How do you "let go" of your working life?

sussieclark

A very interesting discussion. I have same problem, I am salaried at 69yrs. I live alone and it is the loss of my "work family" and having company that I'm not looking forward to.
Im a community worker and now struggling with mobility that has pushed my decision to retire.

katejo

sussieclark said:

A very interesting discussion. I have same problem, I am salaried at 69yrs. I live alone and it is the loss of my "work family" and having company that I'm not looking forward to.
Im a community worker and now struggling with mobility that has pushed my decision to retire.

I am 62 now, single  and have just reduced to working 3 days a week. I am also concerned about losing the 'work family'. We have just been offered a VR but I am not going with it for 2 reasons. 1. The payout would be based on my current much lower 3 day a week salary even though I have only just reduced hours 2. I would be completely blocked from any work, even a few casual hours, for the same employer for 2 full years. I want to stay on and do a few casual hours (to cover colleagues' leave). 

Intoodeep

I retired this time last year at 60, had worked for same Company all my life (42+ years), a close colleague and friend passed away earlier in the year (2024) and that gave me the final nudge I needed. Obviously I could afford to do it, but best thing I have done for a good while, money is no good to you if you cannot spend it, my colleague who was 6 years older never retired.

Suzycoll

Kismet_Hardy said:

I'm really, really struggling with the decision on when to retire and am hoping that there are others out there who have also struggled and may have some words of wisdom on the topic.

I am now 66, a state pensioner, and in receipt of a couple of DB pensions, but I am continuing to work in 2 roles (associated with the same profession) which are paid on a daily fee basis. The pay is very good, there is a decent amount of flexibility, and I have been slowing down over the past year. I work around 6-8 paid days per month, which would be fine if that was the end of it, but there can be a fair amount of prep and follow up work, plus keeping up with "professional knowledge" and IT changes. Also, I often find myself getting involved in wider matters, which means it sometimes feels like I am working full time. I am incapable of giving anything but 100% to the job - a product, I suspect, of the "working class Protestant work ethic" I was raised with. I have come to hate this aspect of my personality!

There are times when I enjoy the work, the "brain stretch" and the brief moments of interaction with colleagues, but some of the work can be extremely challenging and highly stressful. It takes up a great deal of my headspace and I don't feel able to follow my interests and hobbies in the way that I would like to. 

My husband, who is a few years younger, is not ready to retire and he earns well. We will have enough money coming in, we don't have a mortgage or any debts and, in a few years time, we shall downsize. Our only financial worry relates to our young adult children, 2 of which are still living with us. They are all working, but everything seems so unstable out there at the moment and I worry a great deal about them, particularly in relation to housing. 

Recently, something has happened at work which feels to me like the final straw, but I am struggling with calling it a day. Because each day I work brings in a decent amount of money, I feel like I would let the family down by stopping. I am slowly driving my husband mad by my constant chopping and changing and I really do need to make a decision and stick to it.

Can anyone help me out here please?   

Hi

Whilst I can understand what you are saying ....

I have seen too many people pass way before retiring.

Personally I would value health over jobs or money any day & retire as soon as you are able . Hopefully you are in good health now.

It seems as if you have a lot of transferrable skills. Maybe you can look at voluntary work similar to your profession?

Whatever you decide wishing you well

SarahB16

katejo said:

sussieclark said:

A very interesting discussion. I have same problem, I am salaried at 69yrs. I live alone and it is the loss of my "work family" and having company that I'm not looking forward to.
Im a community worker and now struggling with mobility that has pushed my decision to retire.

I am 62 now, single  and have just reduced to working 3 days a week. I am also concerned about losing the 'work family'. We have just been offered a VR but I am not going with it for 2 reasons. 1. The payout would be based on my current much lower 3 day a week salary even though I have only just reduced hours 2. I would be completely blocked from any work, even a few casual hours, for the same employer for 2 full years. I want to stay on and do a few casual hours (to cover colleagues' leave). 

Are you sure that's correct? My understanding is your 3-day week would be pro-rated as though it was full time but somebody more knowledgeable than me can hopefully clarify?  

Personally at 62 with the offer of VR (that normally means you can take your pension without the actuarial reduction) I'd be snapping their hands off if I were in your shoes.  

I know people talk about their 'work family' but I really think it's good to have that balance of friends from outside of work too.  Perhaps consider widening your circle of friends by joining local groups near to you.  

katejo

SarahB16 said:

katejo said:

sussieclark said:

A very interesting discussion. I have same problem, I am salaried at 69yrs. I live alone and it is the loss of my "work family" and having company that I'm not looking forward to.
Im a community worker and now struggling with mobility that has pushed my decision to retire.

I am 62 now, single  and have just reduced to working 3 days a week. I am also concerned about losing the 'work family'. We have just been offered a VR but I am not going with it for 2 reasons. 1. The payout would be based on my current much lower 3 day a week salary even though I have only just reduced hours 2. I would be completely blocked from any work, even a few casual hours, for the same employer for 2 full years. I want to stay on and do a few casual hours (to cover colleagues' leave). 

Are you sure that's correct? My understanding is your 3-day week would be pro-rated as though it was full time but somebody more knowledgeable than me can hopefully clarify?  

Personally at 62 with the offer of VR (that normally means you can take your pension without the actuarial reduction) I'd be snapping their hands off if I were in your shoes.  

I know people talk about their 'work family' but I really think it's good to have that balance of friends from outside of work too.  Perhaps consider widening your circle of friends by joining local groups near to you.  

I specifically asked about the VR and was told that it would be 8 months salary at my current rate of pay, not the full time rate.  I do already have friends and belong to a small number of groups but have never found it easy to extend activities beyond the group. I am not sure what you mean by the actuarial reduction. I won't get the full pension unless I continue paying in  until 2029. I don't plan to wait that long but I am not quite ready for an abrupt stop in January 2026. 

SarahB16

katejo said:

SarahB16 said:

katejo said:

sussieclark said:

A very interesting discussion. I have same problem, I am salaried at 69yrs. I live alone and it is the loss of my "work family" and having company that I'm not looking forward to.
Im a community worker and now struggling with mobility that has pushed my decision to retire.

I am 62 now, single  and have just reduced to working 3 days a week. I am also concerned about losing the 'work family'. We have just been offered a VR but I am not going with it for 2 reasons. 1. The payout would be based on my current much lower 3 day a week salary even though I have only just reduced hours 2. I would be completely blocked from any work, even a few casual hours, for the same employer for 2 full years. I want to stay on and do a few casual hours (to cover colleagues' leave). 

Are you sure that's correct? My understanding is your 3-day week would be pro-rated as though it was full time but somebody more knowledgeable than me can hopefully clarify?  

Personally at 62 with the offer of VR (that normally means you can take your pension without the actuarial reduction) I'd be snapping their hands off if I were in your shoes.  

I know people talk about their 'work family' but I really think it's good to have that balance of friends from outside of work too.  Perhaps consider widening your circle of friends by joining local groups near to you.  

I specifically asked about the VR and was told that it would be 8 months salary at my current rate of pay, not the full time rate.  I do already have friends and belong to a small number of groups but have never found it easy to extend activities beyond the group. I am not sure what you mean by the actuarial reduction. I won't get the full pension unless I continue paying in  until 2029. I don't plan to wait that long but I am not quite ready for an abrupt stop in January 2026. 

Sorry I misunderstood, I was referring to your pension being based on the full time equivalent salary (I wasn't meaning your VR payout). 

Re the actuarial reduction, let's just say your normal retirement age is 67 and you are now 62 and taking your pension now.  Normally that would mean a 5-year actuarial reduction but I thought if you had been made redundant and over the age of 55 (currently) then you could take the pension you have accrued to date without the 5 year actuarial reduction because you have taken redundancy.  

Like I said I'm not 100% sure on the above but someone more knowledgeable will clarify this.  If you can then if I were in your shoes I'd taken the VR, take the pension at 62 and get a little part time job (perhaps in a nearby shop or B&Q, garden centre, etc). 

bjorn_toby_wilde

HedgehogRulez said:

katejo said:

SarahB16 said:

katejo said:

sussieclark said:

A very interesting discussion. I have same problem, I am salaried at 69yrs. I live alone and it is the loss of my "work family" and having company that I'm not looking forward to.
Im a community worker and now struggling with mobility that has pushed my decision to retire.

I am 62 now, single  and have just reduced to working 3 days a week. I am also concerned about losing the 'work family'. We have just been offered a VR but I am not going with it for 2 reasons. 1. The payout would be based on my current much lower 3 day a week salary even though I have only just reduced hours 2. I would be completely blocked from any work, even a few casual hours, for the same employer for 2 full years. I want to stay on and do a few casual hours (to cover colleagues' leave). 

Are you sure that's correct? My understanding is your 3-day week would be pro-rated as though it was full time but somebody more knowledgeable than me can hopefully clarify?  

Personally at 62 with the offer of VR (that normally means you can take your pension without the actuarial reduction) I'd be snapping their hands off if I were in your shoes.  

I know people talk about their 'work family' but I really think it's good to have that balance of friends from outside of work too.  Perhaps consider widening your circle of friends by joining local groups near to you.  

I specifically asked about the VR and was told that it would be 8 months salary at my current rate of pay, not the full time rate.  I do already have friends and belong to a small number of groups but have never found it easy to extend activities beyond the group. I am not sure what you mean by the actuarial reduction. I won't get the full pension unless I continue paying in  until 2029. I don't plan to wait that long but I am not quite ready for an abrupt stop in January 2026. 

Yes, they are wrong.

Always best to get the definitive situation in writing from the organisation rather than hearsay from the min wage plebs

Min wage plebs……nice

Good job this forum is only for high earners then.

Purplelady65

Re the query about using redundancy to offset against an actuarial reduction if wanting to access the pension it depends on the terms and conditions of the pension scheme. The value of the redundancy payment will determine what can be used to offset against the pension. This will be determined by length of service, salary, full or part time working, age e.t.c. 

ali_bear

If all the plebs were on minimum wage that would sort out a lot of problems. Hm I think you could be onto something there. Suggest you stop work immediately and spend the rest of your days thinking about it. Perhaps write a book?