For many people reaching retirement means also finding a new place to live. At that point many people prefer to pack up and move somewhere that will be fun and easy to manage. One of the options in doing this is moving abroad. Keep in mind the following is retiring abroad is something that you are considering.
Of course location is going to be one very important consideration. Certainly most people are drawn to a casual, tropical environment, but there are some other things to keep in mind as well. The cost of living is a good next to think about and consider whether this idea is a good one or not. If the conversation rate is a good one you will be able to stretch your retirement even further than you could have in the U.S. In Costa Rica for example, pretty much everything is significantly cheaper than it is in the U.S., including the cost of a home. For many retirees the allure of having travel funds free is a good enough reason to cut down on the cost of living. Although the costs do vary a bit which is something to keep in mind. Just do your extensive research to make sure that the cost of living will actually be cheaper. In some countries for example, using your car might be a bigger expense than it is in the U.S., so some people switch to public transportation.
Moving abroad is a pretty big decision, so you can actually take the process in steps to make sure that you like it. Before you buy a home for example, you should spend some time getting to know the area and just renting a spot to live in the meantime. This is the perfect solution since you can leave if you don’t like it. If you end up wanting to make that area a permanent home then you will have some time to get acquainted with the area in the meantime. When you take some time to get to know the area you’ll have a great idea of why it works for you.
Another thing to keep in mind is how you feel about the space from your friends and family. Some people are ready to get far away from their family but others prefer to see them more often. You will however be able to travel more if you are saving money on a cheap place to live, so you might actually plan a lot of trips back home anyway. For some people splitting their time between countries is even an option. Since there are so many wonderful options out there the choice is always yours is creating your perfect retirement circumstances.