Boomers are moving to Panama, making retirement more affordable. Now she is having trouble finding a job and her dreams are fading away.

• Patty Blue Hayes moved from California to Panama to save money as she nears retirement.

• But she is having trouble finding remote roles after losing her main source of income last year.

• She said side hustles like Airbnb, YouTube and self-publishing have helped pay the bills.

Patti Blue Hayes, 60; moved to Panama As she neared retirement age, she moved from California to save money, but unemployment thwarted her plans.

Hayes moved from San Luis Obispo, California, to El Vallede Anton, a city in central Panama, in 2019. Hayes chose the country because he thought Spanish, the country’s official language, would be fairly easy to learn and because it uses the U.S. dollar. It was “much cheaper” than California. According to an analysis previously shared with BI by personal finance site GOBankingRates, California ranked third among: Most Expensive States to Retire.

Hayes also hoped that living in Panama would allow him to make more money during his retirement.

“I was 55 years old, and I knew I wouldn’t have enough income as I got older and eventually retired,” Hayes told Business Insider.

Hayes is among them. Americans who moved abroad As you approach or approach retirement, you are looking for ways to lower your cost of living. As of December 2023, about 650,000 Americans over age 65 were receiving Social Security benefits overseas, according to the most recently released data. data From the Social Security Administration. In 2003, that number was approximately 352,000.

When Hayes moved to PanamaShe was an independent contractor providing communication and leadership coaching to professional training companies. But toward the end of 2022, she said her client list began to dwindle as employers scaled back programs and prioritized other forms of coaching. After the company was acquired in 2023, she said her program was effectively halted. Hayes is Bachelor’s Degree in CommunicationsShe said she applied for jobs involving writing coaching, clients or client success, school admissions and tutoring, but didn’t have much luck.

“It’s really frustrating when you spend so much time filling out an application and nothing comes out of it,” she added. “The morale of the job search has been low.”

Hayes is one of those people. I struggled to find a job This is because some companies reduced hiring last year.

She said her only income came from a guest house she rented in Panama through her YouTube channel, Airbnb. channel Here she shares content about living abroad, selling her self-published books through Amazon, and referral fees associated with the leads she provides to real estate agents.

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