How much money do I need to retire in Panama?
The Short Answer: A couple can live a comfortable, middle-class lifestyle for around $1,500 to $2,500 per month, while a single person could retire in Panama and live on $1,400 to $1,700 a month in a lush highland haven or a stunning beach community.
The Detailed Breakdown:
Your retirement budget in Panama varies significantly based on location and lifestyle choices:
Budget Living: Some retirees manage on as little as $1,100-$1,200 monthly for basic living in smaller towns outside major cities.
Comfortable Middle-Class Living: Most American retirees find living an everyday life in Panama City on less than $3,000 a month is possible, which covers different costs like rent, food, and more. Also, if you own an apartment, $1,500 a month is enough to live on easily.
Popular Expat Areas: The cost of living in Boquete is about $1,100 to $3,267 per month, depending on your housing choices and lifestyle preferences.
Real Expat Example: A retired couple ages 70 and 68 both receive Social Security checks, for a total of $2,394 every month between the two of them. They live near Volcan in Chiriqui, full time in Panama, and have been here for about 7 years.
Key Cost Factors:
- Housing: Ranges from $400-$800 for modest apartments to $1,200-$2,000 for luxury accommodations
- Utilities: Electricity averages $50-$150 monthly; water bills typically $10-$30
- Food: Local groceries are affordable; dining out ranges from $3-$15 per meal
- Transportation: Public transport is very affordable; owning a car adds $200-$400 monthly
- Healthcare: Significantly lower than US costs, with quality private care available
