You start with $3,300 a month. Easy to live off of in Panama.
Then you have $500K clear. That gives you about another 2k per month income, invested in index funds over time. Even 5K a month is big money in Panama. Enough to afford a maid, a gardener, and a girlfriend or two...
If you start making babies, though, Panama requires you take care of them.
If only the U.S. had the same standard!