These are the top 10 countries to retire in this year, according to US expats who have already made the move

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Where do you want to retire?

• The International Living Retirement Index, an annual comprehensive guide to global retirement destinations curated by US expats, was just released.
• The ranking takes a number of factors into consideration, including cost of healthcare, cost of living, process of obtaining a visa and owning property, access to entertainment, and ease of assimilation.
• Five Latin American countries made the list, followed by three European countries, and two Asian countries.
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In the US, unprecedented numbers of seniors are pushing past the once-typical retirement age of 65 and working until about 72. Simultaneously, millennials are hustling to amass income-generating assets and living off rice and beans to retire early.

While there's no one way to approach retirement, many are getting creative in stretching their money for a comfortable - and even luxurious - third act of life. One strategy? Retiring abroad.

International Living, a magazine focused on Americans living overseas, just released its annual Retirement Index.

The index, which ranks countries "where you can live a healthier and happier life, spend a lot less money, and get a whole lot more" in retirement was created through extensive surveys taken by US expats. Retirees living overseas ranked their experience across 10 categories: housing, benefits and discounts for seniors, visas and residence, cost of living, assimilation and entertainment, quality and accessibility of healthcare, development, climate, stable government, and opportunity for semi-retirement.

Each category was then given a score out of 100 combining a number of nitty-gritty details. For example, the housing category encompasses the value of real estate, the cost of building, property taxes, and even if there is opportunity to earn money renting. The cost of living category addresses minutia like the cost of a liter of milk and a movie ticket. The healthcare category, meanwhile, covers costs of medical procedures, common medications, and ease of access, as well as quality.

After balancing all 10 categories, a final overall score, also out of 100, is ascribed to each country.

Keep reading for a look at the top countries for retirement, ranked in ascending order of final score, according to expats who have already made the move.