How to cope with work in run to retirement

JoeEngland

ratechaser wrote: »

I think my strategy would be to subtly reduce my performance to the point to the point where I get added to the next round of redundancies, and walk away with a year's salary.

Assuming that's still how my industry works in 9 years time... and assuming my work ethic would allow me to do it!

9 years is plenty of time for your work ethic to wane!

Teaandscones

ratechaser wrote: »

I think my strategy would be to subtly reduce my performance to the point to the point where I get added to the next round of redundancies, and walk away with a year's salary.

Or alternatively (which I have seen) ensure that you are responsible for drawing up the next year's staffing budget. Then report a saving after a review due to administrative efficiencies which the powers that be will like as it seems like a painless cut. Only after the budget has been agreed do they realise that the efficiencies are due to your own redundancy.

Thrugelmir

ratechaser wrote: »

I think my strategy would be to subtly reduce my performance to the point to the point where I get added to the next round of redundancies, and walk away with a year's salary.

Make yourself redundant by driving through productivity and efficiency gains.

pensionpawn

Both myself and Mrs PP are in the 2 - 1.5 year window counting down to when pension pots become available and we are both suffering from 'white line fever' to borrow a rugby union metaphor. We are also lucky that within that time-frame we also qualify for our full new state pensions. It's ridiculous that we both have countdowns on our Smartphones to the magic day however since both our health has started to creak shortly after entering our 50's I don't want to work any longer than necessary. I don't love or loath my job, it's good pay for what I have to do however as you get older you become acutely aware of the passage of time, your health only going in one direction and whilst still working, hardly any spare time to do all the other things that we would like to do. Especially so as the last of our children will have left school this summer and should be able to take her well paid part time job full time. We're currently dumping as much as possible into Mrs PP's pension so that we can at least get 20 years of tax allowance out of her DC pension (her employer matches her contributions up to 10%) and I may try to go a little longer than I would prefer if the prospect of a redundancy crops up. Reading many threads on this forum there are plenty of people with much larger pots than we have however we'd rather retire sooner on a modest (min of two tax allowances, i.e. £25k tax free pa, with scope to boost as required) pension with hopefully a good number of years in relatively good health to enjoy it rather than grind on to my mid 60's with a pot approaching LTA however with much reduced time in good health and energy levels to enjoy it. I remember by father saying, when he retired at 65, that he came into the good money too late to really enjoy it. I know that all sounds quite sombre however as one of his sayings was 'tomorrow is never promised' we're hopefully going to 'make hay while the sun (still) shines'!

lisyloo

Ganga wrote: »

Having read all of these posts what sticks out to me is the number of people who are unhappy with their jobs,why do they not move to a job/company that gives them some job satisfaction/less stress etc.
Whilst i know it is not allways that easy to "move on " i for one could not stay in a job that made me feel that bad,i did work on after 65 before anyone says anything.

My partner is very well paid and is doing it to retire at 55 so a considered trade-off. If he found something he was happier with he would have to work a lot longer and a lot of people in their 50s are extremely jaded with the corporate culture so it’s difficult for them to imagine enjoying work at all.

I changed roles 3 years ago. I started on a lower salary. This was assisted by hoghly paid DH and also strong marriage so I didn’t have to feel guilty about being subsidised. My salary is back up after 3 years and I’m still doing a role I enjoy, so that was great for me, however it did require help from my partner (who was making the trade-off anway) and the strong relationship that meant he’s never done a single thing to make me fee, guilty about subsidising me. I have felt a little guilty myself but that was in my mind and didn’t come from him.

For many people who are breadwinner this simply isn’t an option to take the cut.
Plus many seem to be so jaded I’m not sure if they could find their mojo.

Spreadsheetman

lisyloo wrote: »

.... a lot of people in their 50s are extremely jaded with the corporate culture so it’s difficult for them to imagine enjoying work at all.
...

This. I'm sticking with my current job until I am ready to stop completely as I just don't have it in me to even pretend to be enthusiastic about new job challenges.

MallyGirl

Same here. Just going through yet another restructure, got to break in another new boss who doesn't understand what I do, apparently I now need to become Agile too despite it being a poor fit for what I do and challenging for me as a homeworker 150 miles from the office. At least I have 15 years service if they decide I am just too awkward and have to get rid of me.

pensionpawn

Spreadsheetman wrote: »

This. I'm sticking with my current job until I am ready to stop completely as I just don't have it in me to even pretend to be enthusiastic about new job challenges.

Indeed. I still receive a plethora of emails for jobs related to what I have done in the past and what I do now. Some of them sound tempting on paper however I know in my heart that the reality will be no enthusiasm in new surroundings and new challenges. Not as an employee, maybe in future as a contractor where I can pick and choose if the role sounds fun. If it doesn't turn out fun, I just stop. A nice place to be in.

I remember the interview for my current role and freely offering that I was looking for a position to eventually retire from (hoping to reassure the panel that in my late 40's they're unlikely to loose me soon after training me). My opinion has only firmed up since then!

blisteringblue

Spreadsheetman wrote: »

This. I'm sticking with my current job until I am ready to stop completely as I just don't have it in me to even pretend to be enthusiastic about new job challenges.

Lol, this is me too. Tried my hardest to get an exit package last year but it didn't happen. They have buckled to every whim I've put forward and now I'm about 40 months from retirement I just couldn't stomach the thought of finding a new job as I was planning last year.

Plan is to get to the 12 month point and try again for an exit, because with first 30k tax free hopefully means I can escape 6-9 months early.

pensionpawn

blisteringblue wrote: »

Lol, this is me too. Tried my hardest to get an exit package last year but it didn't happen. They have buckled to every whim I've put forward and now I'm about 40 months from retirement I just couldn't stomach the thought of finding a new job as I was planning last year.

Plan is to get to the 12 month point and try again for an exit, because with first 30k tax free hopefully means I can escape 6-9 months early.

...and then rinse your redundancy through your pension and immediately boost it by 20% (depending on age and contributions that tax year)

Mind you, you need a company who offer better than the statutory minimum redundancy, which is quite poor.