Cost of living is a major factor when considering where to live out your golden years. Those looking for an affordable retirement destination without sacrificing good weather, a laid-back lifestyle, and a rich culture should consider Colombia, according to International Living's 2024 Annual Global Retirement Index.

The company considered global destinations with established expat communities and ranked them in seven categories such as housing, cost of living, climate, healthcare, and visas. And while Costa Rica won the overall top spot on this year's list, Colombia came out first in the cost of living category. 

"When it comes to bang for your buck, it's hard to beat friendly, polite Colombia, where the lifestyle is sophisticated, yet the cost of living is remarkably low," Jennifer Stevens, International Living's executive editor, told Travel + Leisure.

So, how much exactly does it cost to retire in Colombia?

"In a very nice neighborhood in Medellin, for instance — a truly green city that closes a huge thoroughfare to traffic on Sundays to free up the space for walking and biking — you can rent a two-bed place for between $700 and $1,000 a month. With a total budget (housing included) of between $1,700 and $2,200, a couple will find they have plenty of funds to eat out a few times a week, pay a housekeeper, travel locally, and live well without counting pennies," Stevens explained.

She also pointed out that the country's topographic diversity means retirees can choose from various destinations — and lifestyles — with different climates like tropical towns and islands along its Caribbean and Pacific Coasts or cooler spots in the mountains and the rainforest.

Colombia also has a high score in the healthcare category. The report highlights cities like Bogotá, Medellín, and Cartagena, which have excellent medical facilities and where preventative care comes at a fraction of what it does in the U.S. "Even without insurance (which is not recommended), you pay as little as $20 for a consultation with a specialist, and a cleaning at the dentist will cost you $60," the report states.

According to The Legatum Institute, a London-based think tank that ranks the world's best healthcare systems each year, Colombia placed 36th in 2023, ahead of countries like Greece and Portugal, and well ahead of the United States, which ranked 69th.

However, the report also states that at least a basic level of Spanish is required to live comfortably in Colombia and warns that retirees should still exercise caution when choosing where to settle down. It recommends avoiding the Arauca region at the border with Venezuela.

That said, there are plenty of other places to consider. For those who want to experience island living, International Living recommends the Caribbean islands of San Andrés, Baru, and Providencia, while urbanites should look into cities like Manizales, Bogota, and Pereira.

Last year, financial website Insider Monkey ranked the best places to retire in Colombia, and the top three destinations were Santa Maria, where it estimated that a retiree could live comfortably with $733 per month; Cartagena, where you'll need on average $1,047; and Medellín, with $829.