Want to retire in Latin America? These 7 countries are much cheaper than Mexico.

The cost of living in the United States is absurdly high, and retirement savings may not last for years? More and more Americans are choosing to run off to Latin America to retire. Not only are there beaches and a tropical climate, but the key is that money goes further here—what barely sustains life in the U.S. can allow for a better quality of life in these places.

Ranking of the 7 Cheapest Countries (from high to low cost-performance):

1. Colombia — Rent $548/month (Bogotá single bedroom only $394)

• The cost of living is 1/3 of that in the United States.
• The electricity bill is ridiculously cheap: $32/month (not a typo)
• Monthly expenses $1000-2000 to manage the couple.

2. Paraguay — Rent $555/month

• Retired individuals from the United States are exempt from income tax
• Medical care and prices are cheap
• Quality of life ranks high in Latin America

3. Argentina — Rent $576/month, which is 81.8% lower than in the United States.

4. Nicaragua — Rent $625/month, couple $1500/month including meals and accommodation

5. Brazil — Rent $661/month, cost of living is only 1/3 of that in the United States.

6. Peru — Rent $672/month, rental price down 76.8%

7. Ecuador — Rent $750/month, retirement cost is 1/3 of that in the United States.

Key Tips: How to handle health insurance? The good news is that private insurance in these countries is much cheaper and of good quality. Government health insurance is even cheaper—only $95 per month in Ecuador. Don't worry about Medicare being untransferable; just think differently.

Which one to choose? It depends on your priorities: if you want a high-quality life, choose Argentina; if you want to save money, choose Colombia; if you prioritize healthcare and safety, choose Brazil. As long as you are not too picky, you can live comfortably on $1500-2000/month.