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£75k a year is £4.5k/month after UK taxes (the wonders of the IRS mean your friend may also need to pay US taxes if they're a US citizen, but a reciprocal agreement means it should only be the difference. For this we'll assume UK tax only, we'll also assume all Pension benefits are paid in addition to salary and would match the US equivalent). £4.5k in London is reasonable, but not huge. The big thing to consider is the cost of housing. Rent could vary upwards from (on the very low end) £700 for a small room in a shared apartment, in a non desirable area. The cost of 1 bed apartment in Canary Wharf or Camden (where lots of Americans seem to live) would probably be between £1800 to £3000. To compare you'd need to look at a comparable property in terms of area and size vs what they currently have in NYC. At a point somewhere in the middle they'd have just over £2k a month left. After bills and exchange rates probably about $1800 disposable. For living in London it's not loads, but depends on lifestyle. Compare this to how much they have left over in NYC after all the same people who expenses and it would probably be a roughly apples to apples comparison. Now... big considerations would be - is it likely to be a permanent move, and what non-monetary things are valued? WLB is typically a lot better in the UK, much more vacation days, plus cheap flights and close proximity to Europe. It's likely your friend would be able to explore the continent for 4-5 weeks a year. College education is much cheaper and free at the point of entry - if your friend wants to send kids to college at some point and plans to return to the US, they'd need to factor in that the UK salaries don't take account of saving $100ks of college funds. Lots of variables and assumptions but hopefully that will help a bit. DM me if you want a more candid discussion rather than an essay of sorts!
This is super super helpful! Thank you so much!
Usually London salaries are half of NY salaries so she should aim for £80-85k.
She definitely will save less in London but it depends on the reason for her move if it’s worthwhile or not as money is not everything.
Is half seriously accurate? That’s too much?
I would consider 1.5 times less pay as equivalent to NYC salary.