Survey finds that many U.S. retirees in Mexico live comfortably for less than $1,000 a month

This month, the National City-based International Community Foundation released findings of a survey they conducted of more than 840 senior retirees in coastal areas of Mexico who are over the age of 50. I’m republishing here portions of the Foundation press release that was posted on their web site:

U.S. retirees in Mexico are relatively young and well-educated. Nearly 53% are under 65 years of age (and, in fact, 80% are 69 years or younger), perhaps indicating that Mexico may not be as attractive for older Americans that require additional medical care. In addition, almost two-thirds have at least a college degree, and another 28% had attended at least one-year of college.
The respondents chose Mexico for retirement due to its proximity to the United States and its affordability relative to other U.S. retirement destinations.
U.S. retirees residing in Mexico continue to maintain strong ties to the U.S.: 50% consider the U.S. their primary country of residency, and almost 22% return to the U.S. on a monthly basis. 85% remain in contact with friends and family in the U.S. through the internet, 64% used the telephone, and 33% used Skype.
Retirees living in Mexico are worldly and world-wise. Of those that had considered retirement locations other than Mexico, 41% considered retiring in Central America or the Caribbean; 19% considered other non-U.S. destinations as possible retirement locations. Should quality of life decline in Mexico, those that are financially able could begin to look elsewhere.
Mexico may become an alternative for those U.S. retirees facing economic challenges in the future. While survey results and focus group participants clearly express that economic reasons were a major factor in leading them south of the U.S.-Mexico border, the potential is likely greater than is being realized. In 2007, the California Elder Economic Security Standard Index (a financial measure that indicates basic financial needs for seniors in California) ranged from $21,000-$27,500 as the minimum needed for major California cities. The survey results show that nearly 44% of U.S. coastal retirees in Mexico live comfortably on less than $1,000 per month – an amount which underscores the potential demand for retirement options for low and middle income retirees in Mexico.

For more on the survey, go to the ICF website or read this story by San Diego Union-Tribune reporter Sandra Dibble.