Since the average Social Security check is over $1,250, you can save your pension income for any other expenses as they come up.
Quito: The capital of Ecuador, Quito has access to some of the best medical facilities in the country. Rent is slightly higher here than in other cities, but the city is picturesque and filled with beautiful architecture. For history lovers, Quito’s city center was UNESCO’s first-ever World Heritage Site. Cuenca: Safe and known for its clean mountain air, Cuenca is a top pick for expats. There are plenty of expat groups and clubs around the city if you’re looking for company in your retirement. Cuenca has a wonderful selection of fresh produce and food, so if you’re looking to eat well, consider this city. Manta: Popular among retirees for its beaches, Manta is another city that’s somewhat more expensive than other cities in Ecuador. Manta is less international than Quito or Cuenca, so consider it if you’re looking for a more authentic South American experience. Some retirees choose to live in other areas of the country, including rural regions outside of the cities. Be aware that medical care outside of cities may be of significantly worse quality, but if rural living is something you’re interested in, it may be worth it. [3] X Research source
Restaurants in Ecuador are quite inexpensive. Many restaurants offer a lunch deal of $1-$3 for a whole meal, so feel free to eat out whenever you’d like. [6] X Research source Although some name-brand imports, such as cereals, may be more expensive in Ecuador, you can try out the local equivalents to save even more money. [7] X Research source
Located on the equator, Ecuador has a climate that has been described as springlike all year round. [9] X Research source Take advantage of the mild temperatures by heading outdoors, whether to the coast, a short hike through the outskirts of the Andes, or just a picnic in one of the many local parks spread across Ecuador’s major cities. If you want to get the most out of your excursions into Ecuadorian culture, it’s worth picking up some Spanish as well. Although you can get by in major cities as an English-only speaker, speaking Spanish will help you connect with the local population far more easily. [10] X Research source
You likely won’t need your own car in Ecuador, unless you live in a rural region. In that case, consider obtaining an International Driving Licence, as well as a translation of your licence and registration into Spanish. [12] X Research source Since Ecuador is a mountainous country, roads can be steep and twisty. Drivers aren’t always careful with following road regulations, so be cautious while driving. [13] X Research source Although Ecuador is quite safe, if you’re intent on exploring the country, be careful around the northern regions. The Colombian border area has seen a lot of crime in past years, and it’s worth steering clear of this part of the country. [14] X Research source
It’s best to hire a maid through a company which provides this service. In recent years, some expats have gotten in trouble with labor law regulations. By going through a company, rather than hiring a maid on a personal basis, you can make sure that your house-cleaner is compensated according to the law. [16] X Research source
Ecuador has been making a push for more fiber-optic cable connections throughout its major cities, which ensure even faster and more reliable Internet service. When you arrive in Ecuador, check to see if your Internet service provider has this option. [18] X Research source
With or without insurance, the cost of medical care in Ecuador is among the lowest in the world. Expect to pay 10-25% of what you’d pay in the U. S. for medical and dental procedures. [20] X Research source There are a range of private health insurance options available in Ecuador, each with different costs and deductibles. It may be worth shopping around a few different options before finding the plan that works best for you. [21] X Research source
In order to apply for a retirement visa, make an appointment with the nearest Ecuador consulate office. Virtual meeting options may be available. You’ll need to provide a visa application form, your passport and a copy of your passport, and any criminal records you may have. You can get a copy of the visa application on the consulate’s website. [23] X Research source When applying for a retirement visa, you’ll have to prove that you have guaranteed income for life. A letter detailing your Social Security or pension benefits will meet this requirement. [24] X Research source
If possible, diversify your sources of income so you’re not dependent on only one or two. This way, you’ll have more financial security throughout your retirement. [28] X Expert Source Dmitriy FomichenkoFinancial Planner Expert Interview. 28 June 2021.
