1. Nicaragua

To stretch your retirement dollars to the absolute limit, head for Nicaragua, where International Living says you'll only pay about $150 a year in property taxes on a $130,000 house. Buying a home not your thing? Rent's cheap, too, at $200–$400 a month.

You'll have to watch that grocery bill, of course, or change your diet to more native fare, since some things we take for granted in the U.S. and consider cheap — like peanut butter — are definitely pricey there. New vehicles are costly, too, but if ever there was a time to buy an old convertible, kick back and enjoy, this would be it.

The bottom line? A single person can easily live on $1,000 or less a month and a couple can maintain a comfortable lifestyle for $1,200 and $1,400, according to IL.

2. Vietnam

Tearing your hair out over your Internet bill? That's just one of the things that are cheap in Vietnam, where a connection with unlimited data runs about $14 a month. Name one company in the U.S. that can even come close. 

Rent won't set you back much — in fact, a couple can get by in Vietnam on $1,000 a month or even less — even with eating out and buying groceries. But steer clear of the supermarket and hit the vegetable and fruit markets instead; they are both cheaper and healthier.

3. Ecuador

Not only are utilities cheap in Ecuador, its moderate climate means you shouldn't have to devote much of your retired budget to either heating or cooling your home. Rents are reasonable, too, even for furnished apartments. An 800-square-foot place might go for $400 per month, although you will pay more for mountain views or big-city living.

Food is a bargain at local markets, but if you aren't of a mind to prepare your own, you can grab a lunch of soup, salad, fried chicken and rice — complete with beer — for a mere $4.

4. Thailand

If you adapt your diet to what's available locally, you'll save more than if you keep to a Western diet — which can be pricey in Thailand. But local produce and even organics are cheap. 

Ditto house and condo rentals, Internet and cable packages, and many options for dining out. Imagine buying lunch from a street vendor for just $1.

Even in the heart of the city of Chiang Mai, it is possible to rent a modern one- or two-bedroom furnished condominium for less than $600 per month, IL says. 

5. Belize

Got a yen for the Caribbean? While you can spend a lot of money retiring in Belize, you can also get by on Social Security in some of its towns, like Corozal, San Ignacio and Punta Gorda. Fill your appetite for scenery while spending just $400 a month on rentals, if you're careful.

You can live for a month on $1,300, and hop over the border into Mexico to shop at familiar U.S. discount stores like Sam's Club. 

6. Guatemala

Just a two-hour flight away from Miami, Guatemala offers retirees lots of options. Its southern highlands' comfortable climate means retirees can save money by eliminating air conditioning. Couples can manage nicely on an income of $1,000–$1,500 per month, including rent, and health care is both good and affordable. 

There's also plenty to interest the amateur archaeologist, with Mayan sites tucked away in its northern and western subtropical jungles.