When can I retire? It’s a though that crosses everyone’s mind…. sometimes as soon as we start our career! Starting a smart financial planning strategy early, including real estate investment, is the key to retiring early and securely, but what are the factors you need to keep in mind? Number one are your sources of income:
- Social Security: Both the USA and Canadian government websites provide calculator tools to let you estimate what your social security benefits will be.
- Pension: The HR department should be able to give you an estimate of whatever pension you may be receiving in the future.
- Other Income Sources: Income like rental from an investment property or a second business would fall into this category.
- Investments: Things like 401K savings for Americans or RRSPs for Canadians would be included in this group.
Then of course you need to consider your expenses. Medical and insurance, monthly living costs, travel and lifestyle expenses; expenses can vary greatly depending on what you need and what you want from your retirement.
One step that can get you closer to retirement more quickly is retiring in a place where living costs are lower. This is one of the reasons why owning a retirement home in Mexico is such a popular option. In cities like Los Cabos, Puerto Vallarta and San Miguel de Allende, retirees can enjoy a retirement cost of living that can be 45% to 65% less than in their country of origin but with an incredible lifestyle offer, great climate and excellent healthcare. Contact us to talk about how we can help you invest in your future with mortgages in Mexico today.
Click here to learn more about home financing in Mexico from MEXLend.
