Americans seeking early retirement move to specific country in droves – low cost of living
Americans are seeking alternatives to achieve a lower cost of living for retirement. Some are considering other countries as the cost of living in American cities steadily rises.
The cost of living is sky-high in many US cities. When selecting the right place to live for retirement, Americans are keeping this in mind before settling in new homes in foreign places. Over on social media, a finance buff named Psy who spends time educating people about the fundamentals of finances shared some helpful information he found while researching.
It seems that many Americans are choosing to retire early in a particular North American country that isn’t the US.
In a social media clip, Psy revealed the country to viewers while giving some background on it. Apparently, in this country, you can buy a beach house for as little as $80,000, according to Psy. The cost of living is about two thousand dollars a month, and that includes housing utilities, transportation, groceries, and entertainment.
Psy added that you can live very comfortably with $3,000 a month for a retired couple. All legal residents are entitled to 20 percent off of prescription medications if they’re 55 or older for women, and 60 or older for men.
Revealing the popular country, Psy said: “I had no idea that Panama has earned the top spot on the retirement index for 11 years in a row. It has several expat communities that have been thriving for many years.
READ MORE: Americans could boost retirement savings pot thanks to ‘effective strategy’
Follow Daily Express US on Google News
Click here to follow Daily Express US on Google News to stay up to date with all the latest US, showbiz, and sports news.
He continued: “They have excellent healthcare providers like the John Hopkins International Affiliated Hospital Pointa Pacifica.
“You don’t need a visa to initially enter Panama. However, if you want to retire in Panama, you have to apply for a visa in person through a Panamanian attorney.
“The retiree resident status requires applicants to show proof of pension of $1,000 a month and $250 a month for each dependent.”
Don't miss...
Retirement mentor gives honest opinion on best five US cities to retire in [LATEST]
This city is a top place to retire - it’s also near Taylor Swift’s hometown [LATEST]
Southern town is ideal for retirement – ‘one big family’ with ‘no age barriers' [LATEST]
Individuals left their own thoughts on retiring in Panama in the comments section of the video.
“My Aunt recently moved there and loves it. She says the medical is great too,” one person wrote.
“I own a retirement home in Playa Santa Clara on the Pacific coast and can 100% back everything said in this video. I LOVE IT,” another added.
