Panama City is the capital city of Panama and it is located conveniently near the United States and Canada. It’s is not so surprising that Panama is a top rated retirement destination according to the 2019 Annual Global Retirement Index when taking into account that it is a cosmopolitan city, where renting a beachfront condo won’t break the bank. Additionally, considering that the currency is the U.S dollar, there is not much of a tax burden to carry either. Here’s why Panama city is a great place to retire.
Pleasantly inviting weather
The warm, sunny, and tropical weather in Panama means that you will be able to enjoy your surroundings. This top-rated city for retirement is also significantly out of the hurricane radius, which means that you can rest easy in your ocean-view condo. However, Panama is so much more than just pleasant weather. The mountain towns exhibit lush hills covered in pine and Swiss-style cottages, while of course, there are beaches for miles from the breath-taking white sands of the Caribbean to the easily accessible and more popular coast of the Pacific.
Is retirement in Panama affordable?
While the rental costs of a beachfront condo will cost you around $1,500 per month, equally enchanting surrounding areas offer significantly lower rental costs. What’s more, the Pensionado program in Panama is ranked as one of the best retiree programs across the globe. This program offers enticing benefits and discounts for retired individuals that make it more than affordable to spend your days absorbing the beauty of Panama’s beaches.
The retiree program offered allows pensioners to get the most out of their money and live comfortably. Some of the incredibly generous discounts offered include 25% discount on energy bills, 25% discount on airline tickets, and much much more. In Panama, the qualifying age for retirement is age 60 for men and age 55 for women. This program is available by law to anyone that qualifies by age, whether you are native to the country or an expat.
To add to the alluring affordability of this pensioner friendly city, healthcare is also surprisingly easy on the pocket. The general average cost for an office visit at most clinics is between $20 – $60 and hospitals are equipped with top quality equipment. Even though healthcare is shockingly affordable, world-class specialists in just about any field can easily be found in this tropical city.
An exciting destination with so much to offer
Panama City is a budding tourist destination and a great place to enjoy the retired life. The culturally rich city is clean and the uncrowded beaches allow for relaxing days. There is also plenty of entertainment available from jazz and film to golf and tennis. While entertainment is plenty, the mouth-watering local cuisine, affordable living costs, undeniably amazing scenery, and great healthcare are just some of the many things that Panama boasts. There is absolutely no reason why you shouldn’t consider retirement in Panama, if beachfront beauty, jaw-dropping scenery, and affordable living are what you have in mind.