US News & World Report:
One of the most compelling reasons to consider retiring to another country is the opportunity to reduce your cost of living, maybe dramatically.
The average Social Security check is about $1200US. You can receive that payment while living anywhere in the world. In some countries you can even have your check direct-deposited into your local bank account there. Here are a few of the Top Five places.
Boquete, Panama because Panama offers user-friendly options for foreign residency. Resident retirees receive a long list of benefits including discounts on everything from prescription medicines and in-country air travel to closing costs on the purchase of real estate.
Granada, Nicaragua is a charming Spanish-colonial city built around a beautiful and lively central square. It's also home to a welcoming community of expat retirees enjoying new lives in this land of lakes and volcanoes. You could live well in Granada for about $900 per month.
In Cuenca, Ecuador the average Social Security check ($1200) could also buy you a pleasant new life. The city has an established community of expats who will welcome you and help you with your transition. The other big plus for Cuenca is its climate. Ecuador is a land of eternal springtime, never too hot and never too cold.