8. Ecuador

Ecuador packs incredible ecological diversity into a small footprint. You can choose to retire along the Pacific coast, in the high-altitude Andes mountains, or near the edge of the Amazon basin. Like Panama, Ecuador uses the US dollar, protecting your retirement income from wild currency fluctuations.

The colonial city of Cuenca remains the epicenter of expat life in Ecuador. Sitting at an elevation of 8,400 feet, the city features cobblestone streets, historic cathedrals, and a spring-like climate year-round. The retirement visa requires proof of just $800 a month in stable income, plus $100 for each dependent.

Ecuador honors its seniors. By law, anyone over 65 receives a 50 percent discount on public transportation, half-price tickets to cultural events, and reduced utility bills. They also get to jump to the front of the line at banks and grocery stores. A couple can easily live a robust life here on $1,500 to $1,800 a month.