We retired abroad to Cuenca, Ecuador, once the US got too expensive. We still love the expat hot spot 14 years later.

• We retired early 14 years ago and moved abroad because the US was too expensive.
• We set our sights on Cuenca, Ecuador, which has moderate weather and is super walkable.
• Our cost of living is much lower now and we love living here.

In 2008, we were living the American dream in Las Vegas with high-income careers, beautiful homes, and investments in place so we could take our hard-earned retirement in only a few short years.

But then the Great Recession changed everything. Suddenly, we were both unemployed, our home had lost two-thirds of its value almost overnight, and our savings were in free fall.

As the months dragged on and our financial situation became more desperate, we decided our best option was to retire early and move abroad somewhere with a lower cost of living.

We settled on a city we weren't sure how to pronounce in a country we knew next to nothing about: Cuenca, Ecuador.

Ecuador is considered one of the cheapest countries to retire to, and Cuenca checked all of the boxes on our retirement-location wish list.

Having been here 14 years now, I get why publications like International Living consider it one of the best retirement locations in the world.

Here are five reasons we love our life as retirees abroad in Ecuador.

We can walk everywhere

Walkability was huge on our retirement wish list, and Cuenca has been a dream.

Both of us sold our cars shortly before flying to Ecuador, and we haven't owned a vehicle since.

Almost all of our daily needs are within a 10-minute walk from our home. For everything else, we ride a modern light-rail system that costs $0.17 cents a trip or take a $2 taxi.

Plus, walking is a pleasurable activity that helps support our fitness goals. We love getting to stroll along the river that runs beside our apartment or walk to grab a coffee.

Our cost of living is much lower now

Since we would be living primarily on our Social Security incomes, finding a cheaper place to retire was essential.

Our monthly expenses are now about $2,000, which includes rent for a penthouse apartment in the city's most prestigious neighborhood. This also includes housekeeping services, yoga studio and gym memberships, regular massages, and dining out several times a week.

Ecuador also has a universal healthcare system and much lower healthcare costs compared with the US, which has some of the highest in the world.

We couldn't imagine living so well in any walkable city in the US on this budget — we even have money left over each month that we put in savings or use to travel.

Cuenca's weather is fantastic

Another feature high on our retirement wish list was a temperate climate. Ecuador's weather is quite consistent year-round, and we have a lot of sunlight, in part because it straddles the equator.

Since Cuenca is 8,400 feet above sea level in the Andes mountains, most days are mild and cool. This weather is perfect for us.

We've never cared for cold winters and were over high heat and humidity after living most of our lives in the US South.

There's amazing biodiversity here

Though smaller than some US states, Ecuador is one of the most biodiverse countries in the world.

It's home to the stunning Galápagos Islands and more than 23,000 species of plants and animals, and the western border occupies 1,400 miles of Pacific coastline.

The Andes mountains run from north to south like a stony spine, and the lush Amazon rainforest takes up a lot of land.

We've gone glamping in the jungle, watched humpback whales, toured volcanoes, and hung out with blue-footed boobies and giant tortoises all without ever leaving Ecuador.

With our vibrant expat community, we never feel bored

Cuenca has a vibrant community of thousands of retired expats like us, and there's always something going on in the city.

It has live theater performances, bilingual church services, wine tastings, yoga retreats, and every kind of meetup group you can imagine.

We even have an online bulletin board that keeps local residents aware of coming events, items for sale, and real-estate listings.