One Of The Best Places To Retire Outside The US Has Incredible Senior Discounts

As people age, their priorities often shift away from building their career to instead securing their future during retirement. At that point, the question to answer often centers on whether your pension and savings can comfortably sustain your lifestyle. According to a 2022 Bureau of Labor Statistics Consumer Expenditure report, Americans aged 65 and older spent an average of $57,818 that year — most of which went towards housing, food, and healthcare. 

However, when compared to the median retiree income of $54,710, as reported by the U.S. Census Bureau, the reality is that most people are barely getting by. Factors like rising costs of living and limited senior Medicare coverage, can help make a move overseas particularly appealing for retirees. Potential options could include Greece and its affordable healthcare, Thailand's exciting nightlife, or the ex-pat favorite, Panama. Located in Central America, the country was ranked No. 1 by International Living's Annual Global Retirement Index as the best place to retire in 2025.

Panama didn't top the list just because of its tropical climate but rather because of the Panama Pensionado program, a retirement visa and residency program that lets retirees enjoy generous senior discounts. These discounts range from 1% to 50% and cover a wide range of services and needs, which can help ease day-to-day expenses. To qualify for the Pensionado program, you'll need to show proof of at least $1,000 in monthly income — either through a pension, Social Security, or a retirement fund. If you're applying with a spouse or child, the requirement goes up by $250 per dependent.

The program even offers discounts on essentials like housing. While Panama has been widely recognized for its affordability, renting or buying a home is still a big purchase. However, with the Pensionado visa, expats can get 1% off mortgage payments for properties used as a personal residence. Healthcare is another primary concern. According to the Milliman Retiree Health Cost Index, the average American 65-year-old couple retiring in 2024 with Medicare is still expected to spend up to $600,000 in lifetime healthcare costs. Not only is healthcare significantly cheaper in Panama, with average procedures costing up to $4,000 to $9,000 less, but the Pensionado program also offers retirees a 20% discount on doctors' bills and 15% discount on hospital services, if they do not have insurance. Plus, overhead costs like utility bills receive a 25% discount, while import taxes can be exempted altogether under the program.