When it comes time to pick a retirement spot, the majority of Americans end up staying put, or moving within their own state. (See The Best Places To Retire In Each State.) But that doesn’t mean you shouldn’t at least consider the option of retiring abroad. Fact is, many countries offer a high standard of living at a much lower cost and throw in good weather, great scenery and fascinating culture at no extra charge.
More Americans have been not just considering, but actually making, the big move. The U.S. Social Security Administration just reported it’s now sending checks to almost 700,000 people living in foreign countries. That’s a steady 40% increase over 10 years. Of course, not all Americans “retiring” abroad are old enough to collect Social Security. The growing FIRE (Financial Independence, Retire Early) movement has got some GenXers and even Millennials dreaming about “retiring” from their day jobs and living abroad.