The CVS Group

There's something undeniably appealing about the idea of living an expatriate adventure in retirement. Striking out for foreign shores can seem pragmatic as well as poetic.

"Most people envision a twofold advantage: the romance of experiencing a different culture and the notion that they can get more bang for their buck living abroad," says Bill Hunter, director in the Personal Retirement Solutions Group at Merrill Lynch. "And countries like Mexico, Costa Rica and Panama — popular destinations for retirees seeking warmer climates and lower costs — may offer both."

But relocating to another country isn't easy. You'll need to consider a range of factors, from your destination country's political stability to the logistics of managing your assets from afar. Hunter urges retirees to plan carefully and consider the following questions before packing their passports.

Is your family on board?

The migration of a close family member across the globe can change the family dynamics, whether between children and parents or within couples. Understand the impact your move will have on close relationships — especially the one you have with your partner.

"Make sure your spouse is as invested in the idea as you are," Hunter says. "That way, when unexpected issues arise — and they will, no matter how carefully you plan — you won't have the added complications of resentment and blame."

How will you handle health care needs?

Access to quality health care is paramount in retirement, so be sure to understand the relative cost and quality of care in the country where you hope to retire. "While many countries can offer health care that's as good as, if not better than, what you get in the U.S., that can vary by city or region, and even by type of care," warns Hunter, who suggests researching the physicians and facilities in your potential destination and planning accordingly. "Make sure quality remains on par with what's available in the U.S. even for more complex procedures — and if it doesn't, budget for the possibility that you may need to travel back home for certain medical procedures."

Given that Medicare doesn't cover health services outside the U.S., you may want to look into private healt