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oldjack
Nomad
Posts: 350
Registered: 1-26-2006
Location: Los Barriles
Member Is Offline
Mood: retired
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Retire on Social Security???
If you have actually retired with your Social Security benefit as your primary source of support... I would like to hear how you did it... where you
retired.... and how has it been for you considering housing, food, medical expectations(lack of)... this inquiry is not meant to embarass or otherwise
be critical of anybody's financial planning but is a serious request for information that could change life plans....
With the economy gone to He$$ and with many of us at the point of retirement this information would be valuable...
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oldjack
Nomad
Posts: 350
Registered: 1-26-2006
Location: Los Barriles
Member Is Offline
Mood: retired
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I am thinking this would be a good forum that could give tips and suggestions for those in the same circumstance. I am self-employed and have made
two(so far) bad domestic choices ... I have invested a few bucks in a palapa and structures in Los Barriles and had thought that would be a great
retirement spot... with prices/conditions changing so rapidly in looks like social security might pay the lease and food but not anything else... not
quite a homeless person but not where I had hoped to be...
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longlegsinlapaz
Super Nomad
Posts: 1685
Registered: 11-18-2005
Location: La Paz
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There are several relatively recent threads touching on this...try doing a search for cost of living.
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BajaGringo
Ultra Nomad
Posts: 3922
Registered: 8-24-2006
Location: La Chorera
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Mood: Let's have a BBQ!
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It is a very valid question in these times as many find themselves suddenly not feeling to sure about their nest egg. I have met several folks in Baja
who have done it. The common denominators I have found among them is looking for low cost land away from the border, learn cost saving ideas from the
locals, be creative and be flexible. I know of one who even is able to put a small amount away into savings each month although he receives a tiny
amount in SS benefits.
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Osprey
Ultra Nomad
Posts: 3694
Registered: 5-23-2004
Location: Baja Ca. Sur
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Oldjack, Your question is a tough one. Perhaps it needs refinement:
1. retiree #1 gets $1,400 U.S. a month, came down with no house, no land, no funds, no bills or baggage
2. #2 bought and paid for his house/lot down here before retirement but we don't know what his cost of living is cause we don't know where he lives.
3. #3 gets $1,000 U.S. a month but needs a ton of meds and lives far from the border
4. #4, (me) (2 people) live on $2200 U.S. per mo, paid cash for house, have no bills except utilities -- we consider our guality of life and what we
now eat/drink as far superior to when/where we had to work in the U.S. but that's just us.
You're likely to get as many answers as there are situations/locations.
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wornout
Senior Nomad
Posts: 595
Registered: 10-24-2004
Location: San Felipe, Baja California
Member Is Offline
Mood: No Bad Days
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| Quote: | Originally posted by oldjack
If you have actually retired with your Social Security benefit as your primary source of support... I would like to hear how you did it... where you
retired.... and how has it been for you considering housing, food, medical expectations(lack of)... this inquiry is not meant to embarass or otherwise
be critical of anybody's financial planning but is a serious request for information that could change life plans....
With the economy gone to He$$ and with many of us at the point of retirement this information would be valuable... |
We are doing it. We sold out in California 10 years ago and had a house built here in San Felipe. We lived on investments and are now both on social
security. The secret is to NOT have a house payment. We travel in the summer in our travel trailer and then come back down here 8 months a year.l
It is not that hard once you cut your spending for things needed to work.
This Space Available, E-Mail Me If Interested.
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stanburn
Nomad
Posts: 145
Registered: 10-4-2007
Location: Santiago, Colima, MX
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We are in a similar position to Osprey. Live in Santiago, Colima...paid cash for the house. 2 of us live on $2000 per month in retirements. Have a
1991 Dodge Caravan and no bills. We pay our medical expenses out of pocket and actually live on about $1000 a month, but use the remainder to play,
and pay for house renovation expenses.
This is a real similar question to one in the boating world. How much money does it take to cruise? As much as you have!
You can live on very little money, but you may be scrimping on things you want.
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oldjack
Nomad
Posts: 350
Registered: 1-26-2006
Location: Los Barriles
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Mood: retired
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Ooops! just noticed my book on retiring in Mexico on $10 a day is really really dated....
I am thinking that it may be possible to make it on Social Security... my place in Los Barriles is paid for... but the annual lease is $3300(usd) and
could go up in a few years... I am guessing that a "reduced" lifestyle is in order... and I may have to not drink really good bourbon... and only an
occasional beer..
It is the natural course of life that costs go up... but it seems that to commit to retiring outside of one's comfort zone takes a certain amount of
chance and good luck... my original plan was to work at Yellowstone Park during the season and spend the rest of the year in Los Barriles... I just
get these nightmares about my car breaking down and I am stuck in some place like Austin,NV .... halfway to?????
how do you SS retirees handle banking( I know how the rest of you do it) do you keep a permanent address stateside??? and do you have to return to
the states in any certain timeframe? Now that Los Barriles has a working ATM I think I can survive....
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Cypress
Elite Nomad
Posts: 7641
Registered: 3-12-2006
Location: on the bayou
Member Is Offline
Mood: undecided
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It's hard to retire on social security benefits most anywhere. Unexpected costs will take a nibble here and there, a big bite now and then.  Banking is easy, direct deposit, bank of your choice.  ATM's are everywhere. Guess it's just a matter of how much you've got in the piggy
bank.
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Pescador
Ultra Nomad
Posts: 3587
Registered: 10-17-2002
Location: Baja California Sur
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The other issue we hit, head on, is the issue of medical services. If you retire to baja, there may come a point where the medical services you need
are not available and you find yourself needing to return to the US.
My folks started out at San Carlos, Sonora, quite a few years ago and we would see this constant pattern where people would retire, buy a travel
trailer, move to Mexico (because in those days it really was cheaper to live there) and then come back to the states during the summer. Almost all
that we knew really well, ended up moving back to the States when their health forced them into it, and then they had to sell a trailer which had
depreciated to almost nothing and rent or try to buy a house that was closer to medical services.
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Udo
Elite Nomad
Posts: 6346
Registered: 4-26-2008
Location: Black Hills, SD/Ensenada/San Felipe
Member Is Offline
Mood: TEQUILA!
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Oldjack!
Listen to Osprey's retiree #4. Right on the money!
I still have many more interviews to do, but I plan on writing a book on retiring in Baja, or anywhere in Mexico for that matter, and just use your
SSI as income.
If you wish to talk to several people in person, stop by Baja Country Club at the south end of Ensenada and start with Ken at #337. Bajaguy will fill
you with stories and get you drunk on the best margaritas!
Udo
Youth is wasted on the young!
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pacificobob
Super Nomad
Posts: 2306
Registered: 4-23-2006
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if i were in that position i would consider retiring in thailand or viet nam. , or laos.
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lhauker4
Newbie
Posts: 1
Registered: 11-9-2008
Location: Texas
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So it sounds like if you are a renter and social security is all you have that the Baja might not be the place for you. My wife just went through a
serious sickness that wiped out all our savings so the US is probably a real bleak possibility since we both love golf and the only way you can afford
for both to play is find an affordable membership. We were really hoping the Baja was the answer.
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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Oldjack, tell us what your recreational interests are.
What does your lease say, with regards to increases? What is its term? What have you put on the property that you cant take with you, if you left?
My sense is that the East Cape area is NOT the place to be on a minimal fixed income. At least not starting out there now.
[Edited on 11-11-2008 by Hook]
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bajabound2005
Ultra Nomad
Posts: 2760
Registered: 10-15-2005
Location: Punta Banda, BCN
Member Is Offline
Mood: words cannot describe...
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we actually need for bajadock to weigh in on this one; he is here (in baja) is retired but not even ELIGIBLE for SS. I'll ask him, to make a post.
[Edited on 11-11-2008 by bajabound2005]
Friends don't let friends drink white zinfandel.
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bajadock
Super Nomad
Posts: 1219
Registered: 12-20-2006
Location: Punta sur de \'Nada
Member Is Offline
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Welcome back from San Felipe. BB05 knows very well that I am very frugal, as I have a healthy fear of my investments supporting me for another 30+
years.
I think Osprey's examples and numbers are solid. But, a forum discussion can't cover all of the subjective and objective items needed for retirement.
So, I'll put out the welcome mat to any who visit the Ensenada area for a discussion over a beverage or 6. Have a real discussion with as many
retirees as possible.
Summary from what I have learned is that if you are needy in terms of entertainment thrills, first class travel and 5 star dining, do not retire.
EVER! Most of us gringos are so spoiled that we have no idea what simple living is.
If you can live more like a mexican, retire as early as possible. My entertainment comes from some new friends here, the ocean and the endless hills
for hiking and sightseeing. A few Pacificos, a simple dinner at home(black bean/nopalito/chicken stew tonight) and a $5 bottle of wine and I can howl
at tonight's moon like I'm living in paradise.
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bajabound2005
Ultra Nomad
Posts: 2760
Registered: 10-15-2005
Location: Punta Banda, BCN
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Mood: words cannot describe...
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yup, that bajadock knows how to live! is that really tonight's moon? Must take a peek outofdoors!
Nope! The moon is WAY too high for that reflection! Full moon coming up on Thursday!
[Edited on 11-11-2008 by bajabound2005]
Friends don't let friends drink white zinfandel.
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Bob H
Elite Nomad
Posts: 5867
Registered: 8-19-2003
Location: San Diego
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OK, I have a question. If you want to live in Mexico, either full or part time, you need an FM3 visa, right? And, one of the requirements is that
you have to prove at least $1,000/month income, per dependent, right?
http://www.mexonline.com/business/visa2.htm
Bob H
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bajabound2005
Ultra Nomad
Posts: 2760
Registered: 10-15-2005
Location: Punta Banda, BCN
Member Is Offline
Mood: words cannot describe...
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our last FM3 renewal (in July) was $1100 USD and $500 USD per dependent per rmonth (and yes, that is a great deal more than the average family income
in our parts!) Depending on WHERE you do your FM3, the immigration folk can understand your portfolio docs....yes we have that minimum income via
Bajamigo's SS, but the balance in our portfolio speaks volumns more. Sometimes they just trash the bank statements and want the Morgan Stanley
statements, other years, vice versa.
They are looking for a stable balance in your bank account more than anything....
[Edited on 11-11-2008 by bajabound2005]
Friends don't let friends drink white zinfandel.
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stanburn
Nomad
Posts: 145
Registered: 10-4-2007
Location: Santiago, Colima, MX
Member Is Offline
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If you own property in a Fideocomiso then the income requirements are halved.
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