It was a big weather adaptation, but so far, it's been working out. LeGeros is now technically retired and living off money from his IRA ; he hasn't even touched Social Security yet . He could go back to work if he wanted, and get a job in Mexico, especially after spending years teaching English.
"It's not enough to retire in the US, but it's enough to retire abroad," he said of his IRA funds. To live comfortably in the US, he would need quite a bit more in his IRA.
His current apartment runs him around $600 monthly; back when he was renting in the US, apartments would be around $1,400 to $1,800 — costs that have only risen in recent years. The median rental price in Minneapolis sits at $1,495, according to Zillow .
LeGeros's move is one that more retirees are contemplating: Amidst political unrest , shaky finances , and pricey healthcare , retiring in the US is no longer a safe bet for some. And that's led boomers and retirees like LeGeros to look elsewhere . Of course, as LeGeros notes, the move comes with its own challenges, and it requires a level of openness and cultural curiosity for those who wish to thrive. But financially, it's been incredibly cost-effective.
"I'm not working until I find my next occupation or my next, I don't know, passion," LeGeros said. "I can live off of the money I have."
A need for cultural appreciation
For LeGeros, retiring abroad has been a boon. Right when he arrived 11 years ago, he found that his cost of living was 20% of what it had been in the US. Today, even with inflation, his costs are maybe 50% of what they would've been.
"I could actually eat out every day," he said.
LeGeros is a permanent resident of Mexico but not a citizen. His life as a transplant is content, but he said that's not the case for everyone. There are still adjustments moving abroad, and hopeful movers need to know that.
"You should not only think about the dollars that you'd be saving, you have to think about the culture you're moving into," he said. He recalled that when he first made the move abroad, he met another mover couple with a booming business. But they were still unhappy, finding the cultural adjustment jarring. Ultimately, they decided to head back to the States.
"People think, well, I'm rich now. I can live in a country that I pay a fraction of the cost I would pay if I lived in the United States and I can do anything I want," he said. "Well, that's not necessarily the actual picture."
Living abroad brings its own challenges, along with rewards. Learning a language can be its own difficulty, although it should be a priority for anyone who moves abroad, he said. He's still learning Spanish.
LeGeros said that negotiating simple things — like healthcare and everyday social interactions — can present its own hurdles. Norms around driving or when to show up for events can also present new challenges. He said driving is much more lax in Mexico, and, as a cyclist in the country, he got hit by a car once and nearly lost his right leg. Those are just a few of the challenges and adjustments that he's faced.
"One of the things I would suggest people do when they come down is to find a community and identify with a community of foreigners, not necessarily Americans, but foreigners. And that could be a church, it could be a cause like pets or stray dogs or stray cats, whatever," LeGeros said. "But just always have a support group that are dealing with living abroad because you need that adjustment group to help you put things into perspective."
Indeed, moving isn't just as easy as picking up and heading out one day. Potential retirement movers need to get their finances squared away, learn about a slew of residency requirements, adapt to new taxation systems, and deal with a whole new (although often cheaper) healthcare system. For some would-be retirees, all of that might be too much of a lift in their later years, or they'd have to risk moving away from loved ones and medical support.
But LeGeros loves living in Mexico and is engrossed in its history. He said that for movers it's key to be "culturally curious."
"You just get blown away by the richness of the culture," he said. That extends to everything from music to history; he once had someone tell him that they didn't care for mariachi. His retort: Try and listen to it.
"Music is a cultural atmosphere of your country that you're living in, and you need to be respectful and try to be more accepting, try to be more inclusive in your value system," he said. Indeed, LeGeros continually emphasized the importance of respecting and celebrating culture — especially for those who are contemplating moving around solely for a low cost of living.
"If they want to live in a cheap place and not have to learn anything and just sit around and play golf, they should stay in the US and try to find a cheap place to live in the US," he said. "But if you want the adventure of living abroad and learning a new culture, being curious, that kind of thing, that's when you probably should really consider living abroad."
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