The idea of retiring to another country may be appealing, but don’t make any decisions until you carefully consider how living abroad will affect your lifestyle and your finances.
The cost of living often is cheaper outside the U.S., but there are many other issues to consider. They include your ability to adapt to a foreign culture, overcoming language barriers and finding 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. What follows are seven things to consider before you decide to retire in a foreign country.