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Puerta de la
Ciudad
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Thinking
of retiring? Are you in good health? Maybe you are wondering how to make your retirement income last longer. Wondering how to do it? Would
you consider exploring a change of scenery, a change in lifestyle or even relocating to a foreign country?
The
first step is to calculate your current cost of living. How much could you really live on? Do you need
to downsize to save on cost? If you are
planning to live only on the annual interest made from your saved retirement investments,
then consider how long will you be able to live on the your investment funds if you made no
changes at all?
If the idea of relocating to a country that offers a lower cost lifestyle and is possible to do so living on only your retirement income then now is the
time to explore your options. Keeping our annual budget in mind, the other important points to note are comfort,
safety, access to medical assistance, food, shopping, transport as well as a
basic understanding of the native language.
Take
a look at Loja, Ecuador:
Where:
Loja is located in Ecuador’s Southern Sierra region has a
population of about 200,000 people. Loja is known for art and music, and
includes two large universities.
Weather: Temperatures
range between a high 73 F and 45
F. Andean climate that is warm with cooler nights. No need for heating or air
conditioning.
Language:
As there are
very few foreign retirees here, consider this location as a cultural learning
opportunity as well as a challenge to explore and a new and exciting lifestyle
n a friendly community.
Currency: The official currency is the US
dollar.
Transport:
Residents can walk the city with ease, or if you don’t feel like walking
there are many taxi cabs available that are an inexpensive choice of transport. Loja offers Spanish style
architecture and history with attractive town squares. Meet friends at the town
square or relax and enjoy a coffee as you watch the people walk by.
Food:
Ecuador has a
year-round growing season that offers a healthy food choice of inexpensive
fresh tropical fruits and vegetables at local markets. Living the Loja
lifestyle in a rich culture with modern flair could be convenient as well as
unique.
Cost
of living:
Based
on resources the following cost of living in Ecuador can be about $1,415/m or
$16,980/year.
Cost
to rent:
2
bed luxury apartment = $500
Utilities
= $150
Maid
services = $50
Groceries
= +- $275
Dining
out/ 2 people 8x = $200
Cost
to rent:
1
bed apartment = $250
Utilities
= $50
Eat
out = $10 /$15
Total
= +- $850/m or $20,200/y
(Doctor
= $30/per visit)
References: Wikipedia, CIA fact
file, Reuters.
Comments and feedback is appreciated!
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