Many older Americans dream about traveling in retirement, but a growing number of intrepid retirees are taking their wanderlust to another level. Instead of visiting a country outside the U.S. and returning home with a lot of memories and digital photos, they’re packing up and moving there.
At the end of 2021, about 450,000 people received Social Security benefits outside the U.S., up from 307,000 in 2008. And because not all expat retirees have filed for Social Security, the number of retirees living abroad is likely even higher. The pandemic was a wake-up call for retirees and near-retirees who had contemplated living overseas but had put it off because of family and work obligations, says Kathleen Peddicord, founder of Live and Invest Overseas, a website and newsletter publisher that focuses on living, retiring and investing abroad. “Tomorrow is not guaranteed, so if you have a dream of a lifestyle you’ve wanted to pursue and you’re healthy enough, act on it when you can.”
While expats have long been drawn to Central America for its low cost of living and mild climate, Europe has become increasingly popular with retirees in search of culture and high-quality health care. Many countries are eager to attract U.S. expats, but retiring to Costa Rica or Portugal is more complicated than buying a condo in Florida. Here’s what you need to know.
