With more and more people retiring in the US and Canada, there is stiff competition between Mexico and Central American countries hoping to attract some of them as residents. There are many affordable retirement spots offer low cost housing, reasonable food prices and other intriguing amenities. Couples can live comfortably on $40,000 USD per year or less.

Puerto Vallarta, Mexico has long been a retirement mecca. There are many new developments in the area offering housing for every budget, whether people want to rent or own. The city has direct flights to many locations, so traveling is convenient. The agents at Ron Morgan Properties will work with you to find a great place to call home. More than 50,000 Americans receive Social Security and/or pension payments in Mexico.

The number of Americans receiving retirement payments in Panama increased by 65 percent between the years 2006 and 2014 and in Costa Rica there is about 5,000 receiving American pensions, according to Central America Data.

Not to be outdone, Belize and Nicaragua have also joined the race for Canadian and American retirees and their spending ability. These countries are even offering discounts on everything from cars to building supplies.

Panama has a program reducing the requirements to invest in property, businesses and other endeavors. Investors are banking on new luxury complexes, equipped with spas, restaurants, marinas and golf courses.

In Belize, developers are trying to promote the country as a place for retirees to live in luxury. They are currently building a complex which will hold 2,000 residential plots, 250 condominiums and townhouses and a marina with capacity for up to 250 boats.

No matter where you decide to retire do plenty of research and plan on living there for several months or even longer before purchasing a home. This is a great way to meet other expats and get the scoop on living in another country.

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