A Baby Boomer's Hopes for Affordable Retirement in Panama are Dwindling

Patty Blue Hayes, 60, left her California home in search of financial relief as she neared retirement age. However, her expectations have been dampened by persistent unemployment.

The Move to Panama

In 2019, Hayes relocated from San Luis Obispo, California to El Valle de Anton, a central Panamanian town. She believed learning Spanish would be straightforward and was attracted by Panama's use of the US dollar alongside its more affordable living costs compared to California, which is known to be expensive for retirees.

Anticipating that her money would stretch further in Panama, Hayes made the move when she was 55, recognizing that her income wouldn't suffice as she aged and stopped working.

A Growing Trend Among Retirees

Hayes joined many other Americans shifting abroad to reduce living expenses in retirement. As of late 2023, approximately 650,000 Americans over 65 were receiving their Social Security benefits outside the US.

Challenges in Finding Work

Initially, Hayes worked as an independent contractor, offering coaching in communication and leadership. Towards the end of 2022, client numbers fell as her company reduced its focus on her programs. By 2023, after the company changed hands, her role was eliminated. Despite having a degree in communications, her applications for jobs in fields like writing coaching and tutoring have largely been unsuccessful.

Hayes admitted feeling defeated after numerous unproductive job applications, describing her search as “demoralizing.”

Remote Work and Income Challenges

The past year has been tough for job seekers, including Hayes, due to corporate hiring slowdowns. Her income primarily comes from a guesthouse rental through Airbnb, a YouTube channel detailing her life in Panama, self-published books on Amazon, and referral fees from real estate leads.

Despite these efforts, her earnings have been insufficient, leading to approximately $13,000 in credit card debt accumulated since mid-2022.

Looking Ahead

Hayes is considering drawing Social Security benefits at 62 but fears it may not cover her expenses. She aims to preserve her retirement funds until 70 and is actively applying for remote jobs, with over 150 applications in the last year.

The struggle for work continues, partly due to high demand for remote positions and the lack of a work permit in Panama, attributed to her incomplete command of Spanish. Networking limitations and age-related concerns add to her difficulties.

Hayes intends to keep seeking employment while focusing on expanding her YouTube presence and self-publishing. These avenues may offer financial support if her job search remains futile. Her optimism persists despite uncertainty surrounding her retirement timeline.

"I feel grateful overall and am hopeful that financial improvements will come," she remarked. "It will be a huge relief once I can clear this credit card debt."