I think those who are sent to Singapore from the US by my employer on a full expat package are the ones who have really won the lottery. I’ve known many over the years. They enjoy an employer paid 5 figure monthly rental, utilities fully paid, 85% subsidy on either 1 new or 2 used vehicles, the whole family gets free flights once per year (home leave), all kids get International School fully paid, and you also get a cost of living differential plus five days extra leave each year. The only downside for them is they don’t enjoy lower Singapore income taxes - they pay a hypothetical US tax and the employer pays their Singapore taxes (the company benefits).Wd40 wrote: ↑Wed, 09 Aug 2023 11:09 amUS often trumps every other country when it comes to the how high income you can make vs relative cost of living + given the amount of opportunities you have in the US. So it is indeed a huge privilege to have a US passport/residency or even a work visa in the US. I think as a US citizen you have the best deal and you have won the ovarian lottery already. You have done very well for yourself and you have made the best use of this privilege + gained international Asian experience. What more can you ask for in one life time ?malcontent wrote: ↑Wed, 09 Aug 2023 9:58 amAs time draws near for me and my family to move to the US while my kids do their tertiary studies, I have discovered a few interesting facts.
One is that taxes are not as bad as I thought. Even with an income of US$200k in a high tax state like California, as someone over 50 with a non-working spouse, I can make nearly $45,000 in tax deductible contributions to retirement and health savings accounts — and what’s left over is not considered high income for a family. In this scenario, California is not so different in tax than most other states.
Another realization is that real estate prices in California are crazy high these days. Roughly speaking, even in the suburbs, you are looking at around US$800 per square foot (US$2m for a 2,500 Sq Ft home). Luckily, property taxes are much lower in California, so that is not as big of an issue - but similar to Singapore, you’ve got a huge asset hurdle to clear. With interest rates where they are, borrowing 7 figures means 5 figure payments… and that is just nuts.
I was hired locally from the start, and almost a fresh grad at the time. I’ve never gotten a single expat benefit. I still remember my starting salary in 1997 was S$2372 monthly, and I was renting a room for S$450. It certainly didn’t feel like I’d won the lottery at that time, but the fortunate thing was getting my foot in the door at my employer (a large US multinational). Although progression in my career has not always been fast, a few key opportunities and some good fortune got me where I am. I’d not have been worse off financially had I stayed in the US, but would have been better off in material standard of living… no question there.
While I appreciate the experience I’ve gotten… after nearly 3 decades here, I don’t feel like I’m growing in my experience anymore. I’m happy to be traveling again after Covid, but that is nothing new either. From 2002-2007, I was up to 60% travel. It’s easier to count the countries I haven’t been to rather than the ones I have, at least in Asia Pacific.
Even though the grass may not be as green as it used to be, I am looking forward to the adventure and new experiences of living somewhere else for a change. Variety is the spice of life, and I need to spice things up.
