Relocating retirees want lower costs of living and better lifestyles. Moving abroad may be the answer

• As seniors aim to reduce living expenses and boost their quality of life, settling abroad could be appealing, financial experts say.
• More than 450,000 retirees were receiving Social Security benefits outside the U.S. as of December 2023, up from fewer than 250,000 retirees in December 2003.
• Retirees could save on housing and health care but need to consider several factors before moving overseas.

Seniors looking to reduce expenses while also boosting their quality of life may find the idea of settling abroad appealing, financial experts say.

To that point, nearly one-third of retirees have relocated either domestically or outside the country after leaving the workforce, according to a new CNBC survey, which polled more than 6,600 U.S. adults in early August.

Some of the top reasons for retiree moves were a lower cost of living, a more comfortable lifestyle or better weather, the survey found.

MORE:

www.cnbc.com/2024/09/04/retire-abroad-for-lower-cost-of-living.html