The boomer moved to Panama to make his retirement more affordable. Now he is struggling to find a job and his dream is fading.
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Patty Blue Hayes moved to Panama from California to save money as she was about to retire.
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However, he has struggled to land remote roles after losing his main source of income last year.
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He said ventures like Airbnb, YouTube, and self-publishing have helped him pay his bills.
Patty Blue Hayes, 60, moved to Panama from California to save money as she approaches retirement age, but unemployment is putting a damper on her plans.
Hayes moved from San Luis Obispo, California to El Valle de Anton, Panama, a city in central Panama, in 2019. Hayes thought Spanish – the country's official language – would be easier to learn and chose the country because it uses the US dollar. and it was “more affordable” than California. An analysis previously shared with BI by personal finance website GOBankingRates ranked California third on the list of the most expensive states to retire.
Hayes hoped that living in Panama would keep his money going during his retirement years.
“I was 55 years old and I knew my income wasn't going to be enough as I got older and eventually retired,” Hayes told Business Insider.
Hayes is among Americans who have moved abroad in search of a lower cost of living as they approach or retire. As of December 2023, about 650,000 Americans age 65 or older were receiving Social Security benefits abroad, according to the most recent data available from the Social Security Administration. In 2003, that number was about 352,000.
When Hayes moved to Panama, he was an independent contractor providing communications and leadership training for a professional training company. But in late 2022, he said his client list began to dwindle as his employer scaled back his program and prioritized other types of training. In 2023, after the company was acquired, he said his plan was terminated. Hayes, who has a bachelor's degree in communications, said she has been applying for jobs related to coaching writing, customer or client success, school admissions, and teaching but has had no luck.
“It's very disappointing when I spend a lot of time applying but nothing comes out,” he added, “looking for a job is exhausting.”
Hayes is one of the people who has struggled to find work in the past year as other companies cut back on hiring.
He said the only money he earns comes from a guest house he rents out in Panama through Airbnb, his YouTube channel where he shares content about his life abroad, sales of books he has published through Amazon, and referral fees tied to renters who provide accommodation. a merchant.
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