I'm doing it .... I am giving up work!!!

Muppet81

This may not be the best time economy wise to be giving up work but hey!

If anyone could give me any helpful advice it would be lovely.

I am 53 and I downsized from a full time, well paid job 4 years ago and went part time on a low income. We managed amazingly enough and I would say out lifestyle improved as a result.

Admittedly, OH has a good job which pays pretty well.

I did a pension forecast at the time and I wa told that I had 31 years contributuons so qualified for a full pension when the time comes.

My firm are now re-locating and it will not be possible for me to move with them. They move at the end of october.

Some time ago, I decided that what I now earned did little other than keep our second car running and paid for.

We still have a loan of £10,400 outstanding on it, though it's value is around £6500 and we have been unable to sell it anyway despite advertising for 3 months. It is a loan not HP so I can't just hand it back.

For the past 5 months I have been putting my salary aside to help cover the shortfall when we do finally find a buyer. I know therefore that once we sell it I can manage without my salary.

I decided that if we sold the car, I could manage to give up work and enjoy being a full time housewife. Just need to sell the car.

Things will be tight till we do but I am prepared for that and I already follow all the help and tips on the MSE OS Forum.

Since downsizing I paid tax and NIC for the first 18 months thern when my salary fell lower, I have paid only a tiny amount of each.

As I have reached the stage where I am intending to not look for a new job, is there anything I should do or anybody I need to contact for any reason?

If anyone has any pointers it would a great help. This is quite a scary but exciting stage in my life.

cogito

Congratulations. As someone who is taking a deep breath and intending to do the same in 6 months time, I wish you all the best.

I can't give you any advice but will watch this with interest.

downshifted

Congratulations and best wishes :-)

I too am 53 and am now in a p/t job (in the local library) instead of a high pressure long hours job that I gave up just over 2 years ago. I had a year off but now I actually like working part time, as I need a bit of structure in my week and enjoy being part of a team. I love books too. My husband has been renovating houses until recently and is now working part time too.

So our income is small but we have decent savings and fortunately no debts to speak of. If the economy was better and our daughter more settled we would rent out our home and go off travelling - but we are just drawing in our horns at the moment as the savings have to last until my company pension comes in when I am 60

We enjoy having an allotment and I now keep house more thriftily. We have a lodger and her contribution almost covers the monthly bills. It is a much better life than the one I had before - go for it and enjoy!

downshifted

Muppet81

Cogito - Congratulations to you as well - it is exciting isn't it! With the support of the lovely peole on these forums I feel I can take anything on.

Downshifting - thanks for your positive thoughts. I may well find that I do end up looking for a little bit of p/t work in the village if I get bored BUT I don't think I will get bored. It is true that living in a more thrify fashion can add to your life quality rather than detracting from it. There is a great sense of satisfaction.

4 weeks and 2 days and counting :j :j :j

libra10

Wishing you the best for your retirement. I retired about 18 months ago and my OH last November. The days fly by so quickly and we are really enoying ourselves.

Good luck

McKneff

If the company you work for is relocating and you cant go, will you get a redundancy package, You should do if you have worked for them for over 2 years.

Muppet81

Libra 10 - Thanks for you best wishes. It is nice to hear that you are enjoying yourselves. Very pleased that it is working out for you both.

Annihanlon - sadly, I have only been with them for 18 months so will not qualify for redundancy.

Did any of you who retired actually notify any of the offical bodies that you were doing so, for tax reasons etc? Not sure what the protocol is.

McKneff

i dont think you have to inform tax office, your employer will send them the copy of your p45 when you leave and you shuld receive a tax refund also.
Just a thought, if your company is relocating and you wont have a job, i know that you say you will not actively be looking for one but surely you are entitled to some benefit or other .
You sound like me, a woman who has worked all her life, im 59 and retire
next october (scary isnt it) so really you should be entitled to something. but what do other people think.

steveky

I think you can go for contribution based job seekers allowance for 6 months as long as you are "actively looking for another job"
steve

lilac_lady

Good luck. The solution to having a better lifestyle is no debt. That's why so many MSE-ers are working hard towards that goal.

McKneff

[
Annihanlon - sadly, I have only been with them for 18 months so will not qualify for redundancy.
/QUOTE]

bummer:rolleyes: