Author: Maria Alfano
Like so many others our age, we have been searching for somewhere else to retire to. These are the best affordable places to retire – Panama edition.
Panama boasts of its beauty with lush vegetation, beautiful mountains, and a gorgeous seascape. Experience every aspect of this wonderful country within mere hours – live in the mountains and go visit the beach for the day!
If you want a lifestyle similar to the one you currently have or if you are looking for something better, Panama is a country to consider. As a snowbird myself, I became tired of the cold weather in winter and the lack of a real summer during July and August. Panama offers many of the amenities from home at a fraction of the cost.
You have the choice to leave near the water on more inland in one of its many mountain towns and villages. Panama is a hub for many ex-pats who enjoy life to the fullest.
This post will provide an overview of life in Panama, the pros and cons of living in Panama, show an average monthly budget, and highlight some of the more popular cities for your consideration.
Best Affordable Places to Retire – Panama Edition
Retirement Cities in Panama
Panama City
Young at heart and like to be in the middle of it all? Panama City is for you. It has a Miami vibe and all the hustle and bustle that goes with it. Panama City is right on the Pacific Ocean so the beach is only minutes away. This is a very modern city surrounded by landmarks like the Panama Canal, Palacio Presidencial, and many quaint little cafes and restaurants.
David
Panama’s third-largest city, San Jose de David (pronounced Da-veed) is the capital of Chiriqui province. This is the financial hub of Panama. Many of the world’s big banks have home offices in David. David is the perfect backdrop for nature lovers and offers many backpacking adventures. Fishing is only 30 minutes away. Getting across the city takes less than fifteen minutes and eating out can be as little as $5.00.
Boquete
By far the most favorite place for retirees in Panama is Boquete (pronounced Bo-kettay). This mountain city offers spectacular views, fresh mountain air, and adventure. You can go ziplining, visit a local coffee farm, or head to the market on Tuesdays for the freshest produce, local treats, cheeses, and crafts. Within 1.5 hours you can be swimming in the ocean or lying on a white sandy beach.
Coronado
This coastal city is about 1 hour from Panama City. It is a vacation hot spot for many locals. Coronado is a laid-back community with a slower pace of life. This is a great place to open a small beachside business if you have the itch to do something other than soak in the sun’s rays and swim in the ocean.
Bocas Del Toro
Bocas del Toro is made up of small islands in the Caribbean Sea. Shopping for the essentials is easy and plentiful. This was the best-kept secret for ex-pats of all ages until recent years. Its lower cost of living has many flocking to it. You can enjoy a Cerveza or snack at one of the many floating bars and restaurants throughout the archipelago.
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Life in Panama
Panama is an ex-pat-friendly country with many communities having pockets of ex-pats living comfortably among the locals. Its lush vegetation, gorgeous mountains, and amazing oceanside living prove to be paradise no matter what your preference. This slender country is the landmass that joins North America to South America. If you are adventurous enough you can do a road trip from Alaska to the bottom of Argentina.
Weather
Escaping the extreme cold of the northern states or the extreme heat of the southern states, making this one of the best places to retire, Panama style. The year-round temperature is very mild. It can range from the low in the 60s degrees Fahrenheit on those December and January evenings to the high 70s during the daytime in the mountain cities like Boquete and a steady low 80s the rest of the year. Panama City, which lies on the Pacific coast is an average of 3-5 degrees warmer than Boquete.
The rainiest time in Panama is the month of October, but think of the rain much like Miami – it rains, for a few minutes, the sun comes up and dries up all the “wetness”. It does not last long and won’t inhibit your plans. Humidity can be quite high during the rainy season (October, November).
Food
Panamanian cuisine evolved from a culture rich in Colombian, American, and Caribbean roots. The three main staples in any Panamian kitchen pantry are rice, beans, and corn.
If you like risotto, you are sure to like this version known as guacho. It is a slightly more liquid consistency than risotto and is filled with veggies like yucca and meat or seafood.
For the seafood lover, some ceviche will be sure to hit the spot. Made from the local seabass or shrimp and smothered in citrusy goodness, ceviche will refresh you on the hottest summer day.
The two most popular chicken dishes are Arroz con pollo (chicken and rice) and sancocho (chicken, corn, and sweet potato soup)
Patacones anyone? Served with every restaurant dish, patacones are just like tostones – fried green plantains, smashed thin, and refried. They are the Panamian french fries!
Have a sweet tooth? You will love no me olvides. This is a decadent dessert made of vanilla ice cream, chantilly whipped cream and topped with a biscuit.
Of course, if you prefer to cook at home, you will find an abundance of local fresh produce and organically raised meats and poultry.
GOLF & Other Sports
We can’t talk about retirement without talking about golf. Panama has 8 18-hole golf courses. The green fees range from $37 to $115 per round including a golf cart. One of these courses will be sure to challenge you as one has made it to the 100 golf courses in the world list.
Club de Golf de Panama, Panama City is ranked #3 by the site www.top100golfcourses.com
If you like water sports you can enjoy surfing in the Pacific Ocean, white water rafting on the Chiriqui River, or a leisurely swim in either the Pacific Ocean or the Caribbean Sea.
If you are a spectator, then you will enjoy watching the country’s soccer and baseball teams. For something with a little more action, boxing is very popular in Panama.
Pros and cons of Living in Panama
Like with any city, state, or country, living in Panama has its pros and cons. You need to understand the good and the bad before making a life-changing decision to uproot your life and move to a new country.
Pros of Retiring in Panama
1 – The legal currency of Panama is called the Balboa. It is on par with the American dollar. The great news is you can use your USD as legal tender anywhere in Panama so there is no need to convert funds.
2 – There are large ex-pat communities across Panama. You will always feel welcomed and feel like you have a little piece of home with you at all times.
3 – Panama is a relatively safe country to live in. You may hear of some petty theft and muggings in some of the larger cities. Overall, Panamanians are peaceful people who respect their neighbors and tourists.
4 – You will have high-speed internet in many of the major cities.
5 – Water is safe to drink right from the tap in most cities except for Bocas del Toro
6 – The medical system in Panama is considered to be the best in Latin America. In fact, Punta Pacifica Hospital is affiliated with John’s Hopkins International. The cost for a doctor’s visit is as low as $6 and prescriptions cost only a few dollars to fill.
7 – Rent is reasonable and can start at $300 per month for a 3 bedroom house in David to $1000+ for a 1000 sq. ft. apartment in Panama City.
Cons of retiring in Panama
1 – While power is relatively inexpensive around $60 per month without A/C or $150 with A/C, it does tend to go out often; sometimes for a few minutes and other times for a few hours.
2 – Many of the major cities speak English but if you want to communicate with the locals, you will need to learn Spanish
3 – Unless you are a permanent resident, you are traveling on a VISA to Panama. This means you need to leave the country every 30 days for the visa to be renewed.
4 – To continue to use your existing credit cards, you will need to port the phone number associated with the card. Most banks will only activate your new credit cards from a local and registered phone number associated with the card. This means you will need to keep your current US phone number with you when living anywhere abroad.
5 – The internet can be unreliable. It tends to go down as often as the power.
6 – You need to have your own vehicle in order to get around.
Cost of living in Panama
The cost of one of the best places to retire, Panama, will vary slightly from city to city. Panama City condos on the water are more expensive than a 3 bedroom house in David. Below are the average monthly costs for living in Panama. How much you will need per month depends on where you live, the size of your dwelling, and how much you will spend on food, utilities, your phone, internet, and entertainment.
Many retirees have found they can liver comfortably on their monthly social security payments in many of the Panamanian cities.
In Summary
This post set out to show you what life would be like in one of the best affordable places to retire, Panama. It gave you the pros and cons of living in Panama. It identified some of the most popular cities for ex-pats and provided a sample cost of living budget for one month.