1.  Algarve, Portugal

algarve portugal
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  • Your monthly budget: $1,500

Dreaming of retiring in a faraway place? The best locations offer gorgeous views, affordability, great weather, vibrant communities and a solid number of expats.

The Algarve area of Portugal takes the top spot for the third year in a row on Live and Invest Overseas' list of the best places to retire abroad. The coastline region boasts fishing villages, open-air markets, beaches and dozens of golf courses.

The cost of living here is among the lowest in Western Europe and a strong dollar is making it even more affordable for Americans.

First published January 6, 2016: 8:16 AM ET
Monthly budgets consider the following costs: rent for a one-bedroom apartment, groceries, utilities, cable, Internet, phone services, and entertainment (eating out twice a week and two trips to the movies a month).

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