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The Statons moved abroad 14 years ago.
But Edd said that the decision to retire abroad wasnt something they decided.
Instead, it was decided for them.
Then, the Great Recession of 2008 occurred and put them in a tough financial situation.
They lost their jobs and the industries they worked in.
Their home also lost two-thirds of its value almost overnight and their investments and savings were in freefall.
So they made the decision to move somewhere abroad with a lower cost of living.
That place ended up being Cuenca, Ecuador.
Here are the things the Statons considered before moving abroad.
They recommend making a wish list of your own if youre considering retiring abroad.
However, Edd cautioned that your wishes may be very different from theirs.
However, Edd pointed out that some people might want to live somewhere that experiences a change of seasons.
All high-income countries, including the U.S., tend to spend more per person on healthcare than lower-income countries.
So Americans who move abroad to a lower-income country can potentially save money on their healthcare expenses.
A city that allows for that could save you money on transportation.
Other features you might want to consider include: amenities for retirees, opportunities to socialize andgood public transportation.
Location
The Statons have family on the East Coast.
They didnt have grandchildren at the time, but now they do.
So they wanted to move somewhere that wouldnt be too far away when they wanted to visit.
You might even be able to live the retirement of your dreams, like the Statons do.
Cynthia shared that they live on their Social Security budget.
Within that budget, were able to enjoy an upscale lifestyle, said Cynthia.
We live in a penthouse apartment.
We go out to eat whenever we want.
We do basically whatever we want, and were not spending every penny of that budget.
Were actually able to save money.
He explained that when youre in that mental mode, its easy to overlook the warts of a place.
And you’re able to also pay any knowledge you receive forward.
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