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Cancun Mexico: Baby Boomers Retire to 5-Star Resorts
Best Retirement Destinations in Cancun – Health Care in Cancun – Safe Retirement in Cancun
Somewhere half-way between vacation and retirement – there’s a gem of a deal on condos at five-star resorts waiting to be discovered by Baby Boomers planning for their own and their parents’ retirement needs.
Just as Baby Boomers are more frequently sharing their resources with both adult children and aging parents, caring families are finding new ways to make it all fun and work out for all involved.
Nowhere do I see this being done with more panache and sound financial planning than when Baby Boomers take family vacations to explore the warm weather and low cost of living that lures retirees to retire south of the border.
Baby Boomers Retiring Abroad
It’s about finding the right value destination; good medical resources and an environment that supports healthy living financially and emotionally!
“We could have retired comfortably in the U.S.”, says one retiree, 67, “But we live four to five times better down here (in Cancun).”
Vacation resorts that also market condo-ownership present the ideal setting for Baby Boomers to explore what is being offered to meet the needs of retirees and all family members.
The example I’ll use is Cancun, Mexico. I just returned from my own family reunion; 18 people booked for four days at the Iberostar Paraiso Maya Hotel, an all-inclusive resort that caters to families.
Imagine our clan; five young great-grandchildren, one college-age granddaughter, four grandfathers, two grandmothers, five married adults and one great-grandmother. There were three nationalities represented; American, Colombian and Belizean hailing from Seattle, Phoenix, Virginia and Houston.
Here’s what I witnessed during our stay:
Every morning, we awoke to a climate that promotes healthy living and an active lifestyle with plenty of entertainment for all ages. Of course, the accommodations were luxurious and the restaurants, spas, etc. first-rate.
Our family members fell into the pattern of meeting in the grand lobby before and after dinner for casual conversation and to plan who was going to do what and with whom the next day.
It was then that I noticed that Iberostate Playa Paraiso was advertising single-level condos for prices ranging from $50,000 to $90,000. So, over free-refreshments in the lobby lounge, we began to talk about the advantages of our extended family sharing two condos that could be used for vacations but also for the aging snowbirds among us.
Like they say, being a grandparent is better than being a parent because you get to play with grandkids and then send them home. In the same way, retiring on family-owned vacation property is more of a magnet to attract grandkids for quality play time than is visiting grandma in a retirement home.
Besides – get real – if you live somewhere everyone likes to vacation, you have so many people who want to come visit that you don’t have a problem with feeling isolated.
But suppose a family member only lives there part time. The condos could be rented, which then becomes an income-producing asset managed by the hotel.
Come time for assisted living, suitable arrangements are available where the burden on the family nest egg is minimal compared to the cost of the same services in the States.
The MetLife Mature Market Institute found the national average rate for a private room in a nursing home increased 4.6% in 2010 to $83,585 per year. (Source: Kiplinger’s Retirement Planning 2011).
In this scenario, no one’s throwing away what could be the price of a home EACH YEAR in the States to pay for assisted living. Instead, the family is benefiting from a vacation home PLUS taking care of the elderly PLUS building an equity investment.
By comparison, for a continuing-care retirement community (or CCRC) in the States, you fork over a hefty entrance fee, stiff monthly fees or both. For example, entrance fees can range from $81,000 to $605,000 and higher depending on apartment size, plus monthly fees of $1,340 to $2,841, etc. (Source: Kiplinger’s Retirement Planning 2011).
Think about it. You can invest in a vacation home, a snowbird destination, at a five-star resort where the natural progression of aging can be planned out, or you can fall into the pattern of giving up vacation time to visit your elderly in some retirement home where the purpose of the visit is singular instead of encompassing the needs and desires of all family members.
What a great fantastic legacy to leave your family; a good example of how to involve elders in sensible financial planning that allows for strengthening family bonds in an environment favorable to building fond and lasting memories.
Bottom line, the money that would have been paid out to an institution with no equity return, can instead be an equity-building investment to benefit future generations.
Safe Retirement in Cancun Mexico
A Snowbird’s Safe Retirement Destination in Mexico
People who are squeamish about living in Mexico are hedging their personal safety risks by living on resorts where property owners, and their assets, benefit from the protection of the multinational conglomerates whose profits depend on stable security and rising property values.
All the comforts of a five-star resort, and none of the upkeep
If location is everything when it comes to signifying a high-standard of living, and gated (and guarded) communities are indicators of personal safety – then enjoying the protection of a vast resort chain is very good insurance indeed.
It also stands to reason that, when grounds are maintained to resort standards, you don’t have to worry about overseeing property maintenance. Property value of the “neighborhood” is one less thing you need to be concerned with.
Best Retirement Destinations in Cancun . . .
Your Lifestyle at a Resort Condo
We’re not talking high-rise condominiums here, but single-story floor plans. Let’s say you have two condos (you can buy two for the price you’d pay for one in a mediocre neighborhood back home).
Imagine you have this villa by the sea, and you wake to the waves whispering on the beach (just go with this for a while …)
You come out on your patio, sea breeze blowing and carrying your cup of coffee. You’re home, and forever on vacation-time.
Let’s visualize the sun’s just waking up too, and maybe a friend happens by with a bowl of fresh tropical fruit. You chat about your grandkids and friends who have all planned their vacations to come visit you at different times and stay in the second condo.
What day is it? Is it Monday? Maybe you go to the gym on Mondays, or that’s the day you’ve got a weekly tennis or golf game planned with your neighbors.
Health Care in Cancun Mexico
No worries about medical care when you’re living on resort property like the Iberostate Golf, Villas & Condos Playa Paraiso, Quintana Roo – Cancun, Mexico.
Because the resorts cater to tourists, their reputation is superb for providing excellent medical response time and urgent care for their residents and tourists. A medical clinic is on the hotel grounds and offers 24-hr service, in-room doctor visits, specialists in all areas of medicine, and special services like kidney dialysis.
With a medical center within walking distance and transportation available to nearby Grupo Hospiten, a full-service hospital, you’ve covered most of the bases in assuring that you have found a destination to support the medical needs of all family members, both residents and visitors.
Let us help you find the destination for your own lifestyle and healthcare needs:
The author: Ilene Little
Ilene has written 38 posts to this blog. On The Water Series - Panama. --Note from author, Ilene Little, CEO of Traveling4Health & Retirement: For people who are attracted to living on the ocean, the "on the water" lifestyle promotes both physical and emotional health. Although the locations are specific, the topics are universal!
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