by Bill Dahl
Economic realities for U.S. retirees and expatriates in Mexico
(Meer.com).- Recent posts on expat forums for expats residing in Mexico on social media (May 21, 2024) regarding the strength of the Mexican peso to the U.S. dollar (Currently MX$16.63 for one U.S. dollar at 5-21-2024 at 6 PM Mexico City time) are currently inhabited by vastly more fallacies, deception, misconceptions, uninformed notions and outright falsehoods than accuracy and truth.
Needless to say, Facebook and other social media sites, and the opinions expressed thereon, do not have reputations as reservoirs of truth one can confidently or solely or rely upon. For many of these commentators, the veracity of their posts are akin to elephants flying.
This is particularly true for expats residing in Mexico who relocated from the U.S. in the past 5 years. (The Mexican peso traded at 25.33 in March 2020 and earlier this week was at 16.79 on May 16, 2024). This translates to a loss of 33.7% in the purchasing power of the U.S. dollar in Mexico.
This is a truly problematic reality – particularly for U.S. expat retirees residing in Mexico who are retired without employment in Mexico, those with a limited income, and those on a fixed income. Furthermore, those relying on the U.S. dollar to pay for rent (in MX pesos) for housing face a harsh reality. Translation: their rents have increased substantially since 2019!
Mexico’s attraction as a destination for U.S. retirees whose primary desire was/is to reduce their cost of living has changed substantially in a distinctly negative direction…
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Source: Meer.com
