The World’s Greatest Warm, Sunny — and Cheap! — Places to Retire

Thailand's low cost of living has been beckoning Canadian retirees for decades now, and the city of Chiang Mai is ultra-affordable, even by Thai standards. “For under $2,000, I live like a king,” a Canadian retiree tells the BankRate website, adding that he moved to Chiang Mai in early 2009 and rented a 1,200-square-foot condo for about $400 per month. He says that groceries cost about $50 per month, while going out to eat is similarly inexpensive. “There are Western-style restaurants, entertainment venues and social events,” he adds.

Known for its white sand beaches and crystal clear waters, Panama is an affordable paradise where the year-round temperature ranges between 22 and 31 degrees Celsius. Panama also offers affordability; a furnished studio apartment should run you less than $1,500 per month.

For more cheap places to retire, check out 10 Great Places Where You Can Retire for Under $2000 a Month.

The Pacific island of Guam (a U.S. territory) is situated about 3,700 miles southwest of the Hawaiian islands, but shares a gloriously similar climate. However, the cost of living is significantly lower than Hawaii, where renting a furnished studio apartment will cost about US$1,300 — compared to Guam, where the cost is about US$750. The biggest downside to Guam at the moment, however, is its proximity to North Korea and its role as a pawn in the rogue nation's game of nuclear chicken with the U.S.

Want to retire with more cash? Read these 15 Retirement Tax Tips That'll Save Your Nest Egg.

Nicaragua makes it easy for expats to obtain a resident's card in this Central American nation where the cost of living is a fraction of what we experience in North America. After her accountant told her she could never afford to retire in the U.S., a retiree to San Juan del Sur explains: “One vacation later and I made up my mind. I was going to leave the U.S. and retire in Nicaragua. What was there to stay for? Working forever?” She says it was "the best decision I ever made." The climate is warm and sunny, with average temperatures ranging between 22 and 32 degrees Celsius.

With its French colonial heritage, lush rainforests, great beaches and ancient temples, there is plenty to experience in Cambodia, which offers the desirable combination of warm weather and a low cost of living. “The cost of living in Cambodia is so low that my bills only total around $1,200 a month, without having to budget,” a retiree tells HuffPost. “I eat out wherever and whenever I want; a drink runs you $2, and I can have a fresh-cooked meal at a restaurant for as little as $2.50.”

Want to retire early? Consider this first.

Portugal's low cost of living, affordable real estate, world-class beaches and glorious weather are all contributing factors behind Lisbon's growing popularity a retirement destination for North American expats.

Want to retire in Canada instead? Check out the 20 Best Places to Retire in Canada.

Costa Rica has been welcoming North American retirees for decades, known for its gorgeous white-sand beaches, lush jungles and low cost of living. Because of its reputation as a retirement destination, new arrivals find they don't have to do much trail-blazing, as that's already been done by the numerous other expats you'll meet. Acquiring permanent residence requires a monthly income of $1,000, while those who live there say you can live quite comfortably on between $2,000 to $3,000 per month.

RELATED: This is the Secret to Retiring with Millions.

A world-renowned tourist destination, Puerto Vallarta is also a desirable retirement destination thanks to the strength of the Canadian dollar in relation to the Mexican peso, with your dollars stretching considerably when it comes to housing and dining. The weather is spectacular, the beaches are gorgeous and the affordability is undeniable.

Is Mexico too far? Check out 10 of the Warmest Places to Retire in Canada.

An stunningly beautiful ancient city surrounded by sapphire blue water, boasting 300 days of sun per year, Malta is easy to overlook due to its small size, yet offers some wonderful benefits for potential retirees. “A couple can live here comfortably for less than $2,700 per month," a correspondent tells the International Living website. "You can rent a two-bedroom apartment in Sliema, one of Malta’s most lively cities, for about $800 per month. Your rent could be as low as $600 per month in the countryside in Gozo. A pleasant dinner out can cost as little as $25 per person, including a glass of local wine.”

Boasting a moderate year-round climate and low rainfall, Morocco is an inexpensive retirement destination for those with a flair for the exotic. While some have complained about the complicated local bureaucracy, a furnished studio apartment in the most expensive area of Casablanca will only cost about $600 per month, while a typical dinner for two can be had for about $25.

Not ready to retire? Check out 20 Inexpensive Trips to Take From Canada Right Now.

Spain is still struggling to recover from the 2008 global financial crisis, while the Catalonia separatist movement continues to create political strife. Yet for Canadian retirees, these factors can mean bargains when it comes to housing, food, entertainment and the like. According to the Expatisan website, rental of a furnished studio apartment costs, on average, less than $500 per month. As a bonus, Valencia's airport offers direct flights to many European cities, typically for less than $300, making those dreams of travelling Europe an affordable reality.

The narco-trafficking exploits of Pablo Escobar are decades in the past, and Colombia is now becoming a popular retirement destination for expats who crave a hot, sunny climate and affordable cost of living. “An expat living in Medellin’s upscale El Poblado neighbourhood pays about $1,250 a month to rent a three-bedroom high-rise apartment," a correspondent tells International Living, "however there is a very wide range of prices available throughout the city beginning around $500.”

Need more options? Check out 20 Places to Retire if You Hate the Cold.