Why Retire in Panama
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You Might be Thinking: Why Retire In Panama?

Last Updated on March 2, 2023 by Retire in Panama

Why Retire in Panama

Have you ever thought about what retirement in Panama would look like?

Regardless of where you’re from, you must admit that retiring abroad is enticing. 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 with it.

When it comes to retirement, you should get to know the location before diving right in. Checking out some popular Panama retirement tour services might be great if you want to dip your toes in this location. They can even provide you with a short vacation.

It would help if you considered your retirement the ultimate vacation, so make sure you choose the correct location. Panama is precisely that.

Let’s dive right in and consider why Panama is an excellent place to live out your retirement.

The Cost:

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. So let’s look at how cost-effective Panama is regarding retirement.

Panama is a small country that prides itself on caring for its 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 57 years old or a man over 62).

Special Discounts?

Special discounts. Yes, you heard that right. You’ll experience savings in many different ways in Panama, with its Pensionado Discounts, but some common ways to receive discounts include:
Discounts on public transportation usage 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 excellent and already affordable). Utilities tend to cost much less, especially with an additional 25% discount, and most forms of entertainment are also discounted. There are many more discounts available; see the complete list below.

pensionado visa discounts

These discounts are for any citizen or permanent resident of Panama. Suppose you retired early, are younger than the ages above, and move here with the Pensionado Visa. In that case, you will receive these discounts right away.

While these cost-effective little discounts sound great, you probably have another question.

health care in PanamaWhat About the Healthcare?

When you retire, you will likely seek health care insurance. This is a reality that most of us hate, but it is a reality nonetheless. Panama offers more affordable healthcare than most other nations. The cost of health insurance is lower in general. It costs around $250 monthly for a private plan covering someone aged 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 it’s 100% coverage with as little as a $1000 annual deductible.

Also, compared to North America, dental and eye care is a fraction of that.

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. Become a permanent resident of Panama. You’ll get additional discounts on medicines, healthcare, and other medical needs once you have your Pensionado Visa or reach the ages discussed above. The care provided is actually comparable to that of North America.

So Why Retire in Panama?

If you’re concerned about the cost of retirement, Panama is an excellent option for you. The cost of living is much lower, and you can live relatively well for about $1,500 per month for a single and $2,200 a month for a couple. Sounds pretty enticing. If money is your concern, Panama definitely has you covered.

panama beach lifeThe Beauty of Panama:

Now that we’ve established how inexpensive it can be let’s look at the real reason you want to retire in Panama. Nobody wants to grow old staring at skyscrapers in a busy city, so that Panama might be your perfect escape. Many destinations exist, so let’s 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 could become true? The cost of living in Panama is so inexpensive, allowing people to live where they want. The expat community on the outskirts of Panama City is growing exponentially as more and more people purchase beachfront properties. 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 highly advanced regarding technology. If you’re nervous about what you’ll find in Panama, you’ll be shocked to know that it mirrors most of the world’s wealthier nations. You will definitely be satisfied; the beachfront property is relatively inexpensive. You’ll want to ensure you get in on the ground floor, though, because the expat community on Coronado is only growing.

If you want a quieter life, many beach communities scattered along the Pacific coast 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 popular beach communities and you are looking for a cooler climate, Panama also has you covered. Enter Boquete. Boquete is located in the highlands of Panama and can provide you with your little slice of heaven. The temperature here is not too hot, so select the highlands if you prefer a more relaxing weather cycle. The highlands are also great for another reason: the view.

Boquete will be satisfied with the scenery because you’ll stare at beautiful mountains. Plus, if you’re a native English speaker, you’ll feel right at home because many people 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 are the mountain communities of El Valle de Anton, Santa Fe, and Volcan, which are all excellent choices for quiet mountain living at an affordable price.

Panama mountain Rain Forests

Again, Why Retire in Panama?

The landscape of Panama is stunning. There are plenty of locations to choose from. 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 cuisines. 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 influenced Panama, so you’ll find dishes of American, African, Spanish, and even Native American descent.

The Verdict:

Panama is an excellent place to retire, and you’ll find that the lifestyle will keep you feeling younger. From a beachfront lifestyle to mountain life, Panama has everything you need to retire the way you want. If you’re looking for the best bang for your buck, you’ll need help finding anywhere close to Panama. Seriously, next time you take 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.

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