This Andean city in Ecuador has ideal weather—and you can retire there for as little as $1,500 a month.
Separately, Bill and Dean Keyes and Chase and Saralee Squires claim to have discovered the same retirement location with ideal weather — temps in the upper 60s and low 70s year-round during the day and in the high 40s at night during the winter (in this case, August and September).
Cuenca, Ecuador, a Unesco World Heritage site, is their ideal destination. Despite its height of roughly 8,500 feet above sea level, the country's third-largest city has palm palms and parrots since it is just around 200 miles south of the equator.
"If your home doesn't excite and astound you every day, you're doing it incorrectly." And that's how I feel about Cuenca," says Saralee Squires, 61, who retired after a career in advertising and then benefits administration.
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The Squireses were still in their 50s when they departed downtown Denver after seeing Costa Rica, Spain, Panama, Belize, and Colombia, as well as Ecuador, in quest of their overseas retirement destination.
They chose Cuenca, where they claim they spend roughly $3,000 per month but add that it's feasible to live on half that—a number that the Keyeses agree on. "We don't spare anything, and we pay for convenience," said Chase Squires, 56, a former reporter and marketing executive.
Meanwhile, the Keyeses relocated to Cuenca from Tucson a dozen years ago, leaving daughters and grandkids in the United States. They estimate that they spend about $2,000 every month.
"Our cost of living is certainly less than half of what it would be in the United States," says retired civil engineer Bill Keyes, 81.
"We will never go back to the States," says Dean, a 75-year-old retired schoolteacher and community banker. We'll die here, and my ashes may be scattered in the Galapagos."
The two couples, whose lifestyles do not intersect among Cuenca's estimated 7,000-10,000 expats, spoke separately about their experiences. Both couples highlighted that in order to be happy, anyone thinking about moving must be ready to adapt to Ecuador's methods of doing things.
Those interested in retiring in this South American nation the size of Colorado should check it out, whether for a brief holiday or for up to three months (no visa necessary), they suggest. Chase and Saralee Squires kept their Denver apartment as a safety net for two years, just in case.
Don't neglect Facebook groups for information on Cuenca or other places in Ecuador; here are three popular ones.
Spanish abilities aren't required; all four admit their language skills aren't superb and refer to Google Translate, which is used by both Americans and Ecuadoreans to converse. For medical appointments and other scenarios, facilitators—basically translators—can be hired.
In a nutshell, walkable. Both couples stated that since people walk everywhere here, most Americans lose weight after relocating here.
They claim that the pace of life is likewise significantly slower than in the United States.
Netflix is available, as is streaming access to American sports networks. There are large supermarkets, similar to those found in the United States, as well as smaller outdoor markets.
And, sure, the water is okay to drink. And to go for a nighttime stroll.
Of course, there are certain distinctions between the two countries. One major disadvantage is the lack of postal service, which makes FedEx or DHL packages from the United States prohibitively costly. All four indicate you should order when you're going to travel to the United States or ask friends who are travelling to carry your package. It also entails planning ahead of time on how to replace a credit card that is going to expire.
If you wish to obtain English-language reading material, the Squireses suggest joining your local library before leaving the United States so you may download books.
According to Bill Keyes, there is more rain than in Tucson, but it is a "soft" rain, not a "pounding monsoon that tries to hammer you into the ground."
Each pair has formed their own organisations. Music is Bill Keyes' love; he plays rhythm guitar and keyboards in a classic-rock band with one American, two Ecuadorians, and one Venezuelan.
"It's like hanging out with your pals at summer camp," Chase Squires adds. On Tuesdays, he and his wife take part in a regular group walk that concludes at a bar or restaurant. Then there's Friday happy hour, the bar where they watch football and other sports, and various get-togethers. Good tickets to see the local soccer team cost $12 each. They learn about local events by visiting an English-language website.
How much do items cost?
Bill and Dean Keyes pay $700 per month for a 3,000-square-foot apartment with four bedrooms and four baths approximately 5 miles from downtown. The Squireses rent a two-bedroom furnished apartment in town for $550 per month, which covers all utilities, including internet.
Because of the moderate weather, flats do not have central heating or air conditioning.
Neither pair has an automobile because they believe it is unnecessary. According to Bill Keyes, a bus journey costs just 15 cents for seniors and 30 cents for everyone else. "There are several reductions for 'tercera edad,' or those over the age of 65," he says.
A taxi trip costs $1.50, and he remembers paying $5 for a half-hour travel to the hospital. He thinks that he spends roughly $125 each month on taxis.
A four- or five-hour bus ride to another Ecuadorean city normally costs $10 or less, and hotels cost $20 to $25 per night, according to Chase Squires.
The de facto currency is the US dollar. ATMs dispense $20 banknotes. Most transactions are conducted in cash; gold-colored Sacagawea dollar coins, which are mostly underused in the United States, are popular in Ecuador, as are quarters.
A neighbourhood meal may cost $3 to $5, yet a fillet mignon at a fine restaurant may cost $18.
Dean Keyes gets massages and acupuncture treatments on a monthly basis; "it's my reward after working for 40 years," she adds. In Cuenca, this costs $35 for both, compared to $70 for acupuncture alone and extra $50 for a massage in Tucson.
The Keyeses pay $49 per month for Internet access with upload and download speeds of 150 megabytes per second.
Cell phone subscription costs $7 a month, and most people use WhatsApp to make free calls to friends and businesses.
What about medical care?
This, according to Chase Squires, is what prompted him and his wife to leave the United States.
"Our main motivation for working in the United States is to obtain health insurance," he explains. "When it became clear that we could do it differently, we realised we could stop working."
Instead of spending $1,200 per month in the United States for an insurance with a $6,000 deductible, they receive coverage from a private insurer in Ecuador for $110 per month with a $5,000 deductible. That comes to $110 for each of them. He recently paid $40 at a private medical institution to see a doctor for what turned out to be strep throat; the follow-up appointment was free.
Bill Keyes claims that he and his wife pay $100 a month for insurance that covers his quarterly checkups as well as all of his meds. Previously, the couple had chosen to self-insure. When he awoke in 2013 with severe chest symptoms, he called a taxi to a hospital in Cuenca, where he was informed he required a stent. He was admitted to the hospital after having it placed via his arm. He spent $7,800 on it.
When he required a triple bypass later on, a buddy advised him to enrol in the public insurance system, which gives free treatment. He stayed in the hospital for nine days and paid just $110 for meals.
His current insurance is provided by the hospital system affiliated with Ecuador's equivalent of Social Security, known as IESS. Workers and corporations contribute to it, but you may even join as a "volunteer," he adds.
How does one get a visa to reside in Ecuador?
There are various methods to get residence. The catch is that regulations change, so make sure you're up to date. While the couples' visas were different, they both engaged Ecuadorean attorneys to assist them with the procedure.
The Keyeses qualified for a retirement visa, which needs confirmation of sufficient monthly income to live on. That was $1,200 per month when they relocated in 2010.
The Squireses were too young for a retiree visa, but they were eligible for a professional visa. They started collecting papers for two-year temporary visas in November 2019, travelled in Ecuador in February 2020, and obtained their visas and national ID cards by early May. It was time to start the procedure for permanent visas in November 2021. They were completed by March 2022.
Ecuador also provides an investor visa, which requires depositing $42,500 in a bank or purchasing property for that amount, as well as a digital nomad visa.
Source:
https://www.barrons.com/articles/retire-abroad-cheap-ecuador-51656111081
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