Thinking wistfully of retirement? Wish it were closer? More and more Americans are retiring overseas, where they can retire comfortably on very little money, based on low real estate/rental lease costs, affordable health care, benefits for retirees, and general cost of living. The expatriate magazine International Living each year compiles a list of the best countries for retirees, based on these and a host of other factors, and it's makes for a fascinating list.
Topping the list was (drum roll...) Cuenca, Ecuador! If you haven't heard of it, you're not alone, and that's precisely why it makes for such an affordable and beautiful place to retire, because it remains relatively undiscovered.
The way International Living's ranking system rated the 29 countries on its list were by assigning a value score to each of the following factors: real estate/rental lease costs, retiree benefits, general cost of living, health care costs and efficacy, availability of cultural activities and institutions, infrastructure, safety, and climate. For the curious, the United States scored 22nd on the list of 29, its low score due to high real estate/rental lease costs and poor benefits for retirees.
So what's so good about Cuenca, Ecuador, anyway? First, consider that its climate is perfect year-round, due to sitting on the equator, but at an elevation of 8,000 feet. Its beautiful climate aside, it has inexpensive yet modern health care, it's extremely safe, and it has some great benefits for retirees (such as half-priced airfare, tax breaks, and a variety of other breaks for seniors). The best part though? A rental lease on a luxury two-bedroom condo in downtown Cuenca will only put you back by about $500.
Statistics aside, Cuenca retains its colonial charm, with dramatic architecture and cobblestone streets, ornate doorways and terracotta-tiled roofs, and green foliage in abundance to suit even the most aesthetically discriminating.
For a couple to retire in comfort in Cuenca, how much would be needed? International Living puts the monthly expenses estimate at roughly $1,415, which includes $500 for a luxury rental lease, and includes maid service twice a week, and eight dinners out each month. That's not so hard on the wallet.
Rounding out the rest of the top five retirement countries on the list were Mexico, Panama, Uruguay, and Italy (followed by another European country, France, in case the list looks skewed towards Latin America to you). While all are vastly distinct, all share low real estate/rental lease costs, with the exception of France, which was precisely why it didn't make the top five.
Retirement doesn't have to wait until you're 70, or even 65, if you're willing to move to friendlier climes. Many countries have undiscovered gems, just waiting for you to chance upon, which cost infinitely less to live in, and well. Consider leaving the cold winters of Michigan or the high taxes of California in favor of a cheap rental lease in Ecuador or Panama, and enjoy many golden years of the good life!
Brian is a landlord, real estate investor, and early retirement candidate (think 40). He writes for a wide range of real estate resources online, consults for EZ Landlord Forms, a provider of state-specific rental lease forms, and maintains a real estate retirement blog designed for readers of all levels.
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