I follow Doug Casey and the gang at Casey Research because he is another believer in getting one foot across the border. Here is a sobering fact he raises about the historical rate of inflation and its impact our your future. At the end there is a video interview on why “
Let’s say you’re 46 years old today. Chances are that by the time you’re 67, you could be paying $10 for a loaf of plain white bread, $7 for a pound of ground beef, and $8 for a gallon of milk.
Here’s a mind-boggling statistic for you: In the last 100 years, inflation has gone up an average of 3.21% per year – that means consumer prices have doubled every 22 years.
In other words, if you are 10-20 years away from retirement now, by the time you aren’t working anymore, you’ll be paying twice as much for… well, everything. And that in one of the most financially vulnerable phases of your life.
It’s no wonder that Americans 55 and older now account for 20% of all bankruptcies – most of them going broke over sky-high medical and funeral expenses.
At the same time, the 2008 financial crash and the subsequent sluggish economy have made building a nest egg more challenging than ever.
While Doug makes an argument for living in Argentina, that is because he has a project there. The point is, find a country where the government is stable, the people are friendly and find a nice affordable town to live in away from the hustle and bustle of the big city. You can always visit to get your “City Fix”. Watch the video and then read a little about my “Panama Perspective”
My Panama Perspective
Tom Brymer
While Panama City is constantly in the news with all that is going on in this metropolis, another area of Panama that has also gained a lot of attention over the years is the town of Boquete in the Western highlands and the province of Chiriqui. AARP has listed Boquete as one of the top 10 places to retire in the world for many years now. And rightfully so, as you can spend 50% less on travel, entertainment, food, and an active healthy lifestyle.
I have lived here since 2007 and I have seen the changes to the nearby capital city of David as it grows and prospers. A new International Airport was recently completed and the expansion is in anticipation of direct flights from Miami and Houston. Boquete now has a highway that cost over a hundred million dollars to connect it to David. Yes, Panama has thrown its economic might at this small City in Central America and the town of Boquete high up in the mountains that for now boasts a population of only 20,000 people. That too will change.
Boquete is a small town on the Caldera River, tucked into the green mountain highlands of Panama, in western-most Chiriquí Province, about 45 miles from the border with Costa Rica. Because of its altitude, some 3600 feet above sea level, its climate is refreshingly cooler than that of the lowlands. Its scenic location, temperature, and natural environment make it extremely popular with Panamanians, and with tourists from all over the world. In Spanish, the word Boquete means ‘gap or opening’. It was through this gap that curious gold seekers trekked, looking for a cheaper and quicker way to the Pacific. Farmers began settling the region near the end of the 19th Century. By the early 20th century, several villages had been populated. In addition to tourism, its main industry remains agriculture, especially the growing of coffee beans and some of the finest coffee produced anywhere in the world, recently topping $350 per pound for a top lot at auction.
Some of its landmarks include nearby Volcán Barú, a dormant volcano and, at over 11,000 feet, the tallest point of land in Panama. Hikers enjoy a relatively easy hike up and over the volcano, along the Sendero de los Quetzales, which runs from Boquete up to Cerro Punta and Volcan, on the other side of the volcano.
Boquete has become the second home to many North American and European retirees. Some 14% of its population are of foreign origin. Ex-pats are attracted by the comfortable climate, excellent potable water, and clean air, by the tranquility, and by Panama’s relatively low cost of living.
Boquete that draws people from around the world to come here and live. Clean air, abundant sources of water, amazing flowers, beautiful rivers, and of course plenty of rainbows. Our area grows 80% of the fresh produce for Panama, offers an affordable lifestyle, good healthcare and a town where kids can go out at night and not have to worry about getting in trouble (or at least the bad kind!). For the retiree, there is plenty to do and numerous organizations to participate in.
Another constant is wellness and fitness. Mountain hiking and yoga retreats are very popular.
One can live here in the mountains where it is cool but within an hour and a half, you can be on a boat headed out to islands and fishing spots in the Pacific ocean that rival the best in the world. Boca Chica has some of the most beautiful coast line in Panama and a national marine park comprised of dozens of little tropical islands and sandy coves that remind one of Robinson Crusoe.
So, this is why I chose to live here and to sum it all up…
“Somewhere, over the rainbow, way up high…There’s a land that I heard of, once in a lullaby. Somewhere, over the rainbow, skies are blue. And the dreams that you dare to dream, really do come true. ” – E.Y. Harburg
There is indeed a land where rainbows often grace skies that are unencumbered by pollution, life is unhurried, and retirement dreams are fulfilled for many, in the Chiriqui highlands of Panama. Here’s the story…
Ex-pats, for those who are unfamiliar with the term, are those who leave one’s native country to live elsewhere. This unique breed may have a few motivational variations for permanently traversing beyond borders, but they tend to share a common character trait – a great sense of adventure in abandoning what is socially, culturally, and geographically familiar to pursue their dream of a healthier, happier, less hectic lifestyle. And, given the current economic state of affairs, perhaps they share the collective desire to avoid a possible catastrophe.
They seek a better quality of life married to a lower cost of living. They’re confident enough to start over in a new environment, making new friends. Ex-pats likely possess a libertarian streak, a do-it-yourself mentality that propels them to create their lives anew, whether it means transforming a piece of property into a model of green energy self-sufficiency, launching a new school for local kids, or opening a new café. And characteristically, they want to integrate into a community of similar-minded souls.
What gives a particular area the gravitational pull for ex-pats? It often starts with a warm climate and beautiful scenery surrounding a charming, affordable city or town. An abundance of fresh water sources, locally grown food and reliable hydro-electric power. Add a big welcome mat to foreigners from the local people, and a government actively enticing you to stay with such incentives as no property tax for the first 20 years, a generous program for newcomers to guarantee permanent residency, equal rights under the law, discounts for products and services across the board, plus excellent asset protection and maximum privacy from the banking institutions. Welcome to Boquete, Panama, and leave the door open. There’s more coming.
WELCOME TO MY HOME IN THE LAND OF THE RAINBOWS
Tom Brymer is the author of The Panama Perspective