Susan Schenck, 63, formerly a resident of San Diego, moved to Cuenca, Ecuador, nine years ago with her late husband. She's since written a book about her experience, "Expats in Cuenca, Ecuador: The Magic & The Madness."
She said to make sure to research residency requirements in advance, such as if your new country will require a minimum income.
"Here, it is only $800 a month," she said. "Also, save several thousand for your flight, initial housing, and lawyer fees to get a long-term visa."
Schenck also recommended exploring housing costs in your desired location prior to retirement, as well.
"Here in Cuenca, Ecuador, you can rent a house for as little as $400 to 800 a month, an apartment for $300 to 600, and $1,000 a month could get you a furnished penthouse," she said.
In addition to researching the cost of living and income requirements, knowing how moving to a specific country will impact your tax obligations in the US is imperative. Jill Gonzalez, an analyst at WalletHub, told Business Insider in an email that some — not all — countries even offer special tax breaks or benefits for retirees.
"Retiring overseas can also affect your US tax obligations," Gonzalez said. "This is why you should seek advice from tax specialists both in the US and in the country you want to retire."