Mexico is set to be the best place to retire in 2017, according to's new Annual Global Retirement Index.

It is the fifth time that the Spanish-speaking nation has topped the index, which ranks the top 24 retirement destinations for U.S. residents in the world annually. The comparatively low cost of living and favorable currency rates have seen expats report living well for US$1,200 a month, while friendly locals and an appealing balance of exotic and US culture were also cited as some of the main reasons it was singled out.

The index evaluates countries across 10 categories, including visas, healthcare, climate and property, amongst others, and the one with the highest total score is deemed the winner.

According to's 2017 Global Retirement Index, the world's top 10 retirement destinations are:

  1. Mexico
  2. Panama
  3. Ecuador
  4. Costa Rica
  5. Colombia
  6. Malaysia
  7. Spain
  8. Nicaragua
  9. Portugal
  10. Malta