Baby Boomers Retiring in Mexico- Episode 232

Published: June 15, 2020, noon

b"Some baby boomers are moving to and retiring in Mexico.\\nThey are doing this not just to save money, but to have a better retirement lifestyle.\\xa0I talked with Travis Scott Luther who wrote a book called The Fun Side of the Wall: Baby Boomer Retirement in Mexico. Travis completed a thesis in 2010 about baby boomers retiring in Mexico. He received a lot of inquiries about the subject so he decided he would write a book.\\nUnexpected Findings\\nFrom 2007 through 2009 we were going through that global financial crisis. It was during that time Travis has found this small group of expats in Mexico. What he was most curious about is why anyone would want to leave the United States. \\xa0After all, the United States was the best country in the world with the best of everything.\\nHis gut told him that perhaps people who might be struggling financially in the US would consider retiring in Mexico to stretch their budget. Maybe they could live more comfortably in Mexico. What he found, was quite to the contrary. The person most likely to move to Mexico was actually a high-income earner. Upper middle class if not upper class. Also highly educated. So what he found was that it wasn't people who were low income but rather people who thought more about their money and some who wanted to even retire early.\\nBaby Boomers who move to Mexico retiring on average 5 years earlier than their US counterparts\\nWhat about Medical Care when you are Retiring in Mexico?\\nOne of the reasons Les and I did not move out of the country and live abroad is because Les was concerned about medical care. Since beginning this podcast, I have talked with many people who live in the US but who go to other countries, including Mexico, to have certain medical procedures done.\\nTravis talks with people who are living in the US and wanting information on retiring in Mexico.\\xa0 He says that medical care is a very common question and concern people have.\\xa0 What he discovered is that there are a number of routes to enroll in Mexico's public health system. You can do it through work or if you're not working, you can enroll through residency. Medical enrollment is actually very easy to acquire versus other countries. He says people who are living in Mexico reported that you might have to wait a bit longer to receive care for a non-emergency standard appointment. However, the standard of care you will receive is comparable to the United States.\\nThe Language Barrier\\nTravis found that the baby boomers who moved down there had really dove into the culture and learning the language. In a lot of the communities that he visited there is no shortage of at least one expat happy to help you navigate the language barriers. There are also many English speaking Mexicans who have lived in these communities for generations. They are fluent in both English and Spanish. According to Travis it really isn't hard to get around. No one should be fearful of the language barrier and letting it get in the way of retiring in Mexico. Plus, we all have Google translate now at the tip of our fingers.\\nRetirement Lifestyle in Mexico\\nWhen Travis first went down to Mexico in 2007 for his research, he discovered that the folks who moved to Mexico usually had some kind of personal relationship with a friend or family member who already lived there. So people were much more likely to move if they have some social ties that already existed. In his more recent research, he found that people were more likely to move to Mexico on their own without knowing a single person. Travis attributes this to Social Media and the internet and our ability to keep in touch and form relationships online now.\\nThe people that Travis spoke with told him what initially attracted them to the move was the cost savings. However,"