Redundancy again aged 61

I'm posting here in the hope of hearing other people's views or advice. Bit of a background ramble (sorry), husband is main wage earner, was made redundant 7yrs ago, unemployed for 2yrs, and been in current employment 4yrs 8months. The company are making big changes, moving work to India etc. Some redundancies were made, more to come in meeting in October. He may /may not be lucky and kept on until the end rumoured 2018. Having been through two years of hell when last unemployed, (never unemployed before, always worked and studied at nights to keep as he thought one step ahead),he really couldn't cope with it. He isn't really ready to give up work, but we have discussed if realistically we would be better just looking at this if/when it happens, as an early retirement, rather than unemployment. He would look for another job, but without the pressure of "having to find one" we are fed up with living with the constant fear of redundancy/unemployment hanging over us. Doing our sums so to speak, I as the money handler, have worked out that we could get by on his remaining pension, topped up with some of our savings etc and my esa payments. We would still have about £85k left in savings hopefully by the time state pension can be claimed. We have no mortgage, but do have some family responsibilities. We know we would have to make changes and some sacrifices to do this, but I tend to feel it would be worth it to be free of that constant fear hanging over us. Thoughts please.
«1

Replies

  • whitewingwhitewing Forumite
    11.9K Posts
    Part of the Furniture 10,000 Posts Combo Breaker
    Sounds very sensible to me. (But I wouldn't tell anyone else because you don't want work to even think that he wants redundancy).
    :heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.
  • Savvy_SueSavvy_Sue Forumite
    44.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    Just over a year ago, DH's very pressured and busy job came to an unexpected end. He was 57.

    We worked out that we'd be OK for two years if we made no changes to our lifestyle, and clearly there were changes we could make. Then a legacy came along.

    DH has had plenty to keep him busy, and is doing odd bits of self-employment. We could look for other jobs for him, but as long as we can manage like this we're both a lot happier.

    As long as you're both happy to commit to the reduced income, I'd say go for ...
    Signature removed for peace of mind
  • Thank you Whitewing and Savvy Sue for taking time to reply. It's a difficult choice to make, but it is interesting to hear what others think and have done, whether in the same boat or not.
  • Newly_retiredNewly_retired Forumite
    2.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    You never know, if you take the pressure of yourselves, some new, unthought-of opportunities may come up.
  • You never know, if you take the pressure of yourselves, some new, unthought-of opportunities may come up.

    This is often the case isn't it.......

    Sometimes we are so busy making a living that we forget to live.

    It's only when we step off the treadmill and quit the daily nine to five grind that we start to realise our true potential. Who knows what opportunities lie lurking in the wings, maybe a nice little part time job or sideline business.

    One thing you may find is that once you quit work your living costs actually decrease. You might be pleasantly surprised how much further your money seems to go.

    For inspiration try reading Mr Moneymoustache and some of the simple living blogs.

    Jump in.....the water is lovely. :D

    Life is so much better in the slow lane.
  • Do it. You're by no means strapped for cash - and you're a long time in your box when the day comes.

    Better to kick back now, take an interesting job if one's offered - and see this as the best time of your lives.
  • Thanks again for all your replies, I really do appreciate them. Other people's experiences and views are worth listening to, helps I think, to put things in perspective. Last time in this situation was horrendous, this time I think we are looking at things differently. Whatever the outcome in October, we are ready to adapt, make changes, and not let it drag us down. I think sometimes things happen for a reason, we don't always see it at the time, but looking back it all makes sense.
    Things don't look so bad now!
  • oscarwardoscarward Forumite
    854 Posts
    Part of the Furniture 500 Posts Name Dropper Car Insurance Carver!
    Forumite
    I was made redundant in 2004 for the first time in my life. Quite a shock.


    So dusted myself down and after 6 months found a temporary job and eventually found a permanent post in March 2005.


    So again in May 2012 I found myself being made redundant at the age of 61. I considered just saying *** it and sitting back, but felt I could still contribute.


    I work in IT and it is rumoured (and very true) that you are over the hill at 35+ in IT.


    So after 6 months found a permanent position again and I am about to collect state pension in 3 weeks time!


    Ok I'm on wind down and only work part time. But I am comfortable with that.


    Basically kill all your debts and then work out what you need to survive on.
  • edited 29 September 2015 at 10:07PM
    pollypennypollypenny Forumite
    29.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    edited 29 September 2015 at 10:07PM
    I can understand your nerves, OP. I was worried about retirement, but you'll probably find that your expenses are lower anyway.

    This can be annoying some times, when you can't justify buying that great outfit as you now longer work.
    Member #14 of SKI-ers club

    Words, words, they're all we have to go by!.

    (Pity they are mangled by this autocorrect!)
  • Savvy_SueSavvy_Sue Forumite
    44.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    I have just discovered that there is an early retirement wannabe thread here which is long but potentially quite useful. Also that whole board may prove interesting.


    Although I never say DH is retired, he has retired, I think, from permanent full-time employment!
    Signature removed for peace of mind
This discussion has been closed.
Latest MSE News and Guides

Christmas lights running cost

We've crunched the numbers

MSE Guides

Advent Competitions

The countdown is on

MSE Forum

Baileys £10 for 1L at Tesco

When you scan your Clubcard

MSE Deals