[mbijon]

It sounds like you're trying to talk yourself into this. Consider other options. Have you been interviewing for other positions actively (sounds like no, devs are very in-demand)? Will your current employer counter-offer (though there's nothing to counter here except a ~67% decrease)?

Another thing to consider is whether you'll ever be subject to US taxes. Unless this is a non-elective deferral you could face stiff penalties: * http://www.irs.gov/retirement/article/0,,id=186222,00.html