Ecuador vs. Panama

drbill,
I've been doing alot of research myself and Panama was on my short list, but I'm not looking to or for work but to simply retire early. So my family and I are leaning heavily towards Ecuador, especially the Loja area (warmer, local universities and more mdern amenities but still at low cost of living...that hasn't been over run by gringos yet). My two cents

If you think about coming to Ecuador and look for work: FORGET ABOUT IT, even if you are the one who just discovered Higgs Boson: FORGET IT. They will look at your resume, "wow" here and there, and then shamelessly offer you a $500 per month position. And that of course considering that you speak a decent Spanish. You need a stable outside income to live here or solid connections in the government. I'm not retired myself, so my advise: don't listen to retired expats!!! 
If I had to choose, I'd go to Panama. Yes, it is more expensive, but, on my experience, if it is more expensive, they will pay you more too.
Good luck!

I struggled with the same decision for a while, but have chosen Ecuador because I believe Panama and Costa Rica have been largely played out.  My fiancee and I are moving to the coast of Ecuador in October.  I'm 47 and far from being able to retire, but I do have the ability to do some freelance writing for income.  I started a blog showing my whole process of getting the hell out of the First World (quitting job, selling everything, etc.) if you're interested.  Good luck wherever you decide to land.
An Expat-In-Training
johnbrighton.wordpress.com