Obviously the stimulus check isn’t going to pay for a retirement overseas. But if you spend it wisely it can put you a long way down the road towards a new life overseas.
There has never been a better time than now for moving overseas. The U.S. dollar is very strong, so your money will go further abroad than at home. This dollar strength is unprecedented and won’t last forever.
Here are some ways you can use your stimulus check to help you retire overseas.
Spend Your Stimulus Check On Flights
Many countries are starting to open up their airports through July and August. Flights are as cheap as they’ve been in a very long time. Spend your stimulus check on some flights and start scouting around for your new home overseas.
Rent Before You Buy
A piece of advice that we are always repeating is to try before you buy. Visiting a place on vacation is completely different to actually living there. Spend your stimulus check on a couple of months rental in a country you are considering. While you’re there, try living like you would as a retiree and see how it goes.
Put The Money Towards A House Deposit
With the uncertain financial future, now is the time to think about diversifying your portfolio. This doesn’t just mean buying different stocks and some U.S. real estate. It means making investments outside the States. Buying a house is a great way to diversify and an important first step in retiring overseas.
Making an investment overseas is another way to diversify. Make an investment in the country you want to retire to, and you can generate some extra cash flow there. Having a steady stream of income in your new country is a major bonus. Especially if they don’t use the U.S. dollar.
Take A Language Class
Speaking the language isn’t always essential. There are lots of countries you can retire to where the official language is English. There are others, such as Mexico and Panama, where you can get by without speaking the language. But, learning the language will make things much easier for you. It will also open up a new world of opportunities and make it easier to socialize.
Put It Towards Health Insurance
Most expats choose to buy private medical insurance when they move overseas. In many of the countries we recommend private health care is better and cheaper than in the States.
Despite the importance of health insurance, it can be easy to put off, and then forget. Use your stimulus payment to pay for health insurance and get everything ready for when you move overseas.
Arrange To Get Your Household Items Shipped
Hire a shipping container to take your household belongings over to your new country. While in the process of moving out, you will find plenty of things you no longer need. A yard sale can be a good way to get rid of these things and make some extra money. Ebay is another option to help you find buyers.