12 Best Places to Retire in Ecuador
In this article, we will take a look at the 12 best places to retire in Ecuador. If you want to skip our detailed analysis on an Ecuadorian retirement, you may jump to 5 Best Places to Retire in Ecuador.
An Ecuadorian Retirement
With the average retired couple in the US taking a $17,300 hit in social security benefits in 2033 (provided that the funds are not bolstered), more and more Americans are thinking of a retirement abroad. Places like the Central Americas, particularly Panama, Guatemala, Belize, and El Salvador, are a prime focus of retirees looking to stretch their dollar incomes. The Caribbean is another hot favorite amongst retirees, such as U.S. Virgin Islands and the Dominican Republic. Yet many other places are being favored by seniors to retire worldwide on social security in a quest to enjoy lower living costs. After all, the average social security amounting to $1,803 as of February 2023 isn't necessarily adequate for an average retiree to last comfortably in the US.
Another alternative destination that retirees are pondering over when considering a retirement abroad is Ecuador. Ecuador, a diverse country located in South America, has been attracting expatriates from around the world owing to its remarkably diverse geographical landscapes, scenic beauty, affordability, and retirement benefits. Home to 17.8 million people, the country had its currency, the Ecuadorian Sucre, collapse in 2002 due to political and economic instability. Two decades later, the US dollar has proven to be valuable for the nation's economy, providing stability and prosperity in the long run.
In Ecuador's now recovering economy and its appeal to retirees, the role of banks has emerged as a significant factor. International banks such as by Citigroup Inc. (NYSE:C); Citi Bank Ecuador, is operating in the country that retirees can consider for withdrawing benefits etc. Citi Bank Ecuador by Citigroup Inc. (NYSE:C) offers a range of banking products and services through its two branches in Quito and Guayaquil. Owing to its expertise and global reach, Citigroup Inc. (NYSE:C) has been shaping international banking since the 1960s. Other local banks operating Ecuador that retirees can use include Banco de Machala, Banco Solidario, and Banco del Austro.
Why Retire to Ecuador?
Retiring in Ecuador has many pros and cons, and potential retirees must go through them before making their final decisions. At best, living for a few months before making a final call can help them decide whether a particular place will be suitable or not. For starters, Ecuador is situated at the northern tip of South America, bestowing a Mediterranean feel and a diversified climate to the country. Retirees can choose to live in the Highland climate in the Andes mountains, the coastal climate along the Pacific, or even the tropical rainforest climate in the Amazon rainforest region.
Other benefits of retiring in Ecuador include its budget-friendliness. For those wondering how much does it costs to retire in Ecuador, an average American can live a life of luxury in Ecuador for $1,500 only. A single individual can comfortably retire on $1,000 on average, and a retired couple can manage a comfortable living on $1,500. However, an Ecuador retirement visa called the Jubilado visa is essential for expatriates looking to retire to the country. Gaining a visa isn't much of a hassle, as Ecuador is one of the easiest countries to retire to. The Ecuador retirement age for a visa is 65, and retirees must also have a minimum monthly income of $800.
However, some reasons not to retire in Ecuador include that retirees must be prepared for power outages in the country. Candles, batteries, and freshwater must always be available on backup. Moreover, the water quality is below average. Tap water must be boiled before it can be used. Pickpocketing, noise, and litter are some other problems in the country. If retirees are able to move past these issues, the country can be a great place for them to retire.
Methodology
In order to compile the list of best places to retire in Ecuador, we have used a number of sources (1,2,3,4,5,6,7) and forums such as Expat.com. A consensus approach was used to assign scores, with 1 point awarded to a place each time a source recommended it.
Scores were summed up and places were ranked in an ascending order from the lowest to the highest scores. Cost of living and rents are mentioned based on a single person living in the mentioned place in a one-bedroom apartment (per month). The figures are sourced from websites such as Expat Exchange, My Life Elsewhere, and Nomads Nation, amongst others. For places where the cost of living and rent is not mentioned, we assume it to be the Ecuadorian average of $1,000.
Here are the best places to retire in Ecuador:
12. San Clemente
Insider Monkey Score: 2
One of the best places to retire in Ecuador is San Clemente. The coastal village of San Clemente offers retirees a chance to experience the beach life, where they can swim, sunbathe, and even beachcomber to their heart's content. The coastal location offers this village a tropical climate, ideal for retirees wishing to escape the cold. San Clemente also provides a stunning backdrop comprising of the ocean, sunsets, and the nearby Machalilla National Park. Apart from the laid-back beach lifestyle, this village is known for its local cuisine, festivals, and growing expatriate community.
11. Puerto Lopez
Insider Monkey Score: 2
The coastal village of Puerto Lopez is a flourishing retirement destination in Ecuador owing to its coastal lifestyle, scenic beauty, and delicious seafood. Living in this village will help retirees stretch their retirement income further, thanks to its affordable living. A two-bedroom, fully furnished home rent costs as low as $230 per month. There is plenty of sea breeze and sunshine to savor, and the village is surrounded by natural beauty itself. Beautiful beaches and a National Park are ideal for outdoor enthusiasts to enjoy bird watching and hiking. Retirees also get to enjoy fresh catch, indulging in delicious seafood along the way. Lastly, the Ecuadorian culture is a big appeal itself, with various festivals and local culture to experience.
10. Playas
Insider Monkey Score: 3
Playas is a top retirement destination in Ecuador that offers retirees the best climate, lifestyle, and affordability. The city enjoys warm temperatures throughout the year and a beach lifestyle along the coast. Playas offers retirees an outdoor lifestyle and plenty to do, such as swimming, sunbathing, and even fishing. New condo projects are also popping up in the city, and the town can be a nice place to spend retirement years. The pace of life is relaxed and laid-back here, the locals are friendly, and there are local cuisines and festivals to enjoy. Oceanfront properties start from as low as $48,000, and the cost of living in the city for a single expat retiree is around $1,000.
9. Monta?ita
Insider Monkey Score: 3
Monta?ita is a favorite amongst retirees wishing to retire in Ecuador for its vibrant beach town atmosphere and picturesque views. Retirees love to explore the outdoors, especially the ocean, enjoying the warm weather as they do so. Surf enthusiasts love the beach for its consistent waves and strong surf breaks, and enjoy other water-based sports just as much. There is also a certain Bohemian vibe to this village, with a lively arts and music scene. The nightlife is vibrant and full of life, with several thatch-roofed restaurants lining the streets. Rent for a one-bedroom apartment averages around $289 per month, while the average cost of living is $973 per month.
8. Loja
Insider Monkey Score: 4
Loja is known as the "The Music and Cultural Capital of Ecuador", and is on many retirees' lists this year. Expat retirees get to enjoy colonial charm with all the modern conveniences and amenities in this city, and that too, at an affordable price tag. The weather is pleasant year-round, generally warm during the day and colder at night. The city is quite walkable, and there are low-cost cabs and a local bus system to get to places. Retirees will also find chain grocery stores such as SuperMaxi, shopping malls, private and government hospitals, and even a university and music school for them. An expat retiree can live in Loja on an average of $1,449 per month, with approximately $428 spent on monthly rent for a one-bedroom apartment.
7. Vilcabamba
Insider Monkey Score: 4
Known as the "Valley of Longevity," Vilcabamba is attracting retirees towards itself for all the right reasons. Its diet rich in fruits and vegetables, healthy lifestyle, and clean air allows retirees to live longer and healthier. It is reported that residents live as long as 134 years in this village. The climate is mild and spring-like, and there is lush greenery and picturesque landscapes for retirees to relish. There are ample outdoor activities to enjoy as well, such as mountain biking, horseback riding, and others. Loja, the cultural capital, is only 40 kilometers away from Vilcabamba. A two-bedroom, fully furnished home can be bought for around $230,000 in the village. A single expat retiree can live comfortably in between $1,100 to $1,700.
6. Manta
Insider Monkey Score: 4
Manta, a port city, is another one of the best places to retire in Ecuador. Over the years, the city has experienced significant growth in terms of development and the availability of amenities. There's a big grocery store called Mega Maxi, a well-stocked MegaKiwi (similar to Home Depot), a new shopping mall, and several nearby hospitals. Beautiful beaches and a relaxed coastal lifestyle add to the beauty and appeal of retiring here, and so does its tropical climate and growing expatriate community. Rent for a one-bedroom apartment costs anywhere between $200-$400, while the overall cost of living hovers around $1,000 per month.
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Disclosure: none. 12 Best Places to Retire in Ecuador is originally published on Insider Monkey.