Have you ever thought about what retirement in Panama would look like?
Regardless of where you’re from, you have to admit there is something enticing about retiring abroad. When it comes to picking your dream destination, there are many things you should consider. Luckily, Panama provides you with all of the benefits of retirement abroad without the high costs that come can with it.
When it comes to retirement, you should definitely get to know the location before you dive right in. Checking out some popular Panama retirement tour services might be a great idea if you’re looking to dip your toes in this location, and they can even provide you with a miniature vacation.
You should be thinking about your retirement as the ultimate vacation, so make sure you choose the right location. Panama is exactly that.
Let’s dive right in, and take a look at why Panama is an excellent place to live out your retirement.
The main thing anyone is looking at when it comes to retirement is definitely the cost. Plenty of places might be very nice to retire in, but how much are you willing to spend? What if you outlive your income and savings in a foreign country? That sounds like a disaster right? So let’s take a look at how cost effective Panama is when it comes to retirement.
Panama is a small country that prides itself on taking care of it’s seniors, citizens and permanent residents alike. If you use the US dollar, you’ll be happy to learn that USD is pegged to the Panamanian currency, so Panama is like a US dollarized economy.
There is no need to worry about exchange rates, or your bank giving you a hard time. While the cost of general expenses, like rent, utilities, groceries, entertainment, cell phone service, etc., is definitely lower than what you’re used to, you’ll find great comfort knowing that you can actually receive special discounts for being a pensiniado (a woman over 55 years old or a man over 60).
Yes you heard that right. Special discounts. You’ll experience savings in many different ways in Panama, with it’s Pensionado Discounts, but some common ways to receive discounts include:
Discounts on the usage of public transportation and airlines that fly into our out of Panama. You’ll receive a discount when it comes time to eat at your favorite restaurant (and the cuisine in Panama is great and already affordable). Utilities tend to cost much less, especially with an additional 20% discount, and most forms of entertainment are discounted also. There are many more discounts available, see the full list below.
These discounts are for any citizen or permanent resident of Panama. If you retired early and are younger than the ages above, and you move here with the Pensionado Visa, you will receive these discounts right away.
While these cost effective little discounts might sound great, you probably have one other question.
What About the Healthcare?
When you retire, you will likely be looking for some kind of health care insurance. This is a reality that most of us hate, but it is a reality nonetheless. Luckily, Panama actually offers more affordable healthcare than most other nations. The cost of health insurance is lower in general, and tends to cost around $200 per month for a private plan covering someone at the age of 60, in the private hospital system.
For most people from the united States, that number is a fraction of the health insurance you are paying now. And its 100% coverage with as little as $1000 annual deductible.
Also dental and eye care is a fraction of that in North America.
If these benefits are not enough, there are definitely more. Some other medical benefits of retiring in Panama are as follows:
You can obtain many medications without prescriptions. If you become a permanent resident of Panama, you’ll be able to get additional discounts on medications, healthcare, and other medical needs, once you have your Pensionado Visa or reach the ages talked about above. The care provided is actually comparable to that of the North America.
So Why Retire in Panama?
If you’re someone who is concerned about the cost of retirement, Panama is definitely an excellent option for you. The cost of living tends to be much lower, and you can live rather good for about $1,500 per month for a single, and $2,200 a month for a couple. Sounds pretty enticing right? If money is your concern, Panama definitely has you covered.
The Beauty of Panama:
Now that we’ve established how inexpensive it can be, let’s take a look at the real reason you want to retire in Panama. Nobody wants to grow old staring at skyscrapers in a busy city, so Panama might be the perfect escape for you. There are plenty of destinations to choose from, so let’s take a look at two of the most popular.
The Beach Life
Everyone dreams of retirement on a beach, but what if we told you that dream can become true? The expat community on the outskirts of Panama City is growing exponentially as more and more people purchase beachfront property. The fact that the cost of living in Panama is so inexpensive, allows people to live where they want too. Enter Coronado.
Coronado is an excellent location for retirement, because you get the beauty of beaches mixed in with the amenities of city life just around the corner. Unlike most areas of the world, Coronado is actually highly advanced in regard to technology. If you’re nervous about what you’ll find in Panama, you’ll be shocked to know that it mirrors most of the wealthier nations of the world. You definitely won’t be disappointed, and hey, the beachfront property is actually quite inexpensive over there. You’ll definitely want to make sure you get in on the ground floor, though, because the expat community on Coronado is only growing.
If you want a quieter life, there are many beach communities scattered along the Pacific coast that could offer that for you. Some are more remote than others, but they can be some of the most affordable beach living there is.
The Simple Side of Panama, and the Mountain Rain Forest
If you’re looking for life outside of the hustle and bustle of a popular beach communities, and you are looking for a cooler climate, Panama also has you covered. Enter Boquete. Boquete is an area located in the highlands of Panama, and can provide you with your own little slice of heaven. The temperature here is not too hot, so if you prefer a more relaxing weather cycle, you might prefer the highlands. The highlands are also great for another reason: the view.
Boquete will definitely not disappoint when it comes to scenery, because you’ll be staring up at beautiful mountains. Plus, if you’re a native English speaker, you’ll feel right at home due to the fact that most people actually speak English there. Why not take a tour through the beautiful mountains of Panama? It might turn into a permanent vacation.
In addition to Boquete, there are the mountain communities of El Valle de Anton, Santa Fe and Volcan, which are all excellent choices for quiet mountain life at an affordable price.
Again, Why Retire in Panama?
The landscape of Panama is absolutely beautiful. There are plenty of locations to choose from, and even if you prefer city life, Panama City is a beautiful modern city to retire in. If the price and landscape are not enough to sway you, try some of the cuisine. You won’t be disappointed when you bite into the culturally diverse dishes that Panama has to offer.
Think of Panama as a place where food recipes come together as one. So many cultures have had an influence on Panama, that you’ll find dishes from American, African, Spanish, and even Native American descent.
Panama is an excellent place to retire, and you’ll find that the lifestyle will keep you feeling younger. From a beachfront lifestyle, to the mountain life, Panama has everything you need to retire the way you want. Plus, if you’re looking at the best bang for your buck, you’ll have a hard time finding anywhere that comes close to Panama. Seriously, next time you’re taking a retirement tour, make sure that Panama makes your list of places to visit.
Retire in Panama Tours
It’s more than a tour . . it’s an experience.