Retiring Abroad Can Cut Expenses but Don’t Let Wanderlust Blur Vision- Washington Post, June 27, 2010
Panama continues to get excellent coverage in mainstream press for retirement. This Washington Post article follows articles in Forbes and Business Week- all in the last year.
When Sid and Barb Williams began searching for the perfect place to retire, they never thought they’d wind up living outside the United States. But they kept hearing about the benefits of retiring to Panama.
The Central American country not only offers a warmer clime than their hometown of Cincinnati but also provides a lower cost of living, generous financial incentives for retirees, and a reliable and affordable health-care system. Plus, Panama uses the U.S. dollar, so there’s no need to hassle with foreign currency.
After visiting, the Williamses were so entranced by the area’s beauty and value that they decided to go for it. In 2008, just as the stock market began to head south, they did, too. For less than $250,000, the Williamses bought a three-bedroom, three-bathroom (plus maid’s quarters) condo in a new nine-story building overlooking the Pacific Ocean.
Today, they are happy about their decision and their timing. “We could have retired comfortably in the U.S.,” says Sid, 66. “But we live three to four times better down here.”
Do a reality check
Check out the whole article here:
Below is an excerpt from this article. However, in my opinion in Panama you need a Social Security check of at least $2000.00 to live “comfortably”. This does not include rent or mortgage. To live on this amount you would also to buy a home or condo as well.
US News and World Report Blog Post
One of the most compelling reasons to consider retiring to another country is the opportunity to reduce your cost of living, maybe dramatically.
As one American I know who retired to Boquete, Panama put it recently, “Back in Tucson, Arizona, where I’m from, my monthly Social Security check might cover the cost of my utilities. Here in Boquete, my from Social Security is enough to buy me a very comfortable new life.
The average Social Security check is about $1,200. You can receive that payment while living anywhere in the world. In some countries, you can even have your Social Security check direct-deposited into your local bank account. Here are five places where you could retire on your Social Security income alone.
Boquete, Panama. Panama offers super user-friendly options for foreign residency. Resident retirees receive a long list of benefits including discounts on everything from prescription medicines and in-country air travel to closing costs on the purchase of real estate.