tony126

Thought this might be interesting. Bearing in mind that my wife and I are retired we like everyone else have filed our taxes. If we were living in the UK and assuming my tax code to be 499L I would be paying 14 times more on taxes than what I am paying here for 2005/2006. I have assumed $1.74/£.
For me retirement here is pretty good.

Bob

Not bad for some then

Though do think your a bit lucky, but that's always nice when the cookie crumbles nicely

Taffyles

Tony - do you get your UK state pension paid directly into your bank here in dollars or paid into a Uk bank and draw it out over here? If over here are there any bank charges- I heard somewhere that if its a pension paid into your account here they make no charges-don't know how true that is. We have to tell the Dept of Pensions where we want the pension paid soon- as hubby is 65 in August.

Elvira

Interesting.

I have just completed our annual financial summary.

State and federal tax, property tax, Medicare contributions, SS tax, medical insurance and co-pays/deductibles/not covered bits,....

... together account for a whopping 35% of my husband gross salary.

To this I have to add another $100 or so a month for disability insurance and the like, which must be considered mandatory here since there is not much of a safety net - unlike incapacity benefit and the like in the UK.

Just as well I'm not likely to get pregnant again since maternity pay seems to be a foreign concept here...

Ah well, at least the weather's nice

Bob

yeah, gotta love the 3 weeks you get

tony126

You heard correct there are no charges. The amount paid into your account will vary with the exchange rate appertaining at the time of transaction and by that I do not mean the tourist rate. If there is any other info you would like then PM me I will be only too glad to help if I can. Once set up you are paid every 4 weeks on the button.

paul_TX

Yep, just completed mine too....and now I have to put those 7 quarters back in the jar until I can afford a Happy Meal. Only 1 more quarter to go!

frrussre

Grasshopper, spend it wisely. Watch out for the begging emails.
Enjoy.
Reg. Frank R.

tony126

I got it wrong. The figure should read about 5 times not 14. Should have sought the advice of this particular Chartered Accountant ( my garandaughter)prior to posting. Sorry for giving the wrong impression.

Patrick Hasler

I leave all the tax stuff to the Missus ............ She seems to get it right each year because we get at least $4,000 back every year .......... buys a holiday in the UK each time.

As far as the pension thing goes. I have an old company pension from the UK which is still growing and I can claim a lump sum at 60 or wait till 65 and get it in monthly payments, I get a statement every year and it seems to be growing well. I am told by the NI in the UK that I will also get a UK pension on retirement.......... I am not counting on that though.

When I came here I contacted the IR and signed a form to say I would not work in the UK for 7 years and got all my tax back for the year I left.

Pulaski

Well, that's California for ya!

The last time I worked out comparative tax figures, I had been paying about 30% in "payroll taxes" (compulsory deductions - income tax, and NI) in the UK (2000/01 figures), as compared to about 24% in the US (income tax, medical insurance, and other compulsory deductions).

My property taxes are virtually the same as in London, but now I have a four bed house on over one acre, as opposed to a two bed terrace on 3/100 of an acre!

Angry White Pyjamas

We are definitely better off TAX wise. We have more materially also. But cost of living to earnings ratio is probably about the same. And the weathers better.

Pulaski

Back in the early 90's, living in London, I left work one evening in late January and walked to the tube station with a colleague. It was, needless to say, pitch dark already, bitterly cold, and, of course, raining.

As we walked we had a conversation along the lines of, "it is cold and miserable here, .... if we make it to executive/ partner levels (of pay) then it might be worth staying in London long term, ....... but otherwise it would be better to go and live somewhere where the weather is warmer."

I lost contact with the other guy, though I remember the conversation as if it was yesterday, and I sometimes wonder if he is still in London. I, however, moved to NC, and find life a whole lot more agreeable than life in London!

Angry White Pyjamas

Got to admit, as beautiful as the Yorkshire countryside is I am rather having a good time here myself at the moment.

Patrick Hasler

Each has it's pro's and con's ........... I could never afford a house like the one I live in here if I lived back in the UK, it would cost half a million.

But then I have no pub to pop down to when I want a pint unless I want to drive 30 miles or more and the winters here are enough to make me wish I still lived in a rabit hutch back in the UK. .......... Then along comes a glorious summer to take all those doubts away