Are you worried that you may not ever be able to retire because your cost of living is so high?
Would you like to retire early but know it’s not possible if you stay where you live now?
My husband and I were in the same situation 12 years ago.
Even with income from investment properties, and eventually Social Security and a good pension, we realized that living in Texas was just going to keep getting more expensive. We were concerned about what our cost of living would be like in 10, 20 or 30 years so we weren’t sure if we would ever be able to retire and maintain a quality lifestyle.
So, one summer, when we had 100+ degree weather for 90 days straight and $400+ monthly electric bills, we decided that it was time to look for some place with a lower cost of living where we could afford to retire on just our pension or just Social Security. We were also looking for a place where we’d never need air conditioning or a heater again.
After almost two years of research and exploring several countries, we discovered Panama. Panama ticked all the boxes for what we were looking for.
My husband and I were able to retire 10 years sooner than most Baby Boomers because of the lower cost of living when we moved to Panama in 2010. We actually could have retired 20 years sooner but unfortunately Panama was not even on our radar then.
Moving to Panama was the best decision we ever made. We significantly reduced our cost of living and were able to live well on less than $2,000 a month including rent. [Read more…]