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Carvoeiro, Algarve, Portugal.

This Old World region on the Atlantic Ocean is the best place in the world to retire that nobody's talking about. Located at Europe's westernmost tip and boasting 100 miles of Atlantic coastline, Algarve could be Europe's most famous secret. This region boasts Europe's best beaches, Europe's best golf courses, some of Europe's friendliest folk, and Western Europe's lowest cost of living. It's also Europe's newest tax haven.

This is a land of cobblestoned streets and whitewashed houses with lace-patterned chimneys, surrounded everywhere by fig, olive, almond and carob trees. The Algarve also offers great weather with 3,300 hours of sunshine per year; meaning more sunny days than almost anywhere else in Europe.

The Algarve, Portugal, is the top retirement option in Western Europe for the retiree on a budgetthe cost of living in Portugal is on average 30 percent lower than in any other country on the Continent.

Bottom line, the Algarve offers the best of Europe from medieval towns and fishing villages to open-air markets and local wine so you can savor the best of an old-school, Old World lifestyle at a very affordable cost.

Kathleen Peddicord is the editor and publisher of Live and Invest Overseas, a website and newsletter about living, retiring and investing overseas. She has covered the international beat for more than 30 years and currently lives in Paris with her husband and son. Follow Live and Invest Overseas on Twitter @LiveandInvest.

For more insight from CNBC contributors, follow @CNBCopinion on Twitter.

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The world's top 10 retirement destinations for 2017 - CNBC