The answer is to think outside the box--the box being the United States. This isn't a new idea, but it's truer and truer, as ever-increasing numbers of Americans consider leaving the States in search of a quality retirement lifestyle they can afford.

Once you expand your retirement options to include those outside this country, you realize you can enjoy a rich and satisfying life even on a modest budget. Specifically, the editors of Live and Invest Overseas have identified six overseas havens where you could retire and live well on $1,500 a month or less:

Panama--Still the World's Number-one Overseas Retirement Option

Panama caters for foreign retirees like no other country in the world. Day-to-day living is affordable, taxes are low, property prices remain reasonable (even qualifying as cheap outside the capital city), and, best of all, Panama offers one of the world's most generous retirement incentive programs, including retiree discounts of up to 50% on everything from restaurants, hotels, and in-country airfares to prescription medicines and closing costs on a home loan.

Panama is the best choice if you seeking a place where you'll enjoy the same comforts you're accustomed to in the U.S.--plus additional luxuries you'd never be able to afford back home.

As "the gateway to the Americas,'' Panama's geographic position makes it an important hub for international business and travel. While other Latin American countries depend heavily on the U.S. economy, this is not the case with Panama, which is showing no signs of slowdown despite the emerging recession in the States. Panama stands on its own legs, with the fastest-growing economy in the region (expanded by 10% in 2007 and expected to grow by nearly the same rate in 2008) and a thriving international banking industry.

The infrastructure in and around Panama City is the best in the region, without question, and being expanded and improved to try to keep pace with current growth. The Panama Canal Expansion Project, which will double the Canal's capacity, alone could generate enough wealth to transform Panama into a First World country.

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