Are you trying to plan your Panama retirement, and just not so sure how to do it? Don’t worry, this is a common feeling, and it’s completely understandable. Planning you retirement isn’t easy, especially if you’re moving abroad. There’s a lot to consider, and in the end you want to make sure you’re making decisions that are the best for both you, and your family. That’s why we’ve come up with a concise list that will help you plan your Panama retirement simply, and effectively. Here are five simple steps to get you on your way:
- Set your budget: This goes without saying for any retiree, but it’s especially important if you’re moving abroad. Prices in Panama tend to be lower, but not across the board. First, you need to see how much you will be allotting yourself each month. Second, you need to see what that gets you in Panama. Always remember to over-budget and leave yourself some wiggle room just in case. To give you a good idea of this, check out our Panama cost of living article.
- Arrange your immigration paperwork BEFORE moving: Panama has a great system of benefits for foreign retirees, and they can only be obtained through a special visa (known as “pensionado”, or “pensioner”). Once you’ve decided that you can afford to retire in Panama, and it suits you, it’s critical that you get the ball rolling on all of the paperwork. We can help you through each step of this process, both in Panama, and in your home country.
- Choose the best community for you: Panama is a very diverse country when it comes to living spaces, topography, and even climate. If you like big city living, then Panama City is your place. However, there are also lots of wonderful mountain and beach communities that draw many retirees, such as Coronado, El Valle, Boquete, and Volcan. We recommend you visit Panama to get to know these places first. You can also do some research on where to live in Panama and talk to other expats through online forums and social media groups.
- Plan your medical coverage thoroughly: An important step when you plan your retirement in Panama is to make sure your home medical insurance will still cover you, or if it’s still worth keeping. Panama has very good medical coverage, and in many cases, it’s better to drop your home country coverage and opt for a local Panamanian plan. Check with your provider and make sure they give you details before you make a decision. If you are on Medicare, you can check here.
- Plan on opening a local bank account: Panama is home to over 100 different banks, most of them internationally based. If you are trying to plan your Panama retirement, this is a critical step you should take before you arrive. Having a Panama bank account will make money transfers, local payments, and buying property much easier for you when you arrive. You can also take out loans, finance a car or house, and receive/send money overseas should you choose to. You can still keep your home bank account open if necessary, but having a local one as well will help you immensely in your day-to-day life and overall retirement in Panama.
Now that you’ve got a head start on what you’ll need to plan your retirement in Panama, you’ll have plenty of time to concentrate on all the fun stuff once you’ve arrived. Retiring in Panama can be a great life-changing decision, and if you’re well prepared, it will go that much smoother. Remember, if you have any questions along the way, we are here to help. Good luck on the next big step and a wonderful retirement!
