Cambodia is ranked first on a global list of the top five places for American expats to retire in 2017.

According to the editors of InternationalLiving.com, American retirees concerned about living comfortably on a limited budget need have no fear: they've located the five most affordable havens on the planet where expats may change their lifestyle while spending as little as $1,500 a month.

Most Americans are not well prepared for retirement, according to recent studies: they haven't saved enough, they'll likely outlive their savings, and they're being told to work longer, spend less, and lower their expectations for their retirement lifestyle. housing

"Go to the right destinations overseas, and retirees can really increase their quality of life while spending less," said Jennifer Stevens, Executive Editor of International Living.

The top five countries in this year's Index in the "Cost of Living" category, which provide the most reasonable cost of living for seniors, are:

Vietnam is number five.

Vietnam has been a famous tourist and expat destination in Southeast Asia. It was one of the poorest countries in the world in 1990; nowadays, it is firmly in the middle class and on the rise. There are currently several globally acknowledged hospitals, as well as upscale malls and attractive residential districts.

"Vietnam remains an extremely affordable location to live," says Wendy Justice, Vietnam correspondent for International Living. "Modern, furnished two-bedroom flats start from around $350 to $400 per month in attractive seaside communities, and approximately $500 per month in large cities. Cable TV, high-speed Internet, water, trash, and housekeeping are frequently included in the rent. "Even in the most costly cities—Ho Chi Minh City and Hanoi—two people can live nicely for less than $1,500 per month," Justice reports, "good housekeepers are pleased to earn merely $2 or $3 per hour." "If you want to discover a place with an even cheaper cost of living, I recommend going to the beach. Nha Trang, Hoi An, and Da Nang are three low-cost beach cities that won't break the bank."

Colombia is number four.

The Colombian peso averaged 3,100 pesos to $1 USD in 2016, making it an incredibly affordable country to live in. The exact prices will vary depending on where you live, but a monthly budget of $1,500 to $2,000 will cover not only the necessities of life, but also some nice perks like regular housekeeping and handyman services.

"Rental costs are also low." "

According to International Living's Colombia correspondent, Nancy Kiernan, unfurnished three-bedroom, two-bathroom apartment rents in a medium-sized city like Pereira are in the $400 to $600 range.

"Rents in the posh El Poblado neighborhood of Medelln, where I live, can cost between $800 and $1,000 per month. Even yet, the prices are considerably lower than in most large American cities."

The average monthly cost of utilities (water, electricity, and gas) is $70. Monthly costs for high-speed, unrestricted Internet, home phone, and cable TV will be around $60. There is no need for central heating in much of the country due to the mild climate.

3. Peruvian

Peru has always been a popular tourist destination for those looking for outdoor activities, breathtaking landscapes, and archaeological treasures. It is one of the most affordable rates of living in Latin America for expats looking for a cheap retirement location.

With a modest salary, Peru offers a good quality of living, from renting to dining out. Hundreds of traditional picanterias in Arequipa serve three-course dinners for as little as $2, which include a jug of purple chicha morada, the city's favorite drink. A big three-bedroom apartment in Arequipa's famed Yanahuara district may be had for less than $350 a month. For double that amount, you may get a fully furnished and equipped modern condo.

"In Peru, you can really live well on a budget," explains International Living editor Jason Holland. "Your living expenses will, of course, be determined by your way of life. However, many expats estimate spending around $1,500 a month in total."

Utilities are also reasonably priced. Electricity will cost $50 to $60 per month in Arequipa and Cusco, where air conditioning is not required. Water costs $10, and high-speed internet and cable television costs around $70. Nicaragua is a country in Central America.

Nicaraguans spend between $1,200 to $1,500 each month on average. This includes a furnished one-bedroom apartment, food, energy, water, Internet, and money for outings. Having a car will add to your costs, but public transit in Nicaragua's major cities is inexpensive and reliable.

Food is cheap, and taxes are reasonable. Real estate taxes for a $132,000 property on almost an acre of property with an ocean view, for example, are $141 per year. Nicaragua, unlike the United States, does not tax money generated overseas.

"There is no cost of living comparison between the United States and Nicaragua," Bonnie Hayman, who moved from San Diego to San Juan del Sur nine years ago, says. "For a fraction of the expense back home, you may enjoy a higher quality of life, less financial worries, a better house, more fun, and less stress here. Nicaragua literally saved my life in terms of finances "she explains.

Cambodia is number one.

If there is one thing that expats in Cambodia are likely to agree on, it is that the country has an economical cost of living that is difficult to beat.

Western-style apartments start at $300 per month in the capital, Phnom Penh, and as low as $200 per month in Sihanoukville, Cambodia's seaside town. For two people, a meal at a good local or international restaurant can cost as little as $10 to $20. Cambodia also offers significant cost reductions for people who require regular drugs, with cities such as Phnom Penh boasting multiple professional pharmacy chains and experts that sell brand name prescriptions for less than 10% of what they would cost in the United States.

Expats claim to be living it up in Cambodia on a shoestring budget. "The cost of living here is so low that my monthly costs are only around $1,200 without having to budget," explains Sihanoukville expat Brett Dvoretz.