Retiring in beautiful Panama is a dream come true and knowing the ins-and-outs prior to making your big move is essential for a smooth and successful transition. Planning where you’d like to live and calculating your costs for living ensures that your retirement will be better than you ever imagined. Here are three must-know tips about retiring in Panama.
Cost of Living
The cost of living is a primary factor for any relocation, especially to a foreign country, and Panama is known for its affordability that reduces food costs by one-third and housing expenses by 50 percent compared to the US. Plan for any fluctuations in the cost of living that can safeguard your retirement by adhering to a budget that leans more toward financial conservation that allows you to make any necessary adjustments in the future. The US dollar is legal tender in Panama, making the transition even easier with no need to exchange currencies or account for discrepancies regarding the cost of living.
Finding a Place to Live
Finding the best place to spend your retirement is made easier when you do your research prior to seeking housing. The real estate process is different in Panama than it is in the US, making appropriate planning and preparation vital to a successful experience. Be sure to obtain a reliable real estate agent that can help you determine what areas will meet your housing criteria and hire a lawyer. Most housing transactions recommend that you do so to facilitate the details of the sale and reduce the risks and hassles of purchasing housing in Panama.
Planning Your Finances
When retiring in Panama, there’s more to plan for than housing and food. Take into consideration your need for entertainment and any projects or other endeavors you may want to pursue. Budgeting for additional shifts in needs or wants prepares you for the changes that retired life can bring, and knowing how much you can afford to do or how many unexpected purchases you can make allows you to enjoy your retirement without having to worry about your finances.
Retiring to Panama is an adventure that requires research and planning. Preparing yourself before you make your move by knowing the cost of living, where you want to live and outlining any additional expenses ensures that your transition from the US to Panama will be a simpler and safer process as you go through all of the necessary steps to making your dream of retirement in Panama a reality.
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