3 Reasons why an Increasing Number of Americans are Retiring in Mexico and Elsewhere

There is a growing number of baby boomers in the U.S who have made the decision to pack-up and move to other countries during retirement. The reason being, it is much cheaper to spend the rest of their days in countries like Mexico, Belize and elsewhere.

The number of Americans who are retiring outside the U.S grew by about 17% between 2010 and 2015 . This number is expected to grow over the next decade. According to the Social Security Administration, about 400,000 Americans retirees are now living in Mexico, Canada, Japan, Germany and in the U.K. The top three reported reasons for this phenomenon are lower cost of living, cheaper healthcare and more suitable weather conditions in other nations.

1. Lower cost of Living

There are many advantages to moving overseas during one's retirement years. One such benefit would be the lower cost of living that can be accessed once living outside the country. The average rent in Belize, for example is about half the cost of rents in the United States in comparable areas.

The average total monthly expenses for a single person living in Mexico will typically run about $745 to $800 per month, and this includes rent, food, transportation and more. While living overseas during retirement, you can still get your social security checks each month, which -in most cases can afford the average retiree a life of luxury . One can afford a chef, and full-time long-term care.

Also consider this: A large three-bedroom apartment in Thailand, equipped with a large living room and two balconies costs about $300 total a month. ( 9000 baht on rent and 1500 baht on Utilities).

2. Affordable Healthcare

It is no secret that one cost that keeps going up, especially during retirement years is the cost of health care. The average retiree spends about $6,999 a year on their healthcare. This amount, in most cases represents a large chunk of their retirement income. For this reason, many Americans find that it is much more cost-effective to move to other countries during retirement. While you read this article, right now there are close to 1 million Americans and Canadians enjoying affordable health care and better quality of life in Mexico. Not to mention, the Mexican government's policies have made it easier for Americans and Canadian retirees to smoothly transition into a new life in their country.

The Japanese have a national health insurance program which covers about 70% of your healthcare costs a year at about $350/year out of pocket costs. $350 would not even cover the monthly health insurance premium for a 40 year old living in America.

3. Great Weather

One of the most enjoyable factors to living in overseas destinations like Mexico, Belize, Jamaica and others is the almost year-round sunny days. The average temperature all your round is 83° Fahrenheit in Mexico. Temperatures in Belize range from 50°F to 95°F with an annual mean of 79°F. November to January are traditionally the coolest months with a 75°F average and May to September are the warmest at about a 81°F average.

Most retirees living overseas state that the "Great weather" factor was ultimately instrumental in their choice to live in any particular country outside the United States. In countries like Mexico, American retirees get to engage in leisurely activities like swimming, fishing and other water sports all year round. The warm weather adds to the quality of life, for most retirees and keeps them active as a result.