Today, retiring overseas has been a lot easier and cheaper. And with so many choices available, finding the right place to retire abroad can be sometimes overwhelming. But thanks to International Living's Annual Global Retirement Index, which was extensively researched for months, retirees can now have the ultimate resource to help them find their ideal retirement haven.

Not every corner of a country can be a perfect retirement haven. While some may hold appeal and attractiveness, some can be daunting due to their size and diversity. And before you plan what country to choose for your retirement, you can check out Don Murray's article posted on Huffington Post about overcoming your fears to retire abroad.

This 2016, Latin American nations have dominated the top 10 list for best places to retire based on 10 categories such as buying and renting, benefits and discounts, visas and residence, cost of living, fitting in, entertainment and amenities, healthcare, healthy lifestyle, infrastructure and climate. And out of the top 10, eight countries were from Latin America.

1. Panama

In this year's index, Panama earns the top spot as the best place to retire. It has also long been a favorite of retirees because the country offers the best package of retirement benefits in the world. Retirees can also be often found along both Caribbean and Pacific coasts, on white-sand beaches, living contentedly nestled in mountain valleys and along the glittering promenade of Panama City.

2. Ecuador

This is one of the most affordable places to live in the world. And retirement in Ecuador means living well as retirees can enjoy luxury even on a pensioner's budget.

3. Mexico

Mexico takes pride in offering a great quality of life, natural beauty, modern infrastructure and safety. Thus, it becomes one of the best retirement haven in the world. And with its proximity to the United States, it gives retirees more flexibility in making their retirement move.

4. Costa Rica

This Latin American nation has one of the highest standards of living in Central America. Costa Rica also lures several expatriates with its lower cost of living and slower pace of life.

5. Malaysia

Malaysia has already been a home to many expatriates and most of them are retirees. In this Southeast Asian nation, retirees can enjoy a great life with comfortable lifestyle on a budget. They will also never be bored with the country's arts, culture, history, pristine beaches and jungle as well as high-end malls.

6. Colombia

Colombia has some of Latin America's most beautiful colonial cities. And even though it does not have the best impression because of drugs, kidnapping and other crimes, retirees can live a dignified lifestyle even on a Social Security check.

7. Thailand

Thailand often attracts retires from all over the world with its warm climate, inexpensive cost of living and undeniably beautiful scenery. The affordability of beachfront living and the nation's friendliness are also Thailand's strongest assets.

8. Nicaragua

Considered as the "World's Best Kept Retirement Secret," Nicaragua has been a premiere retirement haven for Americans, Canadians and Europeans who think about retiring abroad. They are also lured by the country's abundance of great real estate investment opportunities, low property taxes and a low cost of living with a high quality of life.

9. Spain

Due to its lowest cost of living in Europe and abundant seaside living, Spain has become popular among expats and retirees. It also offers excellent infrastructure, international schools and first-class medical facilities.

10. Portugal

Most tourists do not intend to stay permanently in Portugal but with its relatively low cost of living, locals have been welcoming several expats and retirees to live life inexpensively and enjoyably.

Also included in International Living's best place to retire in 2016 list are Malta, Honduras (Roatan), France, Belize, Peru, Italy, Philippines, Uruguay, Dominican Republic, Ireland, Cambodia, Guatemala and Vietnam.