Baby boomers will be the first generation in history who will not only be able to retire early, but who wants to retire overseas as well. Many baby boomers are flocking to overseas destinations like Panama, Costa Rica, Honduras, Mexico and other places in Central and South America.
Retire Early in Panama – It’s Affordable
American baby boomers who retire early will make up the largest influx of expatriates retiring in Panama. The Panamanian government is encouraging this baby boomer retirement frenzy by offering a special Pensionado program for those retiring in Panama. Go to our Pensionado page to learn more about this retirement program.
Panama is one of the cheapest places to retire for several reasons:
- Low construction costs
- Low cost food
- Pensionado program
- Inexpensive labor force
- Low cost for land
You will not need a lot of money to retire in Panama. For example, you can build a 2,500 square foot house, with a swimming pool, on the beach for under 100 thousand dollars.
Others will tell you that you can do that in many Central and South American countries. But, if you want a safe place to retire, as well as a cheap place to retire, then Panama is your only real option.
There are many cities to retire in Panama. You may want to live in Panama City, Central America or if you prefer the mountains, you can live in the mountains of Panama too. Either way, you will retire happy and you will soon decide that not as much money is needed to retire as you may think.
You can retire in Panama like a KING. Let’s do the math.
How to Retire Rich in Panama
We already told you Panama real estate is cheap. You can buy a half-acre on the beach for under $75,000, then build your dream house with a pool for under $100,000.You can have a live-in maid in Panama for $300 per month. A full-time gardener is yours for $300 per month. Your food bill will be at least half of what you are used to spending. Electricity will be about the same. You won’t need oil for heat–Big Savings. Gasoline is about the same, but you will probably drive a smaller vehicle.
If you sell your expensive house back in the States, or Europe, you can build a new house mortgage free—then live off the balance, still collecting social security, your pension plan and use any savings you may have. This can only happen if you retire in Panama because the housing cost is so low and you’ve got so much equity stored in your home that is not going to help you pay the bills when you retire.
By taking the stress off of yourself, you will retire happy and will not need a lot of money. If you happen to already have a lot of money, then you can keep your house back home and build a second home for your overseas retirement.
When you realize how much money you will save, and take into account that Panamanians love Americans, Panama is very safe, Panama uses the American dollar, food is cheap, housing is cheap and there are no hurricanes, you will understand why Panama is the best and cheapest place to retire.
Ultimately, what’s going to make you happy is lifestyle. Lifestyle includes different things to different people. One’s ability to enjoy the retirement years boils down to several things.
- Being able to afford eating out
For some people, no matter where they are, they’ll never be happy. For others, it doesn’t matter. The main thing Panama will do for you is allow you to live in a lifestyle you wouldn’t be able to afford otherwise. And, let’s not forget. No hurricanes!
AARP has rated Panama the fourth best retirement destination in the world.
International Living rates Panama even higher on their list at number one. Why?
There are actually many reasons, beginning with Panama’s stable government and a growing economy based upon the US dollar, which means investments are not only safe, but almost guaranteed to grow in value. This stable government gives you a sense of security; and the fact that the economy is based on the dollar, really makes shopping a lot easier than in many other countries. Baby boomers retiring in Panama are the largest group of expatriates at this time and this number is expected to continue to grow.
Now is the best time to invest in Panama at a fair and reasonable price. One thing is for sure, baby boomer retirement will continue to drive the trend of Americans who are retiring to Panama. Check it out now and you won’t be dissapointed.
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Questions Baby-Boomers Have About Offshore Retirement
- What are the 10 Best Places to Retire
- Early Retirement – Can I Retire Early
- What is Needed to Retire
- Am I Really Ready to Retire?
- Can I Retire a Millionaire?
- What Should I do before I Retire Abroad?
- Where do I want to Retire. America, Panama, or Retire Overseas?
- Can I Retire Cheap, or will it cost me a fortune?
- Can I Retire at 50?
- Should I Retire in Costa Rica or Retire in Panama?
- Should I Retire in Florida or Retire in Panama?
- Can I Truly Retire Happy if I am not living in America?
- If I Retire in the Caribbean will I miss America?
- Can I Retire Now and Really afford to Live in Panama?
Early retirement is the dream of many baby boomers. Baby boomers want to know how to retire early, the best place to retire, the best cities to retire, how to retire happy, how to retire rich, and most important–the old question, “can I retire abroad?” These questions are obvious to some, but the truth is, these are legitimate concerns. It’s seems a big risk to move to another country. But, by researching all the options and getting our Ultimate Guide, you will be able to make the informed decisions needed.
Many ask, “how much money do I need to retire?”. Well, guess what? In Panama, you will need a lot less money to retire than any other civilized country.