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Home Retirement/Living

Retire To Capira, Panama

Kathleen Peddicord by Kathleen Peddicord
Oct 03, 2011
in Retirement/Living
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The white sand beach, green palm trees, and blue skies of Panama
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What Do You Do When Your Pension Won’t Pay For Your Retirement? Start Over From Nothing (And Have The Time Of Your Life)

Edward Coleson worked as a firefighter in Corpus Christie, Texas, for 26 years. Over the past few years, as retirement was drawing near, Edward and his wife Kerry came to a realization that was a bit of a shock:

They wouldn’t be able to retire on Edward’s pension. It’d barely cover their basic expenses…and the home equity and investment accounts they’d figured would supplement the pension were going to amount, it became clear, to much less than they’d been counting on.

To continue enjoying the standard of living they’d been living, one or both of them would have to keep on working.

Edward and Kerry met about eight years ago. Finding “the one” at this later stage of life was a surprise for both of them, a gift that they didn’t take for granted. As they explain it, once they’d found each other, they “went crazy,” doing everything they could think of to embrace their new life together–sky diving, salsa dancing, rock climbing…

When the reality of their retirement prospects in Corpus Christie began to set in, they didn’t hesitate. They took action. They’d only just started their lives together. They weren’t about to let something like a global recession get in the way of the future they had in mind. Rather than moaning and groaning about the challenges facing the retiree in the United States right now, they opted out.

Not out of retirement. But out of Corpus Christie. Out of the United States.

One month ago, Edward and Kerry moved to Capira, Panama, a small town about an hour outside Panama City. This puts them near enough to the big city but also near the beach and, important, in a region where it’s possible to live a full and interesting life on very little.

Edward and Kerry understood the choice they were making. Capira is no expat community. Living here, they knew they’d be forced to learn to speak Spanish, for they’d be living among Panamanians. They’ve settled in an all-Panamanian development, where their rent is US$300 a month for a small house with a garden.

Edward and Kerry are having all their personal stuff shipped to them from Corpus Christi. Until it arrives, they’re making an adventure and having a great time starting over from nothing. They refer to themselves as “babies.”

“We’re having to relearn everything all over again. It’s like we’re seeing the entire world for the first time.”

Shortly after they’d arrived in Panama, Edward lost his passport. They panicked, thinking their visa paperwork would be stuck as a result. But they had a good lawyer and already have managed to obtain their pensionado visas.

As pensioners, they’re eligible for 50% off the cost of hotel rooms during the week. Starting last week, they’re using this discount to stay at a Panama City hotel (for just US$34 a night) Monday through Thursday. Friday, they return to their Capira rental home.

Why come to the city each week? For their Spanish language classes.

That’s how I came to know of Edward and Kerry. They are classmates of my daughter, Kaitlin, who is also focusing on her Spanish study this month. The trio is participating together in a month-long total immersion program, Edward and Kerry to prepare for their new retirement lives in small town Panama.

And recent university graduate Kaitlin to gear up for the launch of her own emerging Panama adventures…

Kathleen Peddicord

 

Tags: 'Retire To Capira'PanamaThe Worlds Cheapest Places To Retire
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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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