What would you do?

twc58

I am mulling over what to do and thought I would seek comments from people who don't know me.

I have the opportunity to apply for Voluntary Red from my Company.
( I would get a decent redundancy of about 50k)
I need to decide by 6th August.
I have worked for Company for 35 years since school - am 52 now.
I am in a pool of people of 15 - 5 jobs have to go in my pool - if more than 5 want to go it will be by selection.If undersubscribed there is a possibility I could leave by Complulsory red anyway or yes I could still be there.
Even though I would like to leave and should be ok financially(I took my pension early at 51 and have a gross income of 15k per year and have no other debts)I just can't seem to put that cross in the box!!
I feel institutionalised.

What is wrong with me! I have this fear I will never work again.
I would only want to work part -time - say 3 days a week.

What would you do?

justanopinion

I think it depends on how much you enjoy the job. You've been there a hell of a long time, so it must be okay at least?

Remember that the redundancy pay is not all tax free. The actual severance part is tax free until 30k, but you pay tax on the pay in lieu of notice etc.

52 is definitely not too old to find another job!

9217niall

I know I'm 16 and all, but if it were me in that position and I'd been there for that long, I'd keep going if I was still able to. (That's just my opinion though). Whatever you do, best of luck for the future.

twc58

Thanks yes was aware tax paid on excess over 30k - I used to enjoy the job but it is in banking and that has chnaged a helluva lot over the last 3 years

Andyboy

As you are over 50 is it definitely redundancy and not early retirement? Rules in my place would make you retire early which changes the whole payment structure.

Also, what would you like to do if you were not in the banking industry? How much would you need to earn to have a decent lifestyle? Would you manage if you were unemployed for a long period both physically as well as financially?

What transferable skills do you have?

These are questions I would be asking myself if I were you. I am sort of in your position as I will be made redundant in April 2011 and although younger than you have been with same company for 23 years!

twc58

Thanks - Definately redundancy not early retirement.
Not sure what I want to do - have at least 6 months off initially to get the last 3 years out of my head.
i could manage financially but there is a concern mentally as I have never not worked so If I didnt find something after say 12 months might be a bit fed up.
Lots of transferrable skills dealing with public, managing people, targets, deadlines, negotiating etc - BUT would want to do something different - dont want the pressure anymore

LillythePink

If you don't want the pressure anymore then take the money and run and do something else for the pleasure of it and not because you have to.

Ok you have been there a long time so it can't be that bad, but if you have your pension already, you are not really going to gain much until retirement - you will have a wealth of experience that you can use to get another job and people will hopefully be tripping over themselves to employ you

You're never too old to try new things or get a job

I'd say go for it!

Andyboy

I'd have to side with Lilly....

If you need to escape the pressure and are lucky enough to be able to then make the break, re-group and try something new.

Good luck.

SarEl

twc58 wrote: »

Thanks - Definately redundancy not early retirement.
Not sure what I want to do - have at least 6 months off initially to get the last 3 years out of my head.
i could manage financially but there is a concern mentally as I have never not worked so If I didnt find something after say 12 months might be a bit fed up.
Lots of transferrable skills dealing with public, managing people, targets, deadlines, negotiating etc - BUT would want to do something different - dont want the pressure anymore

If you get a bit fed up - do something socially useful like volunteering! Use the skills you have, learn new ones, and do someone else some good

getmore4less

get out now while the money is good.

Volunteering is a good option somehting different but keeps the skill and the work ethic in place.

What about doing some census work, does not pay massive but is fixed term and would keep you busy, some outside jobs available.

B.E.N

twc58 wrote: »

I am mulling over what to do and thought I would seek comments from people who don't know me.

I have the opportunity to apply for Voluntary Red from my Company.
( I would get a decent redundancy of about 50k)
I need to decide by 6th August.
I have worked for Company for 35 years since school - am 52 now.
I am in a pool of people of 15 - 5 jobs have to go in my pool - if more than 5 want to go it will be by selection.If undersubscribed there is a possibility I could leave by Complulsory red anyway or yes I could still be there.
Even though I would like to leave and should be ok financially(I took my pension early at 51 and have a gross income of 15k per year and have no other debts)I just can't seem to put that cross in the box!!
I feel institutionalised.

What is wrong with me! I have this fear I will never work again.
I would only want to work part -time - say 3 days a week.

What would you do?

You have lots of experience in a high-pressured environment and are used to meeting deadlines/being professional, etc -

Have you thought about self-employment? You could be in a fantastic position - trying something new - utilising creativity that is sometimes frowned apon in an institutional environment, and best of all, it wouldn't be a complete disaster (financially) if it went wrong