4. Panama

Panama aggressively courts foreign retirees with its world-renowned Pensionado program. This visa is widely considered the best retirement program in the world due to the sweeping discounts it mandates by law. Approved retirees receive 25 percent off utility bills, 25 percent off airline tickets, 50 percent off entertainment, and 10 to 20 percent off medical expenses.

To qualify, you only need to prove a guaranteed lifetime pension of $1,000 per month. The transition to Panamanian life feels seamless for many Americans because the local currency, the Balboa, is pegged directly to the US dollar, and US currency circulates freely. This completely eliminates currency exchange risk from your retirement planning.

Panama City offers a Miami-style skyline with world-class dining and Johns Hopkins-affiliated hospitals. If you prefer cooler weather, the mountain town of Boquete hosts a massive, organized expat community. Expect a monthly budget of $2,000 to $3,000 depending on your location and lifestyle choices.