Thailand and Malaysia have been recognized as prime retirement destinations for Americans, securing spots on a list of eight ideal locations compiled by financial advisors.

Thailand, ranked eighth, is lauded for its tropical climate, affordable living costs, and vibrant culinary scene, according to a list compiled by U.S.-based financial advising firm Wealth Enhancement Group as reported by The Miami Herald.

A boat is seen on a beach in Thailand. Photo by Pixabay

The "Land of Smiles," as Thailand is often called thanks to its people’s hospitability, offers affordable prices for products and services, especially outside of Bangkok.

Thai healthcare is also hailed as one of the most effective systems in the world.

The country’s long-established expat communities and familiarity among Westerners further enhance its appeal.

Wealth Enhancement also highlights Malaysia on the fifth place on its list, describing it as a blend of "Asian and Western influences with modern amenities and beautiful landscapes."

Retirees can enjoy comfortable living in cities such as Kuala Lumpur and Kajang while traveling to popular islands such as Redang and Manukan for new experiences.

Kuala Lumpur, Malaysia. Photo by Pixabay

The country is also praised for its affordability in housing, food, and healthcare.

The "Malaysia My Second Home" program, which is a government initiative that allows foreigners to live in the country for typically 10 years before a renewal, also provides retirees with tax benefits and other benefits.

The cultural diversity of the country, which is significantly different from the U.S., can spark curiosity and unlock new adventures for expats.

The list also includes Greece, Uruguay, France, Mexico, Portugal and Costa Rica as potential destinations for Americans to spend the last years of their lives.

Wealth Enhancement Group, founded in 1997, is a network of financial advisors specializing in wealth planning and management for 57,000 clients.