There is no one way to approach retirement, but many people are getting creative in stretching their money for a comfortable even luxurious third act of life. One strategy? Retiring abroad.

International Living, a magazine focused on Americans living overseas, released its annual Retirement Index recently. The index was curated by US expats and ranked countries "where you can live a healthier and happier life, spend a lot less money, and get a whole lot more" in retirement. Portugal was named the best country for retirement because of its affordable lifestyle, quality healthcare, temperate climate, and dining.

Business Insider spoke with Tricia Pimental, who retired to Portugal in 2012 with her husband, Keith, from Park City, Utah. They currently live in central Portugal and spend roughly $2,330 in a typical month.

They spend that money across categories including housing, food, transportation, healthcare, and entertainment.

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Retired American expat couple shares their cost of living in Portugal - Business Insider