2. Panama

Costa Rica’s next-door neighbor, Panama, is another popular choice for retirees moving abroad. One reason for that would be the lush mountain vistas and tropical weather, which create the perfect spot to enjoy your golden years. In addition, Panama’s low cost of living may help you stretch your retirement income quite a bit further compared with other states.

This tropical country also provides one of the most comprehensive retiree programs in the world. It’s called the Pensionado Visa and is meant to offer retired expats financial support. Those who qualify for this visa are eligible for a wide variety of benefits while living in Panama.

Some of them include significant exemptions and reductions for things like utility bills, public transportation, airline tickets, doctor’s bills, loans, personal home mortgages, dental exams, eye exams, hospital services (if no insurance applies), medications, import taxes, and hotel stays.

In order to qualify for this special program, a retiree must receive income from Social Security or have a pension fund or other source of income above a certain threshold.