02. Colombia

With its affordable cost of living, retirees can make their pensions stretch further in Colombia.

Renting an apartment, for instance, is notably economical; in cities like Medellin and Bogota, a one-bedroom apartment can be secured for as little as $300 to $500 per month.

Beyond affordability, Colombia boasts a diverse tapestry of culture, lush landscapes, and warm-hearted locals and emerges as a compelling choice among the cheapest countries to retire to.