Navigating Retirement in Panama: Challenges of Finding Work for Expats Seeking Affordable Living

Challenges Faced by a Retiree in Panama

Patty Blue Hayes' Journey

• Relocation for Affordable Living: Patty moved from San Luis Obispo, California, to El Valle de Anton, Panama, in 2019, seeking a lower cost of living.
• Loss of Income: After losing her main source of income as a communication coach, she struggled to find remote work opportunities.
• Side Hustles: To manage expenses, she turned to Airbnb, YouTube, and self-publishing, but these sources proved insufficient.

Economic Context

• Growing Trend: Increasing numbers of Americans are moving abroad, with over 650,000 retirees receiving Social Security benefits outside the U.S. as of December 2023.
• Employment Challenges: The tight job market and high demand for remote roles make finding employment, especially for older adults, notably difficult.

Financial Struggles

Debt and Financial Pressure

• Credit Card Debt: Patty accumulated approximately $13,000 in credit card debt since mid-2022, complicating her financial situation.
• Social Security Benefits: Anticipating a meager income from Social Security upon turning 62, she aims to delay tapping into retirement savings until age 70.

Job Search Obstacles

• Limited Opportunities: Patty has applied for over 150 remote job positions without success, facing challenges due to her age and a lack of local language fluency.
• Networking Difficulties: With minimal professional connections and recent LinkedIn membership, she struggles to make impactful contacts.

Future Aspirations

Adaptation Strategies

• YouTube Growth: Patty is focusing on expanding her YouTube channel while continuing her search for coaching clients.
• Optimistic Outlook: Despite current challenges, she maintains a positive perspective on her financial recovery, hoping for improved income stability.

Source: Business Insider