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I agree. I think that the responses would have been different if the OP had listed in his first post that he meant "wife and two toddlers" when he said "family". A lot of people were thinking about what they would do if they only saw their parents or siblings or cousins four times a year. And, the expenses would be different, too. You don't have to worry about paying for two apartments, two sets of utilities and other expenses for your siblings or parents but you do for your spouse & children.
We have pretty much decided to proceed. The decision deadline is imminent because the project work for the new year is starting over there. Wife and I sketched out this high level plan:
1. I will find a very inexpensive housing (room in a flat, basically back to college days) and keep expenses very low. I will eat primarily at the hawker centers, take public transportation, pretty much live like a local. No beer except the free beer at company events; entertainment will be mainly surfing the internet which is free. I think I can keep my monthly living expenses to under $1200 USD.
2. With my 30 days annual leave plus the 10 Singapore public holidays that amount to about 6-7 weeks that I can spread among 4 trips back to US. A few untimely public holidays cannot be utilized.
3. We will chat via Skype and Facetime during my lunch hour, which is just after dinner in CA; and just before I go to sleep around 11, which is when they eat breakfast. This is pretty much what an average father sees his kids during a normal weekday.
4. During summer time, we will send kids to Singapore for 4-6 weeks to live with me (wife stays in US but may take a vacation there for 2 weeks). I will rent a service apartment short term for that period. On weekends I will take them to neighboring countries. This is extra expenses but will give me a lot more time with the kids. I consider this part of cost of doing business there.
5. Saving money is what justifies this whole thing. So a final accounting: My biggest cost will be tax; SG does have a lower rate about 1/2 of US. My second biggest expense will be the living expense. My 3rd biggest expense will be the plane tickets to and from SG. After these 3 big ticket items there really isn't anything else and anticipate being able to save at least $8000-$9000 a month. We think that's worth the sacrifice.
There are some inexpensive cruises from Singapore to neighboring places like Phuket, Penang,...etc which cost just about US$300-400/pp for 4 or 5 nights. You can take your kids board those cruises.
We have pretty much decided to proceed. The decision deadline is imminent because the project work for the new year is starting over there. Wife and I sketched out this high level plan:
1. I will find a very inexpensive housing (room in a flat, basically back to college days) and keep expenses very low. I will eat primarily at the hawker centers, take public transportation, pretty much live like a local. No beer except the free beer at company events; entertainment will be mainly surfing the internet which is free. I think I can keep my monthly living expenses to under $1200 USD.
2. With my 30 days annual leave plus the 10 Singapore public holidays that amount to about 6-7 weeks that I can spread among 4 trips back to US. A few untimely public holidays cannot be utilized.
3. We will chat via Skype and Facetime during my lunch hour, which is just after dinner in CA; and just before I go to sleep around 11, which is when they eat breakfast. This is pretty much what an average father sees his kids during a normal weekday.
4. During summer time, we will send kids to Singapore for 4-6 weeks to live with me (wife stays in US but may take a vacation there for 2 weeks). I will rent a service apartment short term for that period. On weekends I will take them to neighboring countries. This is extra expenses but will give me a lot more time with the kids. I consider this part of cost of doing business there.
5. Saving money is what justifies this whole thing. So a final accounting: My biggest cost will be tax; SG does have a lower rate about 1/2 of US. My second biggest expense will be the living expense. My 3rd biggest expense will be the plane tickets to and from SG. After these 3 big ticket items there really isn't anything else and anticipate being able to save at least $8000-$9000 a month. We think that's worth the sacrifice.
What about the contribution to Singapore to retirement plans? Is that available to non-citizens?
No idea about that. If at all that would be just added bonus. But I don't see any mention of that in the contract.
If it's not in the contract, do you plan on not saving for retirement at all? Do you know what the tax rates on your investments would be in Korea? Would their be an equivalent tax-deferred account similar to an IRA?
If there are taxes on your investments, you will have set aside more after-tax income to make up the difference compared to an IRA or 401k account.
If you don't plan on saving anything for retirement now, it's going to be hard to do it later. What does a 40-something old fart like me now?
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