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Patty Blue Hayes moved to Panama from California to save money as she approached retirement.
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However, he has struggled to find remote positions after losing his main source of income last year.
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She said side hustles like Airbnb, YouTube and self-publishing have helped her pay the bills.
Patty Blue Hayes, 60, moved to Panama from California to save money as she approached retirement age, but unemployment is thwarting her plans.
Hayes moved from San Luis Obispo, California to El Valle de Anton, Panama, a city in central Panama, in 2019. Hayes thought that Spanish, the country’s official language, would be fairly easy to learn and chose the country because used the US dollar. and was “much more affordable” than California. An analysis previously shared with BI by personal finance site GOBankingRates ranked California third on a list of the most expensive states to retire in.
Hayes also hoped that living in Panama would make his money go further during his retirement years.
“I was 55 years old and I knew my income wasn’t going to be enough as I grew older and eventually retired,” Hayes told Business Insider.
Hayes is among Americans who have moved abroad in search of lower costs of living as they approach or enter retirement. As of December 2023, about 650,000 Americans age 65 and older were receiving Social Security benefits abroad, according to the most recent data available from the Social Security Administration. In 2003, that number was approximately 352,000.
When Hayes moved to Panama, she was an independent contractor providing communication and leadership coaching for a vocational training company. But near the end of 2022, he said his client list began to dwindle as his employer scaled back its program and prioritized other forms of coaching. In 2023, after the company was acquired, it said its program was effectively discontinued. Hayes, who has a bachelor’s degree in communications, said she has been applying for jobs related to writing coaching, customer success, school admissions and tutoring, but hasn’t had much luck.
“It really gets very discouraging when I spend so much time on applications and nothing comes out,” she said, adding, “Looking for work has been demoralizing.”
Hayes is also among those who have struggled to find work over the past year as some companies cut back on hiring.
He said his only income comes from a guesthouse he rents in Panama through Airbnb, his YouTube channel where he shares content about his life abroad, some sales of self-published books through Amazon, and referral fees tied to clients. potentials that he gave to a real estate agency. corridor.