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Moving abroad for work is one thing; moving abroad to retire is rather a different situation. After all, most expats moving abroad for work do so after receiving a firm offer as to their new position. In many cases, working expats simply follow where their jobs take them, irrespective of salary or cost of living. It is less common for them to be able to ‘choose’ which country to relocate to; the decision is largely a result of economics.
Retirement, however, is rather different for most people. By its very definition, you’re unlikely to be actively earning an income when retired; instead you’re likely to be living primarily on a pension or from previously made investment. So, while there are a huge number of factors worthy of consideration when retiring abroad, the cost of living is a major element. After all, the cheaper the costs of living, the further your savings and investments will stretch.
But which countries really offer the lowest costs of living? Where can one live a rich and full lifestyle for minimal cost and is it necessary to compromise on other factors in order to live in one of the cheaper destinations?
According to the latest InterNations survey, the top-rated country for value-for-money is Ecuador. In the survey 88% of respondents rated the cost of living positively. This is in stark contrast to the average score in the survey of 35% and shows just how significant the difference is when compared with other parts of the world. Unsurprisingly as a result 94% of expats living in Ecuador stated they were happy with their income and that it allows them to live a perfectly acceptable lifestyle.
Quality of life in Ecuador is also high. For example the same survey found that 82% of expats find it easy to settle down and feel at home in the country. 91% of those surveyed reported being satisfied with their life in Ecuador and even among those who haven
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Expatriate Group & Expatriate Healthcare are trading styles of Strategic Insurance Services Limited who is authorised and regulated by the Financial Conduct Authority (FCA). FCA Firm reference Number is 307133. Strategic Insurance Services Limited is authorised to carry on Regulated Activities in accordance with the permissions granted by the FCA under PART IV of the Financial Services and Markets ACT 2000.