Panama City.Courtesy of Saundra Lohr
With her destination set, Lohr focused on lowering her expenses and preparing her finances for moving abroad.
“I did not have any credit card or consumer debt prior to my move as I had spent the year prior lowering all my financial obligations,” Lohr said.
She calculated her budget for moving abroad by adding up her existing monthly expenses, including mobile-phone service, Medicare, and her estimates for cable, internet, gas, and electric bills. She said that including dining and entertainment, her monthly expenses amounted to about $3,000.
Lohr receives about $2,000 a month in Social Security and said she uses investment payouts to make up for the difference. She declined to share the specifics of those amounts.
Lohr said she began investing at age 27 to grow her wealth. She invested in various securities, including individual stocks, municipal bonds, mutual funds, and real estate.
“To date, investing is still a part of my strategy to remain financially secure,” Lohr said.
When she was ready to move, Lohr hired an estate auctioneer to sell her belongings. She also sold or gave away items to friends, family, and neighbors.
Lohr said using a checklist was helpful while moving abroad. She recommends splitting responsibilities into categories such as finances, health, communications, packing, housing, and what to sell or donate.
As a homeowner in the US, Lohr had no interest in being a homeowner in Panama and wanted to live a simpler lifestyle than she was accustomed to, she said.
The benefits for American retirees in Panama
Lohr said her main considerations for moving to Panama were affordability, a calm and welcoming community, and general political stability.
The Panamanian government also has a visa targeted at pensioners, Lohr noted. The Panama Pensionado program affords retirees residency and perks such as a 25% discount on utility bills and a 10% discount on medicines, given the participants meet certain income and legal requirements.
Lohr said it’s a useful program for retiring abroad, and she suggests Americans seek out trusted legal counsel and do their due diligence to apply successfully.
Furthermore, Lohr has found the quality of life in Panama to be impeccable. For example, the food is fresh, and she feels healthier than in the US.
“I’m having the time of my life because my health is good,” Lohr said. “My diet is even more simple. On the Cinta Costera, I can walk down to the seafood market and get fresh anything.”
Lohr loves life as a retiree in Panama City.Courtesy of Saundra Lohr
Lohr said the affordability in Panama is one of the country’s best features for retirees, and she saves a lot on groceries. There are also plenty of outdoor activities.
“Nature’s right at your doorstep with hiking and bird watching, kayaking, and pristine beaches,” Lohr said. “There are lots of opportunities to explore and take your own adventures.”
Lohr has no reservations about leaving the US. In fact, she started a business called Expat Pros Advice to help remote workers and retirees navigate the legal and real estate technicalities of moving.
She said she loves life in Panama and is grateful she made the decision to move.
“I realized that I needed to give myself permission to dream,” Lohr said. “I had to believe that all things are possible, that if I believed that I could change my perspective and my life, then I could do just that.”
Are you an American retiree who moved abroad? This reporter wants to hear your story. Please reach out at [email protected]
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Publish date : 2024-09-02 18:22:00
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