Baltimore, MD - Traveling the world in retirement was once the sole purview of the rich and famous... but not anymore.

According to InternationalLiving.com's new report, North American retirees have discovered they can explore the world — at as leisurely a pace as they like — often for a lot less than it would cost to stay home.

"Many people are using a country-hopping adventure as a way to pinpoint a place where they might eventually like to retire overseas," says InternationalLiving.com executive editor Jennifer Stevens. "It's a great way to explore options abroad and try a place on for size without making a big commitment."

In 2012, Mike and Tricia Lyman made a list of countries they wanted to see, with the thought that they might eventually find somewhere they wanted to settle. Since then they have travelled throughout Latin America to Ecuador, Costa Rica, Nicaragua, and Peru. They are currently in Puerto Vallarta, Mexico and plan to explore Europe in the near future.

"Our plan was to travel through a number of countries, and if we found somewhere we liked, we'd consider something more permanent," says Tricia. "We like it here in Mexico and it's a great base for us - for now."

Seattle natives Greg Winker and Molly Stacy travelled throughout Europe and Asia, having put away enough to enjoy an early retirement. "We started this thinking that, if it didn't work out, we could always go back to work, but six months in, I was ruined for ever working again," says Greg Winker. "I'm so glad my life has turned out this way. All I want is to continue."

"As many of these intrepid explorers report, traveling the world need not be as difficult or as costly as you would think. In fact, if you plan your epic adventure right, you can save tens of thousands of dollars," Stevens reports.

Canadians Yvonne and Michael Bauche embarked on a round-the-world trip that has seen them visit Latin America, Europe, and the Caribbean.

"We cut our expenses in half," reports Yvonne of their new life on the road. "Running two cars, paying for electricity, gas, phone, cell phone, internet, food, and eating out used to cost us almost $4,000 a month back home. Our average expenditure is now about $2,000, and we live and play very well on that."

There are many ways to finance a roving retirement and the intrepid travelers in the InternationalLiving.com report reveal their tips. But retirees don't always need to accrue massive savings to begin a worldwide journey.

"We put a minimum of 10% of our income into savings before we did anything else," says Yvonne. "This forced-savings plan soon added up, and we quickly adapted to living on the balance. If we had waited until we had saved enough for full-time travel, we would still be working," she says. "Instead, we figured out how to generate a regular monthly income from the road, as neither of us qualifies for a pension."

The Bauches also hired a property manager, found full-time tenants, and turned their home into a rental property. Other tips include traveling in the off season to cut down on accommodation and travel costs, avoiding the most popular tourist spots, and house sitting to gain free accommodation.

"Housesitting gives you a no-cost base from which to explore your host country. You'll have ample time to sample the lifestyle on offer and see the sights, as well as find and arrange your next housesitting gig to continue your adventure," Stevens reports.

"Be creative," advises Yvonne Bauche. "By combining ferry and bus services with more inexpensive flight routes, you pay less and see more. By taking a flight into Cancún, Mexico, then traveling by bus and ferry to Ambergris Caye, Belize - rather than flying direct - we saved over $800," she says.

Another tip is to balance out destinations cost-wise. By spending six months or more in low-cost places like the highlands of Ecuador, retirees can save enough to enjoy a month's stay in a more expensive spot, e.g., Paris.

Bob Patrick, who is now in Spain but has spent much of the last two-and-a-half years house sitting in Ecuador, says that shrewd shopping, combined with Ecuador's already-low costs, enabled him to live comfortably on less than $8 a day.

"Since I was not paying for accommodation, I only had to feed myself," Patrick says. "I cooked most of my own meals, which is one huge advantage of having all the comforts of home available to you. However, that did not stop me from eating out when I wanted to."

The full International Living report on the secrets and advice from intrepid roving retirees, can be read here: See the World and Save Money with a Roving Retirement.