"Can I Live in Panama on my $1,059-a-month Social Security Check?"

To me $0.69 is a reasonable price for a pound of potatoes, but my dad has a different idea. “They’re half that at the market,” he says, “we’ll get the produce there.” He knows all about Panama’s best markets, where he can buy a rainbow assortment of fresh fruit and vegetables straight from the farmers.

Today the air at the market is heavy with the fragrant scent of mango. At $0.35 cents a pound, the colossal papayos are a steal. Another variety that’s much smaller and great for juicing is being sold in bags of 10 for $1…that’s only $0.10 each! The produce markets aren’t obscure or “secret” by any means…every local knows this is a smart way to save. The growing expat population is learning how inexpensive it is to live like a local, too.

I hear expats practicing Spanish at the city’s many bargain department stores…satiny couch cushions for $0.99 and groovy beaded lamps for $5.99 are hard to turn down. I see expats of all ages taking advantage of the super-inexpensive movies…$4 for regular tickets, half price for pensionados (retirees). And movies aren’t all pensionados pay less for. The retirees you meet here will tell you that they get 25% off their power bills, 20% off medical consults (even at the swankiest of hospitals), and much, much more.

In a recent e-mail, a U.S. reader asked me: “Can I live in Panama on my $1,059 a month social security check? I plan to buy a home so as not to pay rent, and I don’t need anyone to clean for me…I can do that myself.” The answer is yes. And I’m not talking about just eking by. I'm talking about living well, without having to sacrifice the things you love.

Maybe you want to join a gym…the Panama University gym charges $1 for each weight training session and $2 for aerobics classes. You can play 18 holes at Summit Golf & Resort for half what you’d pay in Miami…and here you’re not obligated to pay a membership fee. Swim at the Albrook pool for $2.50 or take a $10 round-trip ferry to Taboga Island (just 12 miles off the coast) for a day of snorkeling. I frequently attend movie festivals for as little as $4 and this week I saw a dance troupe from Moscow perform classical ballet on ice for just $15.

As for the cost of property in Panama, you’ll be impressed with the variety and value available here. I found a two-bedroom apartment in the convenient 12 de Octubre area of Panama City, on offer for just $60,000. It comes with a 14-year property tax exemption. Another two-bedroom apartment is listed for $61,000 on La Transistmica, one of the city’s main arteries.

And these apartments aren’t one-off lucky finds. Every month I find similar ads in the local papers or through my local contacts and resources. I’ll tell you more this Aug. 6-8, at International Living’s Live and Invest in Panama Seminar. The Seminar takes place in Kobbe Beach--an easy half-hour taxi ride from the Panama City Airport. I’ll be there along with all of IL’s experts on Panama taxes, residency, investment, and much more. If you join us, you'll learn how to live and prosper--and even profit--in Panama.

Remember: If you've yet to sign up for this Seminar, tomorrow (Friday, June 12) is your last chance to get a $200 Early Bird discount with this link.

See you there…

Jessica Ramesch
Your Panama Insider, International Living