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How we Retired to Mexico at 50, and how you can do it too! - Episode 28
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- Опубліковано 22 вер 2022
- In this episode we discuss the 6 things that allowed us to retire at 50 and move to Loreto, Baja Mexico. We go over everything from maximizing savings to moving to an area with a lower cost of living. Hopefully you can use some of the same methods to help you retire early too.
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My wife and I have been married since 1987! We saved every penny over the years, but raising two children made it necessary to work until 60, but we are finally retiring in 6 months with a substantial nest egg and 401K and social security!
Woohoo! Congrats
Good video! I wish every influencer wound share their deze the decision making and thought processes that led to their outcome. It really helps the viewer to determine that it's an attainable goal.
We are as real as it gets and we show you the good and the bad.
We can’t wait to see what you create!!! Love you guys! Cheers from Oregon 💞
Thanks so much!!
Oregon loves and misses you! Mexico is lucky to have you!
Thanks!
Love you both down to earth couple, your free spirit inspired all of us. I m a double E graduate as well, dreamed to settle down in MX. We are much older vs you, but very financially stable, and wish to meet you couple this winter.
Definitely connect if you make it down.
Thanks for sharing. Phoenix, AZ 2024-6-04 104 degrees.
We are getting the same heat here. Been in the high 90s for weeks which is unusual this time of year.
Mexico has been on my radar for a few years now. I'm 51 and would like to retire early, however the retirement laws here in Germany are a bit more complicated. I'm glad you two made the move. I'll be visiting Mexico this year and spending a month to see if it's for me. In a nutshell, like you said it means reducing your expenses. Good sound advice. Keep up the good work and all the best from Germany.
Great to have a German fan!
Risky
Great video guys!!! Very informative! Looking forward to watching future videos!
More to come!
Congrats, looking forward to hearing more about your adventures
More to come!
Good evening to you two! Thank you very much for sharing your main tips that allowed you to head out on your dreams.
As with everybody, our situation will be slightly different. We are only slightly older than you two; we're 55. We will also start with just part timing for awhile. If doing that, I guess we'll strive to keep it < 180 days so as to just do it on a tourist visa. We'll also retain our current house and potentially rent it out while we are gone. We do live in a tourist town, so there is demand for rentals. Due to our zoning, we can only do >30 day rentals; not short term rentals that are < 30 days. We also don't have a ton in the bank currently. But, I get a more than mid 5 digit monthly retirement that we'll get for the rest of my life. Of course, I'd love to have 100s and 100s of 1000s in the bank before we quit working. But, I don't want to die while trying to build up some bucks ; so, we'll be looking for some happy medium with regards to that. I'd say that Winter of 2023 is the earliest that we'd look to begin this adventure.
Safe travels!!
Sounds like a great plan!
Wow, I did exactly most of everything on constructions you are doing in US, as a licensed residential builder for 20 years and retired 10 years ago.....
It's a great skill to have
Love it! We recently bought in Loreto after having visited there for 20 years. Hope to bump in to you and check out your “ resort”. You should consider selling your motto…” live before you die”…in a T shirt or other merch! Good luck!!!
We actually do sell tShirts! there is a link in the video description to our store. Feel free to say hi if you see us around town.
I love smart people!!! Congratulations.
Thank you for the kind words
We retire soon at 55 and 60.
We have not been on vacation in 20 years. We drove old beater cars, and we contributed to our 401Ks.
I washed my own cars, mowed my own lawn, we cleaned our own house.
The thought of working until we are 67 ( our social security full retirement age ) was never an option. My wife grew up in Nicaragua and many years ago we lived in Costa Rica, and we speak Spanish.
We are moving to Mexico ( San Cristobal de las Casas ) with our 3 senior dogs. We close on our house Nov 1 ! Then we will be in an apartment for a few months while we take care of visas, etc. We can’t wait to get to the cool mountains of SCLC ! We expect our total cost of living to be about $1500/month ! We’ll pay out of pocket 16 months until I get social security of about $1900/month. Then once our dogs pass away we hope to take 3-5 years to slowly travel all the way to Argentina, looking for our favorite cool weather retirement city.
So happy for you!
Hi. I am here in Loreto and want to see your place. Where is it?
Great info!!!
Glad it was helpful!
If you don't mind me asking, how much money did you retire on? What is your budget in Mexico? Are you using the 4% rule.
We actually decided to invest much of our retirement savings into building a boutique resort in Loreto Mexico. We felt like it was a better investment than traditional stocks and bonds at this time. Everybody's situation is different so I won't go into details on our finances, but we do have a budget and a financial advisor that specializes in expats living in Mexico. I can say that our budget was originally about $3500 a month and our financial advisor raised that to $6000 a month for his calculations and we were projected to have enough funds to live forever on our budget. Since we are in the middle of construction on a huge project it is difficult to separate our personal living expenses from the business expenses, but we are living well below our original budget right now. We own our land and are building everything with cash and have no debt at all so expenses are low. For example our most recent electric bill was $55 for two months ($27.50 a month) and water+sewer is $17 a month. We rarely drive so we use about $50 a month in gas. Property tax is about $18 a month. We only eat out a couple times a month at about $35 so that is $70 a month and we cook all the rest of our meals at home for about $200-$300 a month. Cell phones are about $5 a month per line so $10 a month and we have Starlink internet at $55 a month. We always do all our own property maintenance so no maids, gardners, plumbers, electricians, etc. I even climb and trim all my palm trees myself and we will definitely do our own pool maintenance. Hope that helps!
Are you in SF in the Summer too? How is it?
We were only in SF in April and May. Never been there in the summer, but it generally is a little hotter than Loreto.
you both look young for 50. Retirement life suits you! :)
Thank you!
We had a terrible experience buying a house in Costa Rica 25 years ago, with fake attorneys and corrupt cops. We were lucky to only lose about $10,000.
We may always rent….not sure but the thought of buying out of the US scares us.
You definitely need to do your research and protect yourself when buying a house in a foreign country. We have found that by living here for several months and making lots of Mexican and US friends that word gets around about who to avoid.
Why Mexico and not Panama or Costa Rica? Mexico doesn`t allow you to own property on the coast, just over a trust trick which costs money, they haven`t territorial tax as Panama and Costa Rica or am I wrong? and have higher crime.
Several reasons. First is proximity to San Diego and Oregon where we have family ties. We also want to be able to drive back to San Diego when we need big items that are only sold in the US. We own our property through a Mexican Corporation which we would need to run our business anyways. I'm not sure about Panama but I have seen many people compare the cost of living in Mexico vs Costa Rica and CR is much higher. Although there is crime in some of Mexico, there is virtually no crime here in Loreto except occasional petty crime. Lastly, we have traveled to many places in many countries and we love Loreto more than any other place.
@@dooglassandesperanza Baja California is sure a beautiful place, yes CR is quite expensive but Panama is cheaper.
how much ?
Not sure what you mean?
How did your property hold up after Hurricane Kay went through? Mine just had a puddle of water in one of the bedrooms so I was lucky.
I was over checking our property through the storm and no standing water at all thank goodness.
how did you manage to contribute when paying child support and alimony?
I had a very amical divorce and my ex-wife and I agreed that I would pay the majority of my son's expenses until he was an adult including all health insurance, and there would be no child support. My son lived with me the majority of the time, going to his mother's every other weekend. My ex-wife took a substantial up front payout at the time of the divorce so there was no alimony. Esperanza received child support for her son and he also lived with us the majority of the time. She also negotiated a payout at the time of her divorce in lieu of alimony. We both thought of our divorces as more of a dissolution of a failed business partnership, and using this method everyone comes out with a fair resolution.
We could not pull it off. Maybe when I’m 62 and get some social security, kids move out…
You can do it!
I got my computer science degree at 38!
Awesome
With all the violence in Mexico I think its the last place I would want to retire to...ok maybe not the last place but definitely not the first place!!
The city we lived in near San Diego had 11 murders, most gang related, the year before we left. Loreto has virtually no violent crime. No murders that anyone here can remember. I feel much safer here than in the US. There are many crime ridden cities in Mexico and the US.
Bounty hunting it's illegal in Mexico so they are pretty safe there lol . Just ask Doug the bounty hunter how did it go for him
You didn't how you got into your 401k. Did you do the 50 year out? Or living off savings first?
Great question. In my early working career I contributed to my 401K to the limit. Later I decided that for me it was a much better financial decision to only contribute to my 401K the amount required to get the maximum company match, and then keep all the rest of my retirement savings in a brokerage account. This had trade offs since I didn't enjoy the tax advantage of the 401K, but in the end my ROI has offset the tax savings many times over. It also put a large percentage of my savings into available funds. I also self manage all of my savings, and have kept ahead of the market pretty successfully. For example I pulled 100% of my non 401K funds out of the market into cash earlier this year thus avoiding the losses that my 401K has seen this year. This along with the proceeds from selling our house in San Diego are our available funds today.
Liked your Video. However, are You both employed? No one can cash into their 401k's without penalties being younger than 59 1/2 years old. Did You both apply for either Temporary or Permanent Residency? Many many questions the only Reason for moving to Mexico because it is less expensive is not a good Reason. People should love the Country, People, Culture, History, Language...etc I truly wish You the very very best, but moving to Mexico should be from the Heart, not the Wallet.
Several of our earlier videos answer many of your questions, but I will try to answer them here also.
We are not employed and have no source of outside income at this time.
I decided many years ago to only contribute the amount needed to receive my company match in my 401K. All of the rest of our money every month above living expenses went into a self managed brokerage account which we never withdrew from until we retired. I have been able to grow our retirement savings that are outside of our 401K at a much faster rate and I also converted all of these outside retirement savings to cash earlier this year when the market was at it's peak. I did lose some tax advantage by doing all of this, but I have run the numbers recently against my now IRA savings and my outside funds are more than double what they would be if I put everything in the 401K/IRA.
We both have residency. Here is a link to a video I made on residency when I got my permanent residency earlier this year: ua-cam.com/video/VoAKo0ZUWpA/v-deo.html
Your last question leads me to believe that you misunderstood our video. I was warning people NOT to move to Mexico for solely financial reasons. A significant percentage of gringos that we have met in Mexico are only here for financial reasons and they are often unhappy and complaining about Mexico all the time. Financial was one consideration in our decision to move here, but it was a minor one. The incredible Mexican people, beautiful culture, perfect weather (for us), and amazing food are just a few of the much more important reasons we chose to move here.
You don’t have to wait until 59 1/2. I stop working at 43 I moved my 401k to an IRA then I invested it in houses. There’s no penalties as longest you invest your money. Instead of buying stocks I’m buying real estate. USA government let you buy real estate anywhere in the world with out any penalty.
I stand corrected, You are right!!
With how dangerous Mexico is...I don't recommend Mexico. The US has a travel Ban for MEXICO RIGHT NOW after 6 Americans traveled to Mexico last month with only 4 returning. The others were murdered. If you guys had to move to Mexico because u had to escape the law....then good for you. But PLEASE DON'T ATTEMPT TO TALK HEALTHY SAFE AMERICANS INTO RISKING THEIR LIVES!
Thank you for your opinion but I believe you are misinformed. There are areas in every country on the planet that are dangerous and other areas in the same country that are completely safe. Loreto is a super safe city in Baja California sur which is also a very safe state. Millions of people visit our state every year with no problems whatsoever. I would guess if the US did travel bans on US states that several states in the US would be no go zones also.
And 7 countries just put a travel warning on the USA…your kids are dying like flies…
I’m disappointed that plasma donations were not a key point in your ability to retire early.
In all seriousness, what are any health insurance considerations for living in Mexico?
We don't really have any health concerns living here at this time. We have medical insurance in the US still if needed. Even in the small town we are in they have a hospital with an ER and surgery capability. A visit to the ER by ambulance will cost you $35. Major issues can be stabilized here and then transferred to La Paz or the US. Public healthcare is free in Mexico for residents, and private healthcare is great and readily available. We have been to the private clinic several times in the past month for normal issues, and an hour long office visit with the doctor the whole time is $30. Most meds are less than $2 and all have been under $4, even meds that are over $100 in the US.
Please don't.
Sorry you feel that way.