14 of the most affordable places for Americans to retire outside the US

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Americans increasingly are turning to overseas destinations in their search for affordable places to live in retirement.

The prospect of living comfortably for less and seeing more of the world pushes many to consider becoming expats, yielding some unexpected (and welcome) benefits.

There are, of course, several key factors to consider before making the move abroad, including language, safety, and contact with loved ones back in the U.S.

For many nearing or in retirement, cost of living is often a top concern. With that in mind, here are some of the cheapest and most appealing international retirement locales, spanning the globe.

To compile this list, Cheapism consulted the top destinations in the 2016 Global Retirement Index from International Living. We looked especially at cost of living and housing in the highest-scoring locales. The other categories included in the index, with 100 as the top score, are benefits and discounts, visas and residence, "fitting in," entertainment and amenities, health care, healthy lifestyle, infrastructure, and climate. 

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Panama

Panama certainly presents an excellent choice for budget-friendly retirement. Health care, perfectly mild weather, and affordable lifestyle — all are noteworthy, but according to International Living, it's stress-free living that makes Panama so appealing. The site's Panama editor mentions the quaint city of Santa Fe as a particular gem, with a low cost of living and lovely surroundings of waterfalls, mountainscapes, and wildflowers.

The Global Retirement Index ranks Panama first overall, with a final score of 93.5. Cost of living is ranked 89, while buying and renting (housing) rates 86. Panama earns 100 in benefits and discounts, visas and residence, and entertainment and amenities.

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Colombia

Colombia is a modern country that's becoming increasingly popular as a prime retiree destination, according to International Living. An inviting cultural scene, warm weather (not much seasonal change), and a diverse natural landscape, with more than 50 national parks, along with beaches, jungles, deserts, and fruit-bearing trees, make for an ideal retirement venue.

With inexpensive properties and a low cost of living, many Americans can live an upscale lifestyle without being "USA-rich." Colombia scores high 80s and 90s in almost every category, achieving a total score of 87.7 -- good enough for sixth place. ¡Vaya a Colombia!

 

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Thailand

If cheap housing and food prices and a tropical climate are priorities, Thailand is the place. Americans of average means can really live it up in this inviting country. The city of Chiang Mai is considered particularly appealing for retirement, due to its variety of cuisine, top-notch hospitals, cheap medical care, and vibrant Thai architecture and culture.

On International Living's retirement index, Thailand earns a score of 90 in cost of living and housing, while entertainment and amenities rank 96, for an overall score of 84.8 (seventh place).

 

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