Some five years ago Edd Staton and his wife, Cynthia, were living the American Dream in Las Vegas. But with the onset of the financial crisis in 2008, the Statons, like millions of other Americans, saw things take a dramatic turn for the worse.
Both lost good jobs due to corporate downsizing, and the value of their retirement portfolio plunged. As older Americans faced with grim employment prospects, the Statons did what a growing number of their counterparts are doing: They pulled up stakes and retired abroad, where many U.S. expatriates are finding that they can live a lot better on a lot less.
(Read more: Where Americans are retiring abroad)
In 2010 the Statons relocated to Cuenca, a fast-growing temperate city in the highlands of Ecuador that has become a haven for American retirees in recent years.
"Whether they have a million dollars in the bank or a hundred, many people retire abroad because they look at their future and realize it is probably not going to pan out the way they thought it would," said Edd Staton.
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