I Early-Retired to Brazil a decade ago. Once obtaining a Residency Visa, I have consistently maintained half of my portfolio investments in country, denominated in the local currency (the Real), and the other half overseas in US Dollars (I am a US citizen). Although I did not "market time" my retirement, it happened that the local currency, local fixed income instruments, equities, the country's commodities, and real estate were undervalued at the time. I have always religiously rebalanced so that my overall country exposure ceiling (excluding principal residence) never exceeded 50%. Nominal and Inflation-linked bonds have always been a mainstay given certain peculiarities of Brazil's markets but I have actively invested in a variety of market segments. I should mention that since I had previously worked in Emerging Markets Finance including in country, I was comfortable with this allocation from the get-go.
Managing one's finances as a retired expat is in no small part art rather than science. For example, when the real was way overvalued a few years ago, I favored the locally-issued credit card to pay for overseas trips. Now that real is approaching reasonable valuations, i.e. depreciating, I have opportunistically brought in dollars to make new investments, particularly in fixed income, since the risk premiums have become appealing. After hitting my exposure ceiling, then I will maintain it by harvesting some dollar-denominated overseas investments to pay for local expenses and for traveling (favoring US-issued credit cards).
Research tax issues carefully prior to retirement, as well as residency requirements, real estate law for foreigners, health care, the cost of living, and the usual laundry list for expats. Before definitively moving to your chosen country, give it a test run for at least six months by renting out a place there. That is what I did prior to the definitive move and first real estate purchase, although I had previously worked in country on various international assignments, so I had a fairly clear idea of what I was getting myself into.