THERE’S SOMETHING UNDENIABLY appealing about the idea of living an expatriate adventure in retirement. Striking out for foreign shores can seem pragmatic as well as poetic.
Relocating to another country requires careful planning—financial and otherwise.
“Most people envision a twofold advantage: the romance of experiencing a different culture and the notion that they can get more bang for their buck living abroad,” says Bill Hunter, head of strategy for Retirement Client Experience at Merrill Lynch. “And countries like Mexico, Costa Rica and Panama— popular destinations for retirees seeking warmer climates and lower costs—may offer both.”
But relocating to another country isn’t always easy. You’ll need to consider a range of factors, from your destination country’s political stability to the logistics of managing your assets from afar. Hunter urges