If you keep an eye on the latest news, then you may have seen that Ecuador was recently named the best place in the world to retire. You may wonder why Ecuador was chosen and what it really has to offer retirees that other, often more luxurious-sounding, countries do not. Although you may initially scoff at the idea of retiring in this somewhat small country that doesn't seem to have the initial appeal of a country like France or Greece, once you realize what Ecuador really has to offer retirees, you may quickly realize that living in Ecuador is a much better idea than it may initially sound.
1. The US Dollar is Ecuador's Official Currency
Determining how far your US dollar will go in a foreign country typically involves finding out what the local form of cash is, hunting down the current exchange rate, and then trying to remember monetary conversions when forming a budget. You don't have to do any of this when moving to Ecuador, as the country has officially adopted the US dollar as its primary form of currency.
This means that when planning a retirement in Ecuador, the prices you see on real estate listing are in US dollars and you don't have to worry about the price changing from the time you put in a bid until the time you own the property due to exchange rates.
2. That Dollar Also Goes Much Further in This Low-income Country
Although Ecuador's currency is the US dollar, each dollar can get you much, much more in Ecuador than it does in the US. People who live and work in Ecuador take home an average net income of just over $400 per month, so prices for everything in this country are more affordable than in the US and other countries with higher average monthly salaries, or the locals would not be able to lead healthy, happy lives.
While living in Ecuador, the price of a nice dinner out for two people can cost as little as $12. Compare that to what you spent on your last meal in a nice restaurant in the US, and this gives you an idea how much further every dollar can go in this country. If you choose not to own a vehicle until you learn how to navigate around your new neighborhood, the cost of a taxi can be as little as 48 cents per mile. A ticket to you local movie theater can cost as little as $4.50 compared to the average $8+ cost of a movie ticket in the US.
Just as prices for items and entertainment can vary widely in the US and savvy consumers can find deals to keep expenses down, you can do the same in Ecuador and find great deals that help keep what you spend daily even lower than you expect.
3. Low Housing Prices Can Enable You to Live in Luxury Instead of Just Scraping by in the US
Just as there are a variety of housing options in the US, there are many options in Ecuador. You can rent an apartment monthly, purchase a condo, or purchase a luxury beach-front house. However, remember that with the average salary of a native Ecuadorian being so low, you can count on property you choose to rent or purchase also costing much less than it would in the US.
Instead of spending your golden years in a small home or apartment in the US, you may find that you can instead afford to spend those years in a luxury beachfront condo or home in Ecuador for a similar price.
If you were surprised that Ecuador was recently named the number-one place for US natives to spend retirement, you may now understand why this country was chosen. Remember that aside from your dollar going further and affording you that beachfront property, frequent dinners out, and lower-cost entertainment, Ecuador also has a rich culture and great food that are the "icing on the cake" that likely contributed to this country earning its label as a haven for American retirees. If you're planning to retire soon, look at Ecuador real estate listings to see what you might find in this hot-spot country.
Share6 July 2015
Finding a comfortable place to stay while you're on the road may seem like an easy task, but you can't always judge a book by its cover – just because a hotel looks great on the outside doesn't mean that it offers the amenities and conveniences that you want. Luckily, there is some easy legwork you can do to ensure that the hotel you choose to lodge in is exactly the right place. I have traveled the country multiple times, and my personal experience has taught me many ways to find awesome lodging at an affordable rate, right in the vicinity that I would like to stay no matter where I happened to be. So I decided to pass the information I've learned along to people like you, right here on this blog. Enjoy!