Considering Early Retirement - What am I missing ?

ffacoffipawb

AnotherJoe wrote: »

I think you are missing that you are over cautious by a long way, possibly due to spending all that time in finance, and could pack it in tomorrow.

Hmmm, this sounds a bit like me as well

I think I have a Stockholm Syndrome relationship with w*rk.

[Deleted User]

We work for managers and not firms
Sounds like the new toxic managers are the cause of the problems - and seriously they cut your salary by how much!
I would ask for redundancy and leave whether they offer it or not

SB1961

Very many thanks for the various replies.

Commenting on some of the points mentioned:

- Unfortunately redundancy is not an option for a number of reasons

- If I resign I have 12 months notice and working this long a notice period I would not look forward to

- I am unable to work elsewhere in the same type of job as I have a two year non compete contract

- What would I do in retirement; DIY, gardening, tidying up my Man Cave, walking the dog, cycling, loose weight and get fit, probably some more charity work which I have done for 25 years, more motoring trips which I enjoy, travelling and possibly in a year or so look for a part time job just to ensure I keep myself occupied but not in the finance sector !

Since my post I have asked my new employer if I can reduce my working week from 5 to 4 days. I am waiting a response, however I am thinking that even if they say yes, that trying to do 5 days work in 4 days, which is probably what will happen, will be more stressful and won't have the desired plan of being less days work = less stressful !

It does seem to stack up financially and seems viable and certainly sensible from a health perspective to consider early retirement but not an easy decision.

NoMore

Its as easy or hard a decision that you choose to make it.

Given the information you have given, for me it would be an easy decision to retire, for you your saying it's a hard one.

Anonymous101

If I were you I'd be much more bullish. You do not need to work. Financially you're very secure. x40 salary is more than you'll ever need. So if you were to walk out of work and never go back you'd be fine. I'd keep that in your mind whenever you talk to your employers. Companies are used to dealing with people that need to work and are afraid to lose their jobs, this doesn't apply to you so you can afford to set things out exactly as you want them to be. You don't need to be confrontational but employment is a two way street and should be treated as such.


So NoMore says its as easy or as hard as you make it. I'd be asking for them to give me what I wanted and if they won't then I'd leave anyway. They can't make you work the 12 months... and you don't need to work for anyone else. So there's absolutely nothing to worry about.... yet you seem to be still?

AnotherJoe

I am sure that 1 years notice cannot be enforced that's akin to slavery. In any case they broke the agreement when they reduced your salary. Give them a months notice and if they demand a year, demand your salary is raised back to where it was and when they refuse walk out.
P.s. Anonymous101 has it right and along those lines, I don't know if you have heard of the FIRE movement (Financial Independence Retire Early) but there's a concept in there when you have accumulated enough money to leave on your terms, it's called "FU Money" I'm sure you can understand what that stands for.
Well you have that FU money and more and I suggest you take note of it and the strength it gives you when negotiating, as A101 points out, you aren't a "normal " employee dependent on their largesse to get by, you are in the position of strength. and need to ac accordingly.

justme111

As someone mentioned in another thread you may try councelling.
I can not believe how legally new owners can cut your salary by 30% - of course they are not going to offer redundancy, they may just cut the salary by 90%. You can not work ANYWHERE else in the same role for 2 years or just geographically within certain mileage ? Hard to believe again , sounds like slavery especially coupled with 1 year notice. Not that relevant for you as you don't need to work , just in principle. Not sure whether the terms of that contract would hold un employment tribunals.
By the way you can go on long term sick leave - stress leading to IBS , depression etc. Although again , not sure why you would need it - what would happen if you given them 1 month notice and said bye and stopped cooking to work at the end of it?
What would happen if you resigned with immediate effect ?

[Deleted User]

The one years notice in the financial services industry has been used before and confirmed by arbitration
However, the contract has to be fair - they have to give you 12 months notice for them to fire you as well. It can't be loaded one way or the other.
If you are on 12 months notice and they are allowed 1 months notice - then that is unfair and probably unenforceable

Anonymous101

Companies are not in the business of paying people that don't want to be there. Especially when they're actively trying to cut costs. Its mutually beneficial you don't work the full 12 months and given that you're retiring I'd think it extremely likely that you can come to some sort of an agreement.

waveydavey48

Sounds like the reason you are still there is not financial to be honest and I intend no criticism whatsoever.

I think 40 years of work has conditioned you and you have a certain mindset. The fact is you could (and I would) tell them to stick it tomorrow. It sounds like you have been treated appallingly and you simply don't have to take it.

You only get one chance at life. Take it.