One of the ways to know if you’ll have enough money to live in a particular country is to look at the average salaries in that country.
It’s a simple economic truth that if the salaries are lower across the board, the cost of living will be lower too. It also stands to reason that if your monthly retirement benefit is similar or even higher than the average salary for many professions, you’ll be just fine.
I created a list showing the median monthly income for 15 randomly selected occupations in Mexico. The data was obtained from misalario.org, a nonprofit organization that provides information to both workers and employers in Mexico concerning salaries, labor law and careers.
Mexico is a large country, so just like in the United States, salaries can vary quite a bit from area to area.
The chart below reflects the nationwide median salaries for someone with 10 years of experience in the listed position.
Whenever I include salary data from Mexico in one of my articles, the salary that surprises people — especially Americans — is the one for doctors. In this case, I chose a gynecologist, but the salary range is similar for most doctors, regardless of their specialty.
Just to be clear, these are only the median salaries for the positions. In the case of the gynecologist, the top end of the pay scale is $42,559 pesos a month, or about $2,288 USD.
Let’s Wrap This Up
Although this salary study is useful to demonstrate that the cost of living is much lower in Mexico, how much money you will actually need in retirement depends on three factors: 1) where you want to live, 2) the lifestyle that you want, and 3) how much debt you have.
In our case, we sold everything to eliminate all of our debt and used the money that was left over to buy a condo outright in the Riviera Maya. We live debt free for the first time in our lives and our quality of life is superior to what it was back in the States when we were both working.