If you’ve always dreamed of living abroad, now may be the best time. Today, there are around 400,000 American retirees residing outside the United States, with that number expected to grow over the next few years. Cost of living is often cited as one of the main reasons for the move. For example, in places like Mexico and Costa Rica, it’s possible to live off of a Social Security check, while enjoying a relaxing lifestyle in the process. Other retirees cite rising health care costs as a contributing factor in their decision to move out of the U.S.
If you’re drawn to the idea of living out your retirement years as an expat, experts suggest you spend some time in the area that you’re interested in to see if it’s a good fit. Renting for about six months will expose you to both the good and the bad that the country has to offer, and you can make the commitment to stay long term or move on to another location if the first one doesn’t feel right.