Retiring in Panama can be an attractive option due to its relatively low cost of living compared to other countries. The country’s currency, the Balboa, is pegged to the US dollar, which can make it easier for retirees to budget and manage their finances. In general, Panama City, the capital, tends to have a higher cost of living than other parts of the country, but it is still lower than many cities in the United States.
Housing costs in Panama can vary widely depending on location and type of dwelling. Renting an apartment in Panama City can cost around $700 to $1,500 per month, while purchasing a home can cost anywhere from $50,000 to over $500,000. In other parts of the country, housing costs may be lower.
Food costs in Panama are generally lower than in the United States, with a basic meal at a local restaurant costing around $5 to $10. Prices for groceries can also be lower than in the US, with a week’s worth of basic items costing around $50 to $100.
Utility costs in Panama, such as electricity and water, are generally lower than in the US. Health care costs in Panama are also generally lower than in the US, with many expats choosing to purchase private health insurance for additional coverage.
Overall, the cost of living in Panama can be lower than in the US, making it an attractive option for retirement. It is important for individuals to carefully consider their budget and lifestyle needs when determining if retiring in Panama is a feasible option.