Panama is attracting a lot of foreign attention these days, and business investment and relocation is booming. Aside from all the tourism and professional relocation, there’s another group that’s flocking to Panama in record numbers; retirees. And there’s good reason as to why. Panama has everything a retiree wants and needs, and at a fraction of the price of the US and Canada. There is a thriving retiree community here, and many resources that make the transition even easier, and more pleasurable.
Here are five great reasons that will show you why Panama is one of the best places to retire in the world.
- Cost of Living. Retiring takes careful financial planning, and a significant amount of savings in order to meet your needs once you get there. In Panama, you can live on a limited fixed income much lower than you would in North America or Europe. Basic goods are cheaper, rent is lower, and medical care is a fraction of the cost, without losing the quality of service and treatment. A retired couple, in a retiree-friendly community, can look to spend about $1,500-$2,000 per month, rent included. A fraction of many other comparable places in the world. Also, as a registered retiree with the Panamanian government, you receive a “retiree discount” which entitles you to great savings across the country.
- The Retiree Discount. Panama grants all of its citizens over 60, and anyone (over 18) on a pension, a national discount card, applicable for shops, restaurants, transportation, and groceries, nationwide. Foreign retirees who apply for a pensioner’s visa can also obtain this. Once obtained, you merely present your ID for 25% off of purchases, and 50% off of domestic flights. When retiring to Panama, you need to apply for the Panama retirement visa to get the full benefits.
- Climate. Much like the American Southwest and Florida, the climate in Panama is one of the biggest draws for retirees. In the capital, the weather is between 80-90 F (27-32 C) all year long, but it does tend to get humid during the rainy season. On the beaches it is a bit cooler, and in the western mountains of Boquete and Volcan, both popular retirement communities, the temps are between 65-80 (18-27 C) and much dryer. There is no snow in Panama, and most indoor areas are climate-adjusted for optimal comfort.
- Location. Panama is at the crossroads of the Americas, which makes it ideal for people who need to travel. Many expat retirees like to entertain family and visitors from their home countries, and Panama makes this not only easy, but also convenient. Panama is about a 2.5-hour flight from Florida, 5.5 from New York, 7 from Southern California, and 5 from Chicago. There are also many non-stop daily flights to nearly every hub city in the US and Canada.
- Convenience. The quality of life in Panama is about is good as it gets for retirees. Nearly every creature comfort you love from home can be found here. Local and imported foods are reasonably prices, and plentiful. Panama also has a ton of commercial shopping options including the world’s biggest global brands. English is often spoken in retirement and expat communities, as well as many restaurants and bars. You are never too far from the beach or a pool in Panama, and gyms are abundant, especially in the larger cities and towns. While there will be a cultural adjustment if you retire in Panama, the transition is much more comfortable than many other similar destinations.
