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American retirees moving to San Miguel over other popular getaways

Many U.S. retirees are heading San Miguel, Mexico, according to USA Today.

Many U.S. retirees are heading San Miguel, Mexico, according to USA Today.

USA Today reports San Miguel, Mexico, is becoming a popular retirement destination for recently retired U.S. citizens.

Joanie Barcal, owner of Allende Properties, said about 12,000 to 14,000 of the city's 70,000 residents are citizens of North America.

Tony Cohan, a former U.S. resident who lived in San Miguel from 1985 to 2003, told the paper, "Foreigners were coming to retire, rather than work, and that changes the socioeconomic structure. It went from being bohemian to having the accouterments of an American retirement community."

American retiree Jon Looney permanently moved to San Miguel in 2008, according to the article. USA Today said Looney, like other retirees living in the city, lives on Social Security and estimates his dollar stretches 25% to 35% further here than it would back in Denver, his old home.

Looney told the paper his utilities run about $165 per month, while property taxes are $300 a year and his largest expense is health insurance.

According to International Living's Global Retirement Index, the five most popular places to live after retirement in 2010 are Ecuador, Panama, Mexico, France and Italy.