Many people know about the discounts that are available to Pensionados in Panama. There is no difference between a Panamanian and a foreigner in this aspect, the sole requirement is that you be of "jubilado age" = 57 for women, 60 for men, and have a resident visa (temporary visas and tourist visas do not qualify).
One discount that is specified in the law that many people (Panamanians and foreigners) are not aware of is for "service fees" The law number 6 of the 16th of July 1987, as modified in Article 10 states that a qualified resident is entitled to a 20% discount on fees charged for professional and technical services. This includes car mechanics, contractors and lawyers, any one who is billing you for services rendered, but not the parts. For example, when you have your car repaired, you should claim the discount on the labor portion of the bill.
Another, often overlooked benefit i(Article 16) s the freezing of your property tax at its current level, as long as the property is in your personal name and is your sole residence in Panama.
If you go to the ACODECO office you can obtain a booklet in Spanish that explains all of the discounts available to resident "jubilados" of any nationality. Their web site is www.acodeco.gob.pa