Additional Coverage:
- A boomer from Texas retired in Panama for the low cost of living and lifestyle. She said it feels like ‘Christmas every day.’ (newsbreak.com)
Saundra Lohr, a 68-year-old retiree originally from McKinney, Texas, relocated to Panama City, Panama, in 2021, stepping into retirement two years later. Opting for Panama was no small decision; it came after meticulous planning and a career spanning nearly four decades in the U.S. as a project manager and consultant. Prior to finalizing her move, Lohr visited Panama in 2019 and explored various locations, including Boquete but found it too tranquil for her taste, lacking the cultural vibrancy she desired.
Ultimately, Lohr was drawn to the Bella Vista neighborhood in Panama City by attractions like the Cinta Costera—a sprawling public recreation area along Panama Bay, featuring gardens, bike lanes, and public spaces. She cited the area’s affordability, welcoming community, and political stability as key factors in her decision. Additionally, Panama offers a Pensionado visa program that provides residency and financial benefits for retirees, which further attracted Lohr.
By December 2023, Lohr became part of a growing trend, joining 2,194 retired U.S. workers in Panama receiving Social Security benefits—the second highest in Central America and the Caribbean. According to the Social Security Administration, as of the same period, 648,569 Americans aged 65 or older were receiving Social Security benefits abroad, a significant increase from 352,340 in December 2003.
Handling her finances carefully, Lohr prepared for her move by minimizing debts and strategically managing her budget, planning around a monthly expense of about $3,000, supplemented by her Social Security and investments in stocks, bonds, mutual funds, and real estate. Once ready, she employed an estate auctioneer and redistributed her possessions.
Lohr emphasized the importance of thorough preparation and research for others considering moving abroad, recommending visiting potential retirement locations and carefully planning finances and healthcare. She revels in the quality of life in Panama, enjoying fresh food, the simpler diet, and the abundance of outdoor activities. Reflecting on her decision, she feels empowered by her choice to redefine her living circumstances and has even started a business, Expat Pros Advice, to assist others moving abroad.
Lohr’s story is a testament to the increasing trend of American retirees seeking affordable and fulfilling lifestyles outside the U.S. and finding joy in new beginnings. If you are an American retiree with a similar experience of moving abroad, I would love to hear your story.
Please contact me at [email protected]. Read the full story on Business Insider.