Birds of a Feather

Costa Rica has changed drastically since the 80's, so if you expect it to be the same, it will surely disappoint you.

Many expats are over 65, while young families find it expensive to live here while raising a family.

As for social interaction, what do you want/intend/hope to do in your 'spare time'? Remember that it is dark approximately at  6 pm, year round, which can curtail many 'evening activities.' Most expats tend to stay home then...unless you want to frequent bars, there isn't much else to do.

You really need to visit for an extended time period before selling up and making this move.

Thanks for your input! Actually we've never expected anyplace we've returned to, to be the same after even 10 years, let alone 30 or more! Wouldn't that be disappointing to discover some special place had gotten stuck in a time-warp!
That doesn't alarm me, we've long since outgrown the nightlife scene, unless it's a concert or such, but we do like to socialize moderately - meet friends for lunch or a glass of wine in the late afternoon - that sort of thing, but the key word here is "friends" - we won't make any if everyone is 15 or 20 years younger than we - which is, I suppose, the concern I was expressing here. And no, we've no plan to make a commitment that huge without visiting - probably will rent our house here, and rent something there for 6 months - which will give us the opportunity to check out the possibilities in Panama as well.

It is said that 50-60% of those moving here return to their home country within 2-3 years...for one of the many reasons for doing so.
Retiring here as a 'couple' is quite different when a partner passes on and you are now 'on your own.'

If you do decide to proceed with your plans, I strongly suggest that due to your ages, you both apply as Pensionados using your own individual 'guaranteed for life' pensions, as  when/if the primary applicant passes on while still a Temporary resident, the remaining spouse will have to reapply. To become a Permanent Resident will take 4-5 years from the initial application.

To attend concerts, etc. the best place to live is around the San José area. however it is not a recommend place to travel around in, especially after dark.

I'm not sure what gave you the idea  that older people don't live here anymore. There are retirees all over the place in Costa Rica. Places like San Ramon,Puriscal, Grecia, the beaches...

Do you want to live near a big city, or in the mountains or at the beach?

Do you want to live in a gated community and associate only with Gringos, or a Tico community and make Tico friends, or both?  do you speak Spanish fluently?
Do you want to live within 30 minutes of a hospital? Let us know the answers to some of these questions, and more, and then we can make some suggestions.

Very good points. I would prefer to be near beach but higher ground not right on the beach, in Guanacaste , near some city for shopping and such ,Hospital and a good school .
I think I prefer gated community with management for rental .
House or condo and at least a nice communal swimming pool and food shopping nearby and nice beach nearby.