A boomer from Texas retired in Panama for the low cost of living and lifestyle. She said it feels like 'Christmas every day.'

• Saundra Lohr, 68, moved to Panama City from McKinney, Texas, in 2021, two years before retiring.
• She's not alone: nearly 2,200 retired US workers got Social Security in Panama in December 2023.

Saundra Lohr always knew she wanted to retire abroad.

In 2021, Lohr moved to Panama City from McKinney, Texas, and she retired two years later. From the diversity of cuisines to the quality of food and access to pristine beaches, Lohr said life in the Central American country is superb.

"Panama is just like Christmas every day," Lohr, 68, said.

Lohr is one of many Americans moving abroad for retirement, hoping to seek new experiences and escape the high cost of living in the US. As of December 2023, there were 648,569 Americans aged 65 or older receiving Social Security benefits abroad, according to the most recently available data from the Social Security Administration. Twenty years ago, in December 2003, that number was 352,340.

What's more, Panama had 2,194 retired US workers receiving Social Security in December 2023, the second-highest number of any country in Central America and the Caribbean, following the Dominican Republic.

Preparing to move abroad requires research and a budget

Lohr was born in Dallas and worked as a project manager and consultant in the US for nearly four decades. Yet, in the last 10 years, she said she became more concerned about the culture in the US, particularly around gun violence.

Given her career background, Lohr said she was meticulous in planning her retirement and choosing the best location.

"I'm a project manager," Lohr said. "I have spreadsheets; lots of spreadsheets."

Lohr started by researching the specifics of a prospective lifestyle in the regions she considered for possible retirement, including spots in Canada, Mexico, and across the Caribbean. She made her first "reconnaissance" trip to Panama in September 2019. She recommends that others do the same amount of research if they're considering retiring abroad.

For example, Boquete is a popular destination for American retirees in Panama, but Lohr said it didn't fit her lifestyle.

"For me, it was a little too laid back," Lohr said. "Since I'm an avid patron of visual and performing arts, I just didn't see the cultural aspects there that I was looking for."

Lohr ultimately settled on Panama City, in the Bella Vista neighborhood. She said what convinced her to move was the Cinta Costera, which is a 4.3-mile-long public recreation space along Panama Bay.

"There are beautiful garden spaces, bike lanes, city seating, sports fields, and lots of public spaces to congregate with vendors who offer food and drinks and souvenirs," Lohr said. "It's a beautiful pedestrian and marine promenade that takes you into the old town of Panama City."

With her destination set, Lohr focused on lowering her expenses and preparing her finances for moving abroad.

"I did not have any credit card or consumer debt prior to my move as I had spent the year prior lowering all my financial obligations," Lohr said.

She calculated her budget for moving abroad by adding up her existing monthly expenses, including mobile phone service, Medicare, and her estimates for cable, internet, gas, and electric bills. Including dining and entertainment, she said her monthly expenses amounted to about $3,000.

Lohr receives about $2,000 a month in Social Security and said she uses investment payouts to make up for the difference. She declined to share the specifics of those amounts.

Lohr said she began investing at age 27 to grow her wealth. She invested in various securities, including individual stocks, municipal bonds, mutual funds, and real estate.

"To date, investing is still a part of my strategy to remain financially secure," Lohr said.

When she was ready to move, Lohr hired an estate auctioneer to sell her belongings. She also sold or gave away items to friends, family, and neighbors.

Lohr said using a checklist is helpful while moving abroad. She recommends splitting responsibilities into categories like finances, health, communications, packing, housing, and what to sell or donate.

As a homeowner in the US, Lohr said she had no interest in being a homeowner in Panama and wanted to live a simpler lifestyle than she was accustomed to.

The benefits for American retirees in Panama

Lohr said the main considerations for moving to Panama were affordability, a calm and welcoming community, and general political stability.

The Panamanian government also has a visa targeted at pensioners, she said. The Panama Pensionado program affords retirees residency and perks such as a 25% discount on utility bills and a 10% discount on medicines, given the participants meet certain income and legal requirements.

Lohr said it's a useful program for retiring abroad and suggests Americans seek out trusted legal counsel and do their due diligence to apply successfully.

Furthermore, Lohr said the quality of life in Panama is impeccable. For example, the food is fresh and she feels healthier than in the US.

"I'm having the time of my life because my health is good," Lohr said. "My diet is even more simple. On the Cinta Costera, I can walk down to the seafood market and get fresh anything."

Lohr said the affordability in Panama is one of the country's best features for retirees and she saves a lot on groceries. Additionally, there are plenty of outdoor activities.

"Nature's right at your doorstep with hiking and bird watching, kayaking, and pristine beaches," Lohr said. "There are lots of opportunities to explore and take your own adventures."

Lohr has no reservations about leaving the US. In fact, she started a business, called Expat Pros Advice, to help remote workers and retirees navigate the legal and real estate technicalities of moving.

She said she loves life in Panama and is grateful she made the decision to move.

"I realized that I needed to give myself permission to dream," Lohr said. "I had to believe that all things are possible, that if I believed that I could change my perspective and my life, then I could do just that."

Are you an American retiree who moved abroad? This reporter wants to hear your story. Please reach out at jtowfighi@businessinsider.com