Should i go or should i stay?

w.dws

Take the money and run.

lilac_lady

In your situation I'd taken the redundancy offer, pay off the mortgage and live off the £12000 pension per year, taking on work as and when you need/want to do it. There's a lot of people who would love to be in your position. Enjoy!

Newbiesw

lilac_lady wrote: »

In your situation I'd taken the redundancy offer, pay off the mortgage and live off the £12000 pension per year, taking on work as and when you need/want to do it. There's a lot of people who would love to be in your position. Enjoy!

Good idea, do both, with your experience you could get part-time easily ?
You already have an income (your pension) so no urgent need to get the highest paying job being your sole income.
Top up that pension with a part-time job of around 10k so you're back to the equivalent of a 20k salary (but only maybe working 3 days - 2 extra days in bed!) and the main liability (mortgage repayments) gone.

Newbiesw

twc58

I will let you know what I decide and how I get on - it is reassuring to see that everyone says go for it.!! Thanks

Careful_with_that_Axe

Yes - Go!
Life is too short - take some time to enjoy it and top up income as and when you want to. Suspect there'll be lots of work for debt counselling etc if you want to get into that or work with Business Link etc.

You are in an enviable position and you've no doubt worked hard to get there. Well done and good luck.

twc58

Thats a good point - I think I will adjust but it will be very different as my job has been very busy and stressful.I would want another job for 2/3 days a week but would want a few months off first fo all just to chill and relax a little before I got involved in anything else - i would be happy to do some voluntary work also so I should be able to fill my time.My Mum is 85 so she needs some support also.I checked re NI contributions and I do have the maximum now.Thanks for your comments.

Boozer

I do not know exactly how your pension works, but with my company the last few years contain the biggest increase in pension rights, i would check it out for yours, you never know, it may be a case of an extra 2K a year for each year more you do, so another 3 years could take you to a lot bigger pension.

As i say, i dont know your particular pension and no idea if you would still get the lump sum on retirement, but it is worth looking into.

downshifter

Boozer wrote: »

I do not know exactly how your pension works, but with my company the last few years contain the biggest increase in pension rights, i would check it out for yours, you never know, it may be a case of an extra 2K a year for each year more you do, so another 3 years could take you to a lot bigger pension.
.

....but fewer years in which to enjoy it. I took out my pension early and the lump sum and monthly payment never ceases to amaze me and has enabled me to downshift and enjoy life far more than I did in a reasonably high up job. Even if I'd have got more by staying at work longer - it's still enough to live on. And spending more time with my 83 year old mother - she won't be around for ever and we've really got to know each other well since I've had more time. Go for it.

Boozer

downshifter wrote: »

....but fewer years in which to enjoy it. I took out my pension early and the lump sum and monthly payment never ceases to amaze me and has enabled me to downshift and enjoy life far more than I did in a reasonably high up job. Even if I'd have got more by staying at work longer - it's still enough to live on. And spending more time with my 83 year old mother - she won't be around for ever and we've really got to know each other well since I've had more time. Go for it.

I know exactly what you mean, i just think it is worth looking at, i have just been back to my pension calculator, working the last 5 years with my company will increase my pension by 45%(reitre at 60 instead of 55), they do this to retain experience and i can see how it works to keep us there.

If the OP can be happy with the pension she will receive then i also say go for it.

Lyncroft

I had a simillar situation to you which I posted on. Offered redundancy, just didn't know what to do. In the end I decided not to take it. The indecision was simply dreadful. The fact I found it so difficult to make the decision erred me on the side of caution plus the timescale was too short. I'd be leaving in a weeks time! However, I reckon when the next round comes in I'll be better prepared mentally for it and depending on what I get offered I'm fairly certain I'll got for it.

From what you've said about your circumstances I'd go for it. Good luck, it's a major decision........................but seriously just think about your mum and all the muppets you WON'T miss in the office.

All the best.