Here’s Why More Retirees Are Ditching the U.S. to Retire in a Foreign Country

By Gina Ragusa | Cheat Sheet

With approximately 400,000 retired Americans living abroad, moving overseas later in life is becoming a popular trend, according to CBS News. Why? Many say they get more for their money living outside the U.S. and scratch that travel itch. Plus, some find living in a tropical climate to be better for their mind and health too.

Where are U.S. retirees heading? Portugal appears to be a popular destination, but so does Mexico, Malta, Italy, and France. If you’ve been dreaming about retirement or are on the verge, here are some reasons why so many of your peers are heading overseas.

You can stretch your dollar

One Texas couple moved from Crockett, Texas to Costa Rica in 2011 and only needed about $2,500 a month to live an easy life, according to Kiplinger. The couple had a gardener and a housekeeper, plus they dined out traveled frequently. They also lived in a resort area and purchased a home for about $320,000. A comparable house would probably run close to $750,000 in the U.S.