Page 75 - Demo

1. Panama
Modern, convenient, and close to the U.S.—not to mention sunny, warm, and welcoming. It’s hardly surprising that Panama topped the 2019 Annual Global Retirement Index. Panama is warm and tropical, but completely outside the hurricane belt. The currency is the U.S. dollar. The tax burden is low. And there’s a large English-spea- king population—including a cadre of excellent doctors.
Panama City is a destination for exciting food, beer, jazz, film, golf, tennis, and much more. The lush mountain towns of Panama rank among the best retirement desti- nations in the world. Our livable, clean, and uncrowded beaches include the popular beach hub of Coronado, the lesser-known gem that is the Pedasí region, and a Caribbean paradise—there is no other word for it—called Bocas del Toro.
The capital of Panama, Panama City, is a cosmopolitan city where you can rent an ocean-view condo for as little as $1,500 a month. It’s also the only First World city in Central America. We’re relatively close to the U.S. and Canada (Miami is about three hours away by plane).
I’m able to live as a single in Panama City on about $2,600 a month, including rent, groceries, utilities, and entertainment. I pay zero income tax here, as revenue earned in other countries is exempt. And you’ll never run out of things to do here. What few people know is that this is also a cultural capital. Panama City is home to active, vibrant communities from all over the world, and every art form is celebrated here.
Leave Panama City and costs are even more affordable. Pedasi, is on the tip of the Azuero Peninsula in the province of Los Santos on the Pacific Ocean. Expat Jim
Gault who lives in Pedasi, says “Rents in Pedasi during high season (December through April) can cost more than $750 a month, as demand drives up the prices. But, Pedasi does give you the choice of living on a small budget by making use of the local fresh produce, freshly caught fish of the day, and eating out at typical Panama fondas, you can live well on less on Pedasi.”
One area where Panama excels for retirees is the bene- fits and discounts it offers. The country’s famed Pensio- nado Program is one of the best retiree programs in the world today and it’s open to everyone. The program entitles pension-holding retirees to a long list of discounts...and I’m talking across the board. From medi- cal expenses to entertainment, retirees in Panama can seriously stretch their dollars. Like 25% off airline tickets, 25% off your monthly energy bills and up to 50% off hotel stays. IL Chiriqui Correspondent Nanette Witmer says, “Many people don’t realize that Panama’s famous Pensionado discounts are by law given to all who qualify by age—expat or Panamanian. When women reach the age of 55 and men 60, they can auto- matically start using the benefits that the Pensionado provides. By showing your residency card you are entit- led to discounts.”
Nanette adds, “Healthcare in Panama is good and affor- dable for minor problems. Most clinics charge a nominal fee of between $20 and $60 for an office visit. Hospi- tals in larger cities are all of the state-of-the-art equip- ment and specialists can be found in any field. Doctors in Panama work one on one, no medical assistants or other staff. You deal directly with the doctor and most prescription drugs are cheaper than in North America.”