Being made redundant ....woohoo.....

eastcorkram

DE_612183 said:

Buy a motor home and start travelling!

I think if I somehow managed to win a competition, and the prize was a top of the range luxury motor home, delivered to my house. I wouldn't even bother going outside to have a look inside it. It'd be straight on auto trader or eBay . 

drummersdale

As a career civil servant with 42 years under my belt I keep hoping upon hope that the Government's (many times) threatened "returning the CS to pre Brexit levels" actually comes about and they run a VES scheme in my organisation - but up to now there is no sign and with this Government in it's dying throes I suspect that might never happen 

Brie

Been there, done that and it's marvellous!!

That said I started working part time at a job I like so that's lovely too.  

You could start moving your DC pension into cash or more boring stable investments.  And check your pension forecast as well.  Don't forget that if you are working until about July/Aug you are likely to get enough credits for this year's SP but check in case there's any recent years you need to top up.  

Look around too for things you want to do and learn.  I'm taking art classes which are much more available during normal working hours.

bluenose1

Many congratulations.
I would be increasing my DC. contributions to the max allowable for last few months, especially if salary sacrifice, keep it in cash if worried about market downturns. 
I would also put any taxable earnings into a SIPP to get the 6.25% uplift, though you don’t need to do this until towards end of tax year 24/ 25 to withdraw in the following tax year if it will make you a higher rate tax payer in this tax year.
If you want any interest free credit cards etc apply now as when retired the banks etc  don’t count DC pots as income. I applied for a £10k credit card which apart from minimum payment doesn’t have to be repaid for 15 months. Means I am getting more interest on my savings in the meantime.

Yorkie1

drummersdale said:

As a career civil servant with 42 years under my belt I keep hoping upon hope that the Government's (many times) threatened "returning the CS to pre Brexit levels" actually comes about and they run a VES scheme in my organisation - but up to now there is no sign and with this Government in it's dying throes I suspect that might never happen 

We have a 20% non-frontline headcount reduction to be made as a result of the Govt's announcement. No voluntary exit schemes on offer ... to be achieved partly through managing vacancies, and then making people reapply for their own jobs against a reduced number of positions.

drummersdale

Yes - same here - headcount must stay the same so vacancies only arise and when people leave through their own choice - if they wanted to reduce quickly and offered a VES exercise there would be a queue around the block from us oldies!

sgx2000

Why is it ... 9 weeks seem to be passing so slowly....

BikingBud

DE_612183 said:

Buy a motor home and start travelling!

Apparently the SNP have one for sale

cfw1994

Congrats, sounds like a great result 😎👍

If I were you, as well as raiding the stationary cupboard 🤪, I would write lists of things you want to do in the future 👀

For me it was a spreadsheet that grew & grew (& I later coloured in items in orange for on-going or green for ‘done’ ☑️)

These could range from DIY/house/garden through hobbies & pastimes (old or perhaps new - we are getting into pickleball now!), experiences & travel (UK/abroad) to family/friends/volunteering.  & anything else you want 🤷‍♂️

Then let your mind idly wander about the different seasons and what fits where: winter might be a week or four somewhere warm (or cold!), films/cinema/pubs/cafes/books, etc etc.  Are there particular pals you want to see more of, and how could that work for you (regular coffees, or pub quizzes, etc) 👀

Just get yourself in the mood and groove for change - your time will soon be yours to do what you like, so enjoy it 😎

Only you can decide your routine.  For us, having the option to lie in on many days is something we enjoy.  One neighbour is the opposite, up with the lark tinkering in his garage and shed: each to their own!

Pretty soon you may find yourself like many retirees, wondering how you had time to work 💪

Maybe plan some more adventurous start to your “YouTime” - a big holiday, or adventure…..something to kickstart you into a disgraceful slide into retirement.  I’ve mentioned a few times here I cycled LEJoG - mostly solo, but meeting over a dozen pals along the way.  It gave me 19days of focussed and relaxed pedalling (never done more than 3 before!) & frankly took my mind completely away from work 👍

Sunnylifeover50plan

Nice one, voluntary redundancy can often present itself just when you want it, especially if you play the game right and put yourself into a delivery stream with a limited shelf life Have fun and as others have said check your tax position on the redundancy sum. Mine was 6 figures which created complications not least with tax tapering rules.