If Americans are serious about retiring abroad, they’d better get serious about planning for it.

As a larger, more diverse group of Americans looks to retire overseas, they may want to head the advice of wealth managers who have guided generations of clients towards far-off retirement destinations.

“They have to understand the countries they’re talking about moving to,” says Gilbert Addeo, chief operating officer of the Investment Placement Group, a San Diego-based broker-dealer. “Does it meet all of their personal needs? Is retiring there a reasonable goal?”

According to a recent report from the Social Security Administration, the number of Americans receiving  benefits abroad increased from 400,000 to 550,000 between 2010 and 2015. In the same period, the number of Americans retiring abroad annually increased by 17 percent.

With the go-go baby boomer generation leaving the workforce at a rate of 10,000 per day, the number of retirees expatriating from the U.S. is likely to increase.

“There’s a growing percentage of people who are not equipped financially to retire in this country,” says Carina Diamond, managing director of S&G Wealth Management, a Cetera-affiliated firm in Cleveland. “Not only are they looking for better climate, they’re [also] looking for better costs.”

According to Diamond, active, outgoing seniors are expressing the most interest in expatriating for retirement.

Finances may be motivating the trend, as the cost of living in many retirement destinations, like Panama, Mexico, Costa Rica and Belize, is much less than that of the U.S.

Addeo says the strength of the U.S. dollar is driving some people abroad to maximize their nest egg.

Retirees may also leave the U.S. for countries with nationalized health care systems to enjoy a higher quality of care. That may explain the presence of the countries such as the United Kingdom, Canada, Japan and Germany on the Social Security Administration’s list.

“I have a client who moved their family to Bolivia. They were completely able to use the country’s social medicine,” Diamond says. “There are some pluses and minuses to that—they had to bring their own sheets and tea bags to the hospital, but the care itself was adequate.”

Japan experienced the largest growth of U.S. retirees in the studied 15-year time period. The inflow of retirees increased by 42 percent, due in part to the U.S. military presence in Japan.

Addeo adds that Americans may be looking to other countries because of the "allure of living in another destination."

“Some of these countries are starting to evolve and have the services that U.S. citizens are used to getting,” Addeo says. “As countries with year-round pleasant climates are beginning to settle down politically, they’re becoming more attractive. That’s definitely changing people’s position.”

Yet retiring abroad comes with a few concerns, the first being financial. Pre-retirees have to plan for the tax implications and the impact on their retirement benefits. This may require they alter their investment portfolios. While many countries have reciprocal agreements with the U.S. to make sure expatriates aren’t paying taxes twice, there are exceptions. Diamond recommends consulting with a CPA with international experience.

Diamond also says that U.S. citizens should be aware that though their Medicare benefits can travel with them to a certain extent, their long-term-care insurance usually does not.

Moving abroad also has implications for estate plans, says Addeo.

“It’s important to make sure that the right structures are set up to put as much of the money as possible into the right hands,” Addeo says. “There are so many tax implications from living abroad, it’s important to make sure that everything is being reported properly when estates are being moved around. They need to have that planned in advance of their move.”

Retirees should also have a plan for a return to the U.S. if their health declines or in case of another contingency.

“Generally, people who want to do this are very optimistic,” Diamond says. “Maybe they want to stay there forever, but there are a lot of people who will end up coming back. We need to make sure they have a place to go or the money set aside to make sure they have a place to go.”

Even the clients who brim with optimism may encounter difficulty being away from their home country.

There are social and psychological concerns for individuals retiring abroad that an advisor should discuss with a client planning the move, says Diamond.

“Realize that in many parts of the world, they’re going to live there and they won’t look like anyone else," Diamond says. "They’ll be treated differently. The laws are different. The customs are different. The expectations for what happens to an estate are different. It’s a lot to prepare for.”