10. Panama

If you’re looking for a non-conventional palace to retire among the cheapest countries in the world, you must consider Panama as one of your options.

The average cost of living in Panama is refreshingly economical, ranging from $1,200 to $2,000 per month. This includes accommodation, groceries, dining out, and leisure activities.

Moreover, Panama uses the U.S. dollar as its official currency, which provides financial stability and eliminates exchange rate hassles for retirees.