A Retired Couple Living On the Beach: A 55 year old man and his 45 year old wife live in Ojo de Agua, which is near the Playa Venao on the Azuero Peninsula, Panama. They bought their house for $27,000 cash about six years ago and invested another $10,000 in cash to remodel the house while they both continued to work in the US, before they could retire. They bought a truck for $12,000 cash in 2009, and they both have been living here full time for the past two years. They pay $56 per month for vehicle insurance, full coverage. Utilities are $40 per month for electricity, $11 for water, $55 for Skye TV, $25 for Internet through a Cable & Wireless USB connection, $30 in cell phone cards, and $60 for life insurance. They spend about $160 per month for fuel, used to drive to Las Tablas, visit friends, or to go to the different beaches in the area. They spend $200 per month on groceries and household supplies, and another $300 per month on restaurants, dining out, and “my husband’s cerveza.” They budget about $2,000 per year for international travel to visit the United States. “Give or take an ice cream here and there our living expenses for Panama is $550 a month per person. It would be more affordable if my husband would give up the Atlas and if we stopped eating at the beach everytime we go! But it is for those things that we love it here!!” I see an initial cash investment of $49,000 for the house, remodeling, and car. Their monthly expenses are just over $1,100 total. So, the bottom line is – A retired couple lives on the beach in Panama for $550 per month, per person.
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