So I am a new US expat, now living in Morocco, and I have almost all my US money---my entire life savings---in a checking account.
I am having a very hard time even getting access to my US checking account (Wells Fargo) and so I am flying back to the States over Christmas in order to deal with it.
Obviously I know my entire life savings should not be in a checking account. That is one of the things I want to fix. I'll give my biographical details first and then my list of questions.
I'm 52 and I'm behind on where I should be in my savings. I have about 90,000 USD.
I have no debt.
I have no dependents.
I have excellent credit (800+), not that it means much in Morocco.
I have only a Wells Fargo checking account.
I make good-enough money in Morocco; I am able to save about $1500-2000 USD a month and I have very good job security.
Life in Morocco is very affordable and I have very few expenses. Food, housing, electric. In the next year or so I'll buy a car, but I won't spend more than $20,000 USD or so.
I want to put most of my US life savings (that $90,000 USD) into something very safe. Something I won't touch for a while. Probably a few years at least.
Questions are:
What investments are available to an expat like me? I tried to get started on a Roth IRA last year and couldn't . . . because I don't have a US address.
I also tried recently to set up an appointment with Charles Schwab for when I return to the US over Christmas, but they don't work with anyone who lives overseas.
Are most investments like this?
Am I doomed to be stuck with this American checking account only?
Should I transfer all that money to my Moroccan bank and invest in real estate over here or something like that?
Are there banks that are friendly to expats in my situation?
Are online banks a feasible (and safe) idea?
Are there other firms like Schwab---fiduciaries, especially---that will do business with someone overseas?
Are there obvious things that I am simply not thinking of?
Any advice would be greatly appreciated.
Submitted November 25, 2023 at 07:45AM by thegeorgianwelshman https://ift.tt/bxgdPX2
