Cebu, Philippines One Of World's Most Affordable Places To Retire - CBS News

Cebu, Philippines is among the world's six most affordable places to retire, according to CBS News.

Cebu (Photo courtesy of TravelersCouch)

The Queen City of the South  has "some of the most beautiful natural landscapes in the world: narrow coastlines with bright blue waters and limestone plateaus offset by rolling hills and rugged mountains," it said.

CBS added that the presence of the Mactan-Cebu International Airport will make it easy for retirees to fly back to U.S. and for family and friends to fly in for a visit.

"The cost of living here is extremely low, so your dollar goes four times as far," it wrote. "To top it off, the Philippines offers generous residency visas for retirees."

Also making it to the list are Chiang Mai, Thailand; Cuenca, Ecuador; Granada, Nicaragua; Hoi An, Vietnam; and El Poblado, Medellin, Colombia.

These places were determined by publication and research firm Live and Invest Overseas through its Retire Overseas index which utilizes 12 factors, including climate, whether English is spoken, cost of living, health care and infrastructure, to determine the best cities to retire. In the said cities, $1,250 is reportedly enough to cover a retiree's living expenses, from housing to dining to travel.