Could Great Fishing Lure Us to a Panama Retirement?

With the end of our 30+ year careers possibly approaching in the next four or five years, Hanna and I have begun planning the next chapter of our life. We call it “retirement,” although we’ll continue to work in the fishing industry for the foreseeable future. For years, we’ve discussed two likely possibilities:

• Live south from October to April, and travel north in an RV from April to October; or

• Live north from April to October, and travel south in an RV from October to April.

The precise location or locations of our abode/s remain a mystery. We’ve investigated certain places that we thought we’d like and found them to be wanting in certain ways, and there are still some potential locations that remain to be seen. Until recently, we’d never considered spending even part of the year abroad, but after our first couple of visits to Panama several friends asked if we were considering retiring there. It turns out that it’s one of the most popular international domiciles for American retirees.

We still haven’t spent a ton of time there, but we’ve liked what we’ve seen. Panama City has direct flights to the US, the dollar is effectively the national currency, it’s safe and politically stable, and there are a ton of things (including both exceptional saltwater fishing and some peacock bass opportunities) to do. There are some countervailing negatives, however. One is that I’ve always envisioned traveling the US, perhaps following the Elite Series to write about it, and being abroad would make that difficult. The second is a slight discomfort with leaving the US – even if Panama is safe and stable now, I simply feel less in control of my overall security outside of US borders. I don’t know if that’s irrational, but it’s the truth. Finally, my Spanish is limited, and while it could improve and many people there speak English, if we were to live outside of Panama City (which would be the case in all likelihood), we’d need to improve our fluency in order to operate effectively day-to-day.

Accordingly, we’re still in the research phase. If that marks your status, too, or if you’re considering retiring in Panama for the first time, here are some resources to consider:

Official Resources

• Embassy of Panama – Retire in Panama

• IRS -- Guide U.S. Citizens and Resident Aliens Abroad

• State Department – Guide to Retiring Abroad

Retirement Guides to Panama

• This Country Has Been Voted The Best Place To Retire For The 11th Time (& Why You Should Visit)

• 6 Reasons You Should Retire In Panama, Plus 4 Reasons Why You Might Mark Panama Off Your List

• International Living – Panama Retirement Information

• US News & World Report – 10 Best Places to Retire in Panama

• Nomad Capitalist -- Retire in Panama: The Ultimate Guide for 2022

• 10 Reasons to Retire Early in Panama

• Retiring In Panama: 8 Things Expats Need To Know

• Moving to Panama: The Complete Expat’s Guide

• AARP -- Retirement in Latin America — What You Need to Know

• 8 Mistakes To Avoid When Moving To Panama According To Expats

• Everything You Need To Know To Move To Panama With Your Pet

Retirees’ Analyses of their Panama Retirements

• Our Panama Dream Home: A Safe Village, a Nearby Beach, and No Mortgage

• 2RetireInPanama?

• The Panama Adventure

• The Great Slow Down—A.K.A. Life in Panama

• I’ve Lived In 4 Cities In Panama As A Retiree — Here’s What I Loved About Each One

• I never expected to retire to Panama — but we are living ‘very comfortably’ on $1,200 a month

• David, Panama Retirement: U.S. Expat Tells What It is Really Like

• ExPat Profile: How My Panama Retirement Led to a New Business

This is far from an exhaustive list. If you’re looking for something truly new and “off the grid,” Panama is likely not it, but this is well-worn ground, which means you don’t have to repeat others’ mistakes.

I’ll admit, the idea of even a partial international retirement is still a bit daunting to me, but I’m open to the idea. A lot can change before we actually have the means and ability to leave our current full-time jobs. I also recognize that all of our experiences in Panama so far have been vacations, which by their very nature should give us an exceptionally rosy picture of what the country has to offer. It likely wouldn’t be popping for tuna and/or nice restaurant meals every day in retirement.

Finally, we hope to be in a position in retirement where if our first choice doesn’t work out we would have the ability to adjust on the fly. Our goal is to make the right choice/s from the start, but one mistake shouldn’t be a death knell for a good life.

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If you’d like to get a taste of Panama City while experiencing some of the best inshore and offshore fishing in the world, contact Hanna about booking a trip to Sport Fish Panama Island Lodge. We host annual trips or can send you at any time there’s availability. Stay over and explore the retirement opportunities!