Hi All,
I am having trouble calculating if a new job for H is worth it. Hope some of the smart brains in this forum can help. We are moving from the West Coast (CA) to NJ for a better job, bigger house, lower cost of living, etc.
.......................................................................
Current Job (CA)
Current gross salary: 196,000K
401K: 11%
ESPP: 15% (company stock is purchased at 15% discount of the market price of this amount)
Federal and state witholdings: 400$
Total take home pay varies every paycheck. On an average, a paycheck is $3570 (2 paychecks a month).
..................................................................
New Job (NJ):
Gross Salary: 196,000K
With the lower costs of living, I am trying to decide if we will be saving more per month if we contribute same to 401K?
No ESPP in new job.
How much value does ESPP provide in the current job? How much do I add to the current paycheck (ESPP profits + amount taken out every paycheck). My calculations give me a figure of 2K per month, which I think is way off.
Thank you!
Another tidbit that may add to the complexity: H's salary was increased to 206K just a couple of days ago, and we have not factored that increase in it yet. We are trying to see if the new company matches the previous salary. The new job provides better career growth in long-term.