occasion. She is lovely and very reliable. But more importantly, I don’t have to do it. And when you retire here, you won’t have to either if it fits your budget.
Learn How to Move to Mexico and Have a Better Life for Less! Check out our Complete Mexico Relocation Guide.
Cost of Living
To give you an idea of just how you can stay within a $1800/month budget, here is a quick breakdown for someone living in Ajijic/Chapala Jalisco:
- 2 Bed 2 Bath Condo. $800/Month. It is fully furnished and has a community pool, BBQ area, and plenty of green space to sunbathe.
- Utilities (electric, water, and gas) $30/Month
- Groceries for 1 Person: $300/Month
- Mexico Only Health Insurance $150/Month
- Taxis/Ubers/Didi $50/Month
- Public Transportation: $40/Month
- 30High-speed Internet (50Mbps+) : $25/Month
- Restaurants (eating out 2x/week) $200/Month
- Entertainment: (movies, theater, or similar) $100/Month
- Savings (setting money aside for big emergencies) $125
- TOTAL :$1820/MONTH
You can see that not only is it possible to live on about $1,800/month in Mexico, but you can actually live very comfortably! And keep in mind this is a budget in Ajijic, one of Mexico’s more expensive cities especially for housing.
I also noted that setting some money aside each month for emergencies is important.
For example, you should always try to set some money aside each month for those unexpected things like getting dental work done. Or perhaps you might need to plan for a big trip back home to visit family. Either way, having some savings is necessary and smart.
If you’d like more examples of other people’s expenses while living in Mexico, check out this interview with Sue and Paul in Huatulco. Or check out how April and her family of 4 live on less than $2,000 dollars a month.
Residency Income Requirements
And now that you’ve worked out your budget, you might be getting excited knowing that you can afford to retire on your social security income! But there’s one caveat. $1,800/Month isn’t enough for the Mexican Immigration Government to grant you a resident visa. So I’ll cover how you can qualify further on.
(Find out what the income requirements are for residency in Mexico, by consulate)
And every Mexican consulate has different income requirements to apply. I don’t understand it either, but that’s how things are.
Some Mexican Consulates will grant you a temporary resident visa with as little as $3,500/month in income or $57,000 in savings. Some Mexican consulates (for example, Austin, Texas- require you to have more than $4,100/month in income or more than $65,000 in savings. So it’s a big range.
Most Current Income Requirements for Residency
To add a bit of complexity to the process, some consulates require you to be over 65 to apply for permanent residency. I guess they assume that only people over 65 can afford to retire.
So what happens if your social security benefit doesn’t meet the minimum requirements for you to obtain residency in Mexico? Well, most people rely on their savings to prove financial independence. That means that if you’re one of the people whose social security benefit is less than the minimum requirement at the consulate nearest you, then you’ll have to start beefing up your savings account.
Here is a list of all Mexican Consulates and Embassies around the world. Each one should have their income requirements for residency.
A Few Money Saving Tips
One thing you don’t want to do is move to Mexico and end up eating into all your savings because you didn’t plan for some expenses. So here are a few watch-outs that can surprise you and your wallet.
- Rent! Don’t buy. Buying real estate in Mexico can be enticing, but I highly suggest renting for at least 6 months. If you don’t like your area, you can easily pack up and go to a different area when you rent. If you own your home, this is less possible.
- Rent BELOW Your Budget– When you rent at the very top of your budget, you’re vulnerable to changes in the currency exchange rates. To avoid being accidentally priced out of budget if the peso gains strength, try to rent below your budget.
- Sell your car before moving. Owning a car in Mexico has become increasingly more expensive with time. Gasoline costs keep increasing, and public transportation is cheap and readily available. Most cities have a mixture of residential and commercial. Therefore, most neighborhoods are walkable and easy to navigate.
- Only bring what you need! Hiring a moving company to bring your things to Mexico can be very expensive, and in most cases, rentals come furnished. So, it’s always better to downsize and start fresh. You’ll be able to find everything you need in Mexico, don’t worry.
- Buy local health insurance. Most retirees coming to Mexico are surprised when they get sick with a costly illness and don’t have insurance. At the very least, I highly recommend buying local health insurance that will cover you in Mexico. Yes, healthcare in Mexico is very affordable in most cases. But if you end up needing chemotherapy, dialysis, or major surgery the costs can quickly add up if you are paying out of pocket.
- Always save some money. Having a fixed income for the rest of your life can be very liberating and you can live on without worry! But setting some of that income aside for an emergency is still a good idea. That way, you’re not forced to take out a loan or use a credit card with a high interest rate.
FREE MOVING TO MEXICO CHEAT SHEET
So Why Wait?
I know many people who worked their whole lives and saved as much as they could afford, only to find out they’ll never be able to retire. When they start budgeting their lives without their normal income and counting on social security alone, they quickly realize they can’t afford to work. Most of these people are in their 60s, and the thought of working another ten years seems depressing.
But luckily, there’s a way! And if your social security alone doesn’t give you enough income for you to be able to retire in Mexico comfortably. In that case, you can always count on a few side hustles like teaching English online, remote customer service jobs, or other online part-time opportunities that can help you fund your freedom overseas.
One of the silver linings Covid brought to our modern world is the need for remote workers. Many companies are realizing that remote employees are just as efficient as in-person workers.
Finding Jobs Online- Tips Digital Nomads Need
The same companies realize they can save a lot of money on overhead without needing a big, expensive office. Luckily for you, that means more and more opportunities to continue a job from anywhere in the world!
The point is you only have one life. It isn’t a dress rehearsal, and you’ll never regret having worked more on your deathbed. If you want to learn more about living, traveling, and the cost of living in Mexico, check out my other blog posts here.
Can you let me know the requirements for the Miami Mexican Consulate if you know it?
My wife and I get $3400.00 in combined ssa benefits monthly. Mine is 2400.00. Can we get approved for temp visa in Detroit consulate.
Hi Greg!
If you don’t have the income requirements for Detroit you can always get residency at the New Orleans consulate. They only require $2100 USD a month
So, is the income requirement for a married couple or per person?
Hi Cheryl
Depends on the consulate. If you read the article, I explain that. 🙂
Some consulates will require a small extra amount for your spouse. And some consulates require that each applicant meet the income requirements independently
what is the best most beautiful non touristy beach location to retire to for a single woman in Mexico?
I wrote an article about the best beaches for retirement in Mexico. https://mexicorelocationguide.com/best-beaches-in-mexico-for-retirement/
I live in Atlanta, GA and am having a very difficult time contacting the Mexican Consult here for an appointment for temporary residency. I email and do get replies and am directed to a website to book the appointment online but when I go to the website it doesn’t allow it. I have tried calling also and have had no success. Any tips? Thanks!
Hi Malaika
I would recommend hiring one of our recommended immigration facilitators who can help you through the process. They are the experts and know the ins and outs of ensuring you can get an appointment as soon as possible. To get our directory of contacts in Mexico, you have to purchase our complete Mexico Relocation Guide https://mexicorelocationguide.com/guide/
Hi Mariana,
Love your articles about Mexico they are very informative, helpful and easy to understand, straight to the point with no fluff!!
My partner and I are planning on coming to Mexico end of 2022 or early 2023 as soon as we can sell our mobile home.
I was wandering with our limited pension, old age plans and minimal savings would it be best for us to fly down and use tourist option of 180 days to check it out to see if it works, we have 2 cats coming with us as well, rather than getting temporary visa before we leave?
Appreciate your sound advise and assistance.
Hi Sue!
Thanks for your kind words. You know, it all depends on a few things.
If you fly down there is no guarantee you’ll automatically get 180 days on your tourist FMM. But let’s say you did, I would def consider this as your first option before moving forward with residency. That way if you hate Mexico you haven’t started the process.
On the flip side of that- The other thing you should consider is your current income. If you have just enough right now to qualify you for residency, I would say don’t delay the process too much. Because every year the income requirements increase and next year you may no longer meet the income needs to get residency in Mexico. Remember you don’t have to live in Mexico full time to remain a resident.
hello my name is dave from san francisco bay area,my wive is from mazatlan we plan to retire to mazatlan in 4 years,with her being a mexican citizen will it help me get permenent residency any easier.income wise we are well in the clear on that..
Yes! If your wife is Mexican national you can get temp residency for 2 years easily. And then apply for permanent
Hi my name is Kirk , I have a small dog. What are pet requirements when entering Mexico from the u.s. for perm residency or maybe I can get temp residency for 6 Mos at a time ! What would be best all around ? Oh , and I’m single incase marital atatus makes any difference. Thank you for your help !
You can bring in up to 2 pets per person when flying and up to 3 when driving.
You will need all vaccines up to date and a letter from your vet stating your pet is in good condition.
If you are flying, your airline will have additional requirements.
If you are driving- you need to stop at the zoosanitary inspection site and they will do a physical exam on your pets.
If you’d like more information about bringing pets and contact info for my recommended pet transporters, they are included in the online guide. You get instant access when you purchase the guide
mexicorelocationguide.com/guide/
Why do your savings need 57,000y ssa is 2400 a month so my saving acct runs around 10.000 so is there anything I can do here. I understand that income is important but a reg income and Small savings account.
Unfortunately you cannot combine savings and social security. it has to be one or the other. So sorry
Hello Mariana,
I am facing the possibility of retiring in Mexico due to my limited income. I am a widow and the prospect to moving somewhere alone can be daunting.I’m sure I can’t be the only woman who feels this way. Do you know of any service that can match up individuals of similar backgrounds who can make the move together and share the experience together until they are comfortable enough to manage on their own if they wish?
Hi Elizabeth
You’re certainly not alone. There are far more foreign women in Mexico than foreign men. So you’re def not alone.
I don’t know of such service but sounds like a great idea. You should start something 😊
Many women move to México alone every year. I have sooo many customers that are single women and they do it with our help. We connect them with people and they have an easier transition
Consider a relocation tour
Mexicorelocationguide.com/tour/
Hi Marianna,
I’m looking forward to receiving your free information, especially anything related to healthcare for seniors. We love Pacific Mexico and are planning on spending five months plus of every year there and returning within the 180 day limit for “visiting” on our US passports. My question is: What happens if one of us gets hospitalized and goes beyond the 180 day limit? Is the other required to leave? If, so, for how long before returning? Thank you for providing such useful information.
What happens to my Medicare monies once I qualify for visa .
Will it stop being deducted from my benefits
As long as you continue paying for your Medicare and continue to have an address in the USA, you will continue having your benefits available to you. It doesn’t matter if you become a resident of Mexico or another country.
Would you know what is needed as income for Canadian retirees to have permenant residency?
Hi, I’m a US citizen (naturalized) and so is my wife but she was born in Guatemala
Do I apply for residency or how is my status with the Mexican authorities?
Thank you for ur assistance
Juan Aguilar
Hi! You and your family would have to apply for residency if you plan on living in Mexico longterm (more than 6 months)
I live in Houston Texas. My ssi is 2400.00 per month. What’s the requirement at the Houston consulate for income. I’ve been looking at puerto Vallarta initially because I have friends that have condos there but don’t have residency. My spouse has been deceased a couple years now and I have no family left so an adventure of living abroad is appealing to me.
Hi Bob!
Thanks for reaching out. Unfortunately, your social security alone isn’t enough for you to qualify for residency.
You would need to have savings or some additional income to your social security. These are the income requirements for residency in Mexico in 2022 https://mexicorelocationguide.com/mexico-residency-income-requirements-2022/
Do you know the requirements for Orlando consulate?
They are usually on the Mexican consulate website for Orlando. If not, I would recommend reaching out to them directly to find out [email protected]
Hello Mariana.
My question is very different from all the ones here. My grandma, born in Mexico, is on the process of getting her SSI through her late husband, and before that we need to open a bank account for her direct deposits.
What bank would you recommend for us to open an account and have the money available in Mexico? I was told Bank Of America, but turns out they charge 3% per every ATM Withdrawal with their Mexican partner Scotiabank. In my research, seems like a feasible option would be Capital One, as they don’t charge an international ATM fee. Our options are also kind of limited as we currently live in Spokane WA, and we don’t have all the banking options like HSBC and Santander, which could be a more feasible option.
A lot of expats living in Mexico like having a Charles Schwab account because they don’t charge international fees or ATM fees anywhere in the world.
Hi Maria…i keep reading about $1600 required for retiring. Is this true?
Thank you very much
Hi Sharon
The income requirement for residency in Mexico through financial solvency is of at least $2500 USD a month for the last 6 months. This is usually proved with bank statements
However, you can easily afford to live in Mexico on much less than $2500 USD a month and live very comfortably.
Hello, I am eligible to obtain my dual (US Mexican) citizenship, as my father was Mexican. I have his birth certificates and registro from Mexico. My US born mom (mexican american from Texas) left only a baptismal certificate. I have attempted to find a birth certificate from all local jurisdictions to no avail. Will the consulate accept a notarized baptismal certificate for her birth? Is one even necessary?
How about retiring on disability ? Is that posible?
Can you please cancel my recent post? I naively included finicall information
yes of course- I already did. Email me instead [email protected]
I would like to move to Mexico. What do I do first?
The first thing you have to determine is if you qualify for a residency visa. See this page https://mexicorelocationguide.com/are-you-eligible-to-move-to-mexico/
If you qualify and want help with your residency visa process, we include the steps in our COMPLETE Mexico Relocation Guide. But because we know Mexican bureaucracy is hard to navigate on your own, we also include our directory of immigration facilitators in Mexico.
When you buy the guide, you get instant access to the easy to follow steps, and also our complete directory.
Find out what’s included here https://mexicorelocationguide.com/guide/
And let me know if you have questions about the online guide before purchasing 🙂
I’m going to retire in September 2027 and hope my wife(ss in 2028), and disabled Son who gets disability insurance, and her disabled brother also on disability income, we’ll be able to afford the income requirements. Are there exceptions on income requirements when taking care of 2 disabled family members?
Hi Ron, unfortunately there are no exceptions to the economic solvency requirements to obtain residency visas in Mexico.
However, as long as you or your wife qualifies for residency with yours or her income, then you can petition her in Mexico.
The income requirements change every year and they also vary by consulate. Currently these are the requirements https://mexicorelocationguide.com/visa-requirements-for-mexico/
Hi thank you for your informative article I m looking to move to Mexico would you be able to put me in touch with a expat community in Mexico.
Mexico is a very large country. If you have a better idea of where in Mexico you’d like to live, I can point you in the direction of our local contacts there.