Panama is best for retirement

The cost of living and a variety of climates and cultures make Panama the best country in the world in which to retire, according to International Living.

Costa Rica is second in the region and fourth worldwide, thanks in part to a healthy lifestyle.

Nicaragua, where a person can retire on as little as $1,200 a month, placed seventh.

The ranking is based on factors such as climate and cost of living – including healthcare – according to retirees in various countries (numbers in brackets indicate the position of each country in the global rank).

1    Panama (1)

2    Mexico (3)

3    Costa Rica (4)

4    Colombia (6)

5    Nicaragua (7)