The idea of retiring in another country may be appealing, but don’t do so before weighing how living abroad will affect your lifestyle and finances.
The cost of living can be cheaper outside the U.S., but there are many other issues to consider. They include your ability to adapt to a foreign culture, overcome language barriers and find access to quality health care. You’ll also need to adjust to living far away from friends and family members.
“To move to a place just because you think you can get by cheaply isn’t a good motivation,” says Kathleen Peddicord, author of “How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad.”
Good candidates for living abroad have a strong sense of adventure and curiosity about other countries, she adds. Following are some things to consider before deciding to retire in a foreign country.