The end of your work life could be the start of an entirely new life—lived abroad.
For many Americans, retiring to another country is a life change that can fit in a post-paycheck budget.
"You need to have an open mind and an appetite for adventure", author Kathleen Peddicord told CNBC's "On the Money" in a recent interview.
Peddicord, who is founder and publisher of Live and Invest Overseas, said 30 years ago, retiring abroad was considered "a fringe idea, and today it's an increasingly common, mainstream idea." In fact, Peddicord cited three retirement destinations that stand out: Portugal, Belize and Mexico.
"Portugal is a wonderful county and has so much to offer the retiree," she said. "It has great weather, beautiful beaches, and great medieval old towns."
Peddicord specifically likes the scenic beachfront region of Algarve. "It's the best of the Old World and very affordable and very welcoming of foreign retirees right now."
The other two locations are closer to home: Puerto Vallarta, Mexico and the Central American country of Belize.
"Both have been the most popular destinations for this idea for a long time because they are so nearby so accessible," the author said. She pointed out that "both Belize and Puerto Vallarta offer affordability for cost of living and real estate, if you want to buy a home of your own."
She added that both countries have "established expat communities of other retirees who are already living there, already 'living the dream.'" Peddicord said they can answer your questions and help you get established.