Panama

If you think Panama is famous just for the Panama Canal, think again. Panama is also famous for offering retirees the best of both attractions: endless beaches and majestic mountains. From the cost of living point of view, almost everything is cheaper than in the United States, from groceries to eating out and paying rent.

“Modern, convenient, and close to the U.S. — not to mention sunny, warm, and welcoming,” said the 2020 report. “Panama is warm and tropical, but completely outside the hurricane belt. The currency is the U.S. dollar. The tax burden is low. And there’s a large English-speaking population — including a cadre of excellent doctors.”