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It’s all fine and well to read up about others that have retired in Panama and they are loving retirement, but there’s so much more to choosing where you will live than just looking at the brochures and photos! If you choose to retire in Panama – you need to know what you are getting yourself into.
What does an ideal retirement look like for you?
- What are you doing each day?
- Who are you spending your time with?
- What activities are you involved in regularly?
- What do you NOT have to do?
It sounds great to retire to a warmer climate or find a place where you can save money and improve the quality of your life. But consider for a moment what you love and enjoy:
- beach and ocean?
- lakes and still water?
- mountains?
- city living?
- countryside?
Would you prefer to downsize, so that you can travel more easily?
Consider the many factors that go into loving retirement:
- Financial cost
- Activities and environment
- Family & friends
- Weather & climate
Factors to consider when choosing where to retire in Panama:
One of the primary factors to consider when you are choosing a retirement location is the population density. This matters for infrastructure and amenities. It also matters for resale value, when you consider whether a community is growing and attracting newcomers.
I’m assuming, of course, that you already considered the desirability of the location – do you find it pretty? Do you feel safe and secure? Does it have what you consider to be good weather?
If the community has a lot of construction happening, this is great for growth. But how long will you be subjected to the noise and dust from the work being done – at least in some of the drier areas?
More importantly, does the developer have the financial capacity to finish everything they are building, or will you be left with a half-built ghost town? This can gravely impact your property value.
Another important factor to consider is whether the community has the arts, crafts, cultural and recreational activities you want! What can you participate in that you enjoy? Communities that are already well-settled, such as Boquete, Coronado & El Valle have more happening than parts that are still under construction – such as Altos del Maria.
Obviously, you should consider the affordability – the cost of living and health care. But, don’t forget about other costs, like insurance, travel costs, or airfares if you will be visiting family and friends “back home”. Include in your travel costs getting to and from your home to Tocumen airport, as well as the regular costs of airfares from Panama.
Finally, consider the happiness of the other residents of this community – are they generally happy or a bunch of complainers? Will you be happy here, or will they bring you down?
Retirement: choosing to stay home or live in Panama
Before you get all gung-ho about moving to Panama when you retire, consider all the benefits that you already have at home. Consider the basics, such as amenities, family and friends, a doctor or medical staff that know you and your medical history, and knowing where to go for your hobbies and entertainment.
If you live in the US, you might consider relocating to another state, rather than living overseas. The most popular cities/states appear to be (at the moment): Phoenix, AZ; Las Vegas, NV; Oregon (for part of the year, at least); North Carolina, and Texas (also for part of the year). The challenge in many climates is that some places will be great in winter, and too hot in summer; or alternatively, they are great in summer, but freezing in winter.
Of course, some find that moving abroad the weather is great and some websites will say you can live in Panama for under US$30,000 a year. While this is true, the question I have for you is: what lifestyle do you expect to have in Panama? Can you have that lifestyle for less than US$30,000 a year?
Will you choose to live close to family or move somewhere just for you?
Another equally loaded question is whether retirement means spending more time with your children and grandchildren. Do you only want to see them on family holidays or are you hoping that you will get to spend time with them all year round? How often will they be able to visit you in Panama?
Do you have an ageing parent that is alive and in a rest home? What choices do living in Panama afford you? I know that some clients have chosen to bring their parent with them, others have chosen a home and travel back regularly. Still, others have decided that the time to move overseas is not yet.
Will your friends retire in Panama?
As I’ve already mentioned, there’s nothing worse than getting into retirement and finding that it’s lonely. How big a role did your job and career play in your social networking?
Do you need to build a new social network in retirement?
If you move to Panama, which communities are the best for expats that don’t speak Spanish? Will you need to learn Spanish in order to communicate and settle into the new community?
Perhaps you are into sailing, and you’ll be joining the community of retirees that spend their days sailing around the Caribbean or even around the world? Where will you berth regularly – Colon, Bocas del Toro or Panama City? For how long can you be comfortable living on the boat versus having a place to call home?
One again, consider what a typical day or week will look like in your social life!
Loving retirement in good health and bad
One of the challenges of ageing is that your health can take a beating – especially if you have been living with a lot of stress and then take your foot off the gas!
How active a lifestyle do you intend to have in retirement? Do you envision yourself pottering around your garden? Or are you the type of person that intends to be out hiking and actively enjoying nature?
When you are choosing where to live in your retirement, make sure you look at all the activities that are available and how easily you will be able to participate in them!
Additionally, have a look at the health-care facilities. If you move too far “off the grid”, how far will it be to the closest hospital? Consider, for example, what is available in David, versus the hospital facilities in Las Tablas, Penonome, or Coronado. You will only find a John Hopkins type hospital in Panama City itself. What kind of specialised care are you expecting to receive and how close do you need to be to that?
Finally, what does aged-care look like where you are looking to live?
If you are a couple, and one of you has a stroke or gets dementia, what kind of home-help will you have available? How easy will it be to get a nurse to live with you either short or long-term if that is required? Can you easily set up getting an auxiliary to visit daily? Will you need your local doctor to schedule weekly visits to your home? Should you need residential aged care, what facilities and choices do you have?
Retire in Panama: making an informed decision
Whatever you do, don’t make a hasty decision. Where possible, visit your ideal destination, more than once. Try going at different times of year – does it get humid? How cool does it get? What’s the worst time of year to be there?
Also, in this day and age – check out the online groups! I know that Boquete, Bocas del Toro and Pedasi have their own groups. There is also the Expats in Panama main group, as well as Panama Mamas and many others.
Find out what the Facebook group or other online community is, and join it, before you move. You might ask questions – but more importantly, watch the conversations. What are the typical complaints? What struggles and requests for help do you notice popping up most often? Can you live with these as part of the conditions of moving there?
Obviously, and this is one of the easiest issues – take into account the cost of living! But picture the lifestyle you expect to have there, and make sure that the cost of living that you are taking into account is for the lifestyle you expect to have. Don’t look at the cost of living of “the cheapest way to live here is” – you will be sorely disappointed!
Consider your day-to-day and week-to-week lifestyle – what schedule and activities will you have to fill up your days? Who will you be able to spend time with?
What’s missing in your search for information – and how much will it cost to find it when you retire in Panama?
For more information – please contact us, Panama lawyers for your pensionado visa.