Getting Close To Retirement? Items To Consider Before Living In Panama As A Retiree

Over the last couple of years, Panama has repeatedly received the distinction for being an excellent choice for retirees to spend their golden years; the fact is, Modern Maturity magazine (of the American Association of Retired Persons) named it the top spot to retire in the Americas, while both International Living and the US News and World Report considered the country as the best retirement spot in the world. This is actually no surprise; living in Panama possesses loads of perks for the older population. However, while it is true that lots of things about the tropical country make it especially attracting retirees - like warm weather and affordable healthcare - the reason why spending your retirement years in Panama truly enticing is how the country has created it extremely easy for seniors to settle in, because of the country’s long reputation of attracting foreign retirees.

However, migrating to Panama - or any foreign country, for that matter - could be a terribly unsettling experience if you're not well-prepared. Before you make your final decision to spend your remaining years living in Panama, it really is essential to look at the most significant factors that may affect your life there.

First of these issues is the cost of living. When you compare the prices of commodities in Panama with those in the United States, just about everything cost less. But don't forget that you are in retirement already, plus your daily budget will come out of your savings and pension. Chances are you won’t be working anymore, and because of that, you simply possess a finite sum of cash to live on. Before you go into retirement, whether in Panama or elsewhere, try and figure out the kind of lifestyle that you'd like as a pensioner and be sure you've got enough finances to support that lifestyle.

Culture is another aspect you need to look into before you think about living in Panama. Each country features its own set of traditions and its inhabitants could have attitudes totally different from the one you are accustomed to. While living in foreign country, there will definitely be instances where you’ll find yourself shaking your head and thinking that things ought to be done in a certain way, nothing like this or that. You would possibly regret spending your entire hard-earned savings over a place whose culture you are not amenable to, so before you move permanently, it would be smart to sample the culture for a short period of time.

Lastly, imagine how living in Panama will place a distance between you and your loved ones. It’s true that flying to Panama from Miami will take only 2½ hours, but this doesn't necessarily make it easier for you and your loved ones to visit each other. It is possible to still see them every now and then, but can you handle being apart from your loved ones for very long stretches of time?

Panama could be the best place in the world to retire, but this does not mean it’s the best for everyone. And even though retirement is definitely a time of drastic change, the only change your happiness and comfort should undergo is for the better.