Thread: Retire on less than $700/mo?

i am a 64 year old retired single american male looking at panama as place to retire. i get $605/mo. SS and to supplement that living in florida, i need to use my savings/investments, which i hate doing. i have wandered over much of the world, living many places since i was a teenager, but have not been to central/south america.

is it true, as of this date, that the rules for 'tourist pensioner visa' still apply of $500/mo? i would like to try and live on just my SS income, living on more is acceptable, but would like it to be far less than the apx. $1,300 i now tend to need a month.

also, i am a bit confused with the visa requirements for USA. it says that now, one can go out of country after first 90 days i.e., CR for 3 days, get chopped and back in for another 90 day extension. how is that any different or better then the old way of having to go to the immigration office? was that more than 180 days max.? i know they're trying to stop the endless visa runs and living in panama forever without a commitment. is the maximum stay within one year, 180 days? and is the RT ticket an absolute?

all i require really is a 'decent' (which i know is subjective), furnished one BR apartment anywhere that is pleasant and quiet (?) to do my writing. internet, TV, A/C, i have Blackberry for phone. what are the standard leases, included utilities and those which are self-pay? what scams should i be aware of?

you may email me privately too at; ksplitt99@yahoo.com. your advise is appreciated. kurt

Anything is possible, but I found during my last visit that expenses in Panama are the same and in some cases more than the U.S.
If you choose to live in the interior like the natives I think you could survive on the amount you suggested. I would take inflation into your considerations as well. Panama salaries are on the rise and they use the dollar for everything. Should the dollar become weaker the cost of imports and inflation in Panama will surely rise. Thats just my 2 cents.

@ksplitt
i just copied the info about pensioners below, this is a part from the actual visa law! They changed it on August 2008!

"Retirees and pensioners need to prove a lifelong monthly income of at least one
thousand dollars (US$1,000.00), which may be lowered to proof of seven
hundred fifty dollars (US$750.00) if he can show he has bought real estate for
one hundred thousand dollars (US$100,000.00)."

And if you can life with 605,- $?
That is completly up to you!
Without big luxury, yes
With luxury, no

It starts with the costs for a house, you like it cheap without luxury (100 $ mon.) or you need a pool, oceanfront, etc...

A lot of Panamenos earns less then 605 $ per month!

Regards
Dirk

Outside the city, with no AC - definitely doable.

Just to give you an example - I spent a few months living on the outskirts of the city, 5 br house occupied by myself and one other guy with occasional guest and live in housekeeper... electric bill alone was upwards $600/month (2 AC's in use + swimming pool).

There's also been a period in my life (a couple of years ago) due to certain circumstances at the time, I've survived in Panama City on less than $300/month.

Panama can be as cheap or as expensive as you want it to be.

thanks dirk. i'm screwed again!! in everything i read on visas, it said $500, even the visa application sites say that! then somewhere today, i saw a site which said $1,000. actually thought it was a mistake! ok, it's $1,000...now what? i am talking about RENTING an apartment, not buying anything. i can do $1,000 a month with supplemental income added to my SS, but this does NOT qualify me as a 'tourist pensioner'...right? so, according to my stated requirements, how does that look now? do i still have to go out every 90 days and then back in for another 90? is 180 the max. in a calendar year?

Hi!
To do the pensionado you need a $1000/month for life (government or s.s. pensions). Next finding some place to live in the interior for under $400/month is going to be tough, unless you really get to the interior and live with the locals. Electricity is expensive down here compared to many places in the U.S. The public transportation is very good, a lot of locals use this as their form of transportation. Possibly Las Tablas/Chitre/Pedasi you might find cheaper rent then $400/month.

Do you speak spanish?

You can leave the country every 90 days countless times, a lot of people do that also. The bus is fairly inexpensive to get to Costa Rica, but then you need to figure expenses for 3 days in Costa Rica.

It was a lot easier to do the $600 or even $1000/month a few years ago then today.

Mary
www.whypanama.com

If you have some savings you might be able to buy an annuity from an insurance company to substitute the missing $395. ROI wouldn't be good.

Check with a lawyer first to make sure that would be acceptable to the immigration officials. Not everything is.

There are also legal fees for the pensionado visa of a couple of thousand, the move costs money and yes the inflation risk is present and current. I am sure, Dirk can hook you up with very affordable housing in a nice community, away from the business center of the big cities.

Hi!

I know that the $1000 has to be a pension for life (social security or government pension) and annuities don't qualify the last time I heard. They have really started cracking down on where the money is coming from! Pensionado's run from $750 - $900 on average. I have heard horror stories of pensionado running over $1200+/person, which is very high.

Mary
www.whypanama.com

thank you mary & dirk for your help. kurt