Panama is the best country in the world to retire, according to the 2022 index of top 10 retirement destinations prepared by web portal International Living.
Interestingly, 6 out of the top 10 countries ranked on the index are in Latin America, and they include Costa Rica, Mexico, Colombia, Ecuador, and Uruguay.
Uruguay, a country is just 3.5 million people, has made a surprise entry into the index this year. “Uruguay is the most democratic country in Latin America. And in relative terms, it brags the largest middle class in the Western Hemisphere,” says David Hammond, an expat who has been living in the country for the past 15 years.
The countries were ranked on the basis of factors such as cost of living, healthcare, climate, and retirement benefits.
It seems Panama’s pension program, Pensionado, has earned the country the first slot on the index. The program was created to ensure that retired Panamanians could live with dignity as active members of society.
A reasonably “comfortable” cost of living and friendly attitudes of citizens are the factors that helped Costa Rica earn the second slot on the index.
Mexico has scored third on the ranking. Considering the report, many U.S. and Canadian citizens chose to retire in Mexico because of the country’s special culture and lifestyle.
If a couple is earning around US$2000 a month, it can live comfortably in Mexico.
Low cost of living and excellent healthcare services are the factors that make Colombia the right destination to retire. Like Mexico, Colombia is also popular among US and Canadian expats.
Ecuador is relativity poor and disturbed by gang violence in recent months. Nevertheless, many expats like to live in this sunny country because of its lower cost of living.